Kenneth R. Feinberg, who mediated disputes over compensation for damages from the Sept. 11 attacks and Agent Orange, must now separate bankers from their paychecks.
Feinberg, named Wednesday as the Obama administration’s “special master” on executive pay, will have authority to regulate compensation for 175 executives at seven companies that received “exceptional” government help. He steps into the political maelstrom that erupted after disclosures that firms such as Merrill Lynch & Co., blamed for fueling the financial crisis, still paid workers multimillion-dollar bonuses.
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