That didn’t take long.
Less than a month after U.S. pay czar Kenneth Feinberg slahshed pay of top earners at the seven most bailed out firms, he is backing down. Today he said that he will rethink the “basic assumptions” he used when determining the compensation at bailed-out firms if there is a “mass exodus” of talent.
“If I saw some mass exodus, which I do not anticipate, that would require me to rethink some of the basic assumptions that have entered into my determinations,” Feinberg told Reuters Insider as part of the Reuters Global Finance Summit in New York.
Feinberg also said he is not aware of any employee departures tied to his rulings.