Deborah Solomon at The Wall Street Journal reports that:
The Obama administration plans to appoint a "Special Master for Compensation" to ensure that companies receiving federal bailout funds are abiding by executive-pay guidelines, according to people familiar with the matter.
Talk about a wonderful example of having to play the King's tune when you take the King's shilling. This is the executive pay czar that the administration has been talking about ever since they seized upon the outrage over executive compensation and turned it into a populist cause. The czar will make sure that executive compensation for companies who have taken—or will take—falls within the guidelines developed by President Obama. These guidelines include limiting salary for top executives and requiring that additional pay be in the form of restricted stock, vesting only after the c... [Read Full Article]