Don't blame me if top producers are leaving big financial institutions, says Kenneth Feinberg, the Treasury Department's compensation czar for bailed-out companies.
Fineberg rejected accusations his rulings restricting top-level pay at such firms helped spark a "brain drain," the Financial Times reports:
Issuing new 2010 pay rulings, Mr. Feinberg said that 85 percent of the executives whose salary he last reviewed in October were still in place - evidence, he said, which "undercut the argument I've heard all along".
Some firms that have endured his watch don't agree. Bank of America and AIG have complained publicly about the curbs on pay. Many others - even some government officials - have indicated in private that Fineberg's rulings have been "disruptive" and incited employees to leave, the FT says.
Pay Tsar Rebuffs 'Brain Drain' Claims [FT]
BofA Looking to Expand In China, CEO Says [Reuters, via NY Times]
Film Industry Group Asks Feds to Prevent Futures Trading on Box Office Results [NY Times]
CEOS Defy Obama With More Cash Instead of Pay for Performance [Bloomberg News]
Big Clients Keep Their Head Start [NY Times]
Check Out The Details Of Jon Corzine's Lovely New Pay Package At MF Global [ClusterStock]
Global Association of Risk Professionals Partners With UConn to Launch Master of Science in Financial Risk Management [GARP, via PRN]
Credit Suisse Boosts CEO Pay [WSJ]
Mary Higgins Clark Buys Seat on Chicago Board Options Exchange [Bloomberg News]
Follow eFinancialCareers on Twitter: https://twitter.com/efcusnews