I'm starting to like Kenneth Feinberg more and more. He's in a tough situation to some degree and Congress didn't help by allowing so many TARP recipients to fall outside of his scope. How the number is so limited is an absolute joke, but that's why lobbyists get paid the big bucks.
Meanwhile, he's trimming the gravy train and also noticing what I've been saying since the beginning. People in that industry don't see that many outside opportunities so their threats to leave are a joke. Some will, no doubt, but for the most part, finance is a rough industry for finding new work these days. The threats are hollow and should be treated accordingly. If they want to leave, let them.
The Treasury, where Feinberg's office is housed, also said about 84 percent of the top earners under the pay czar's jurisdiction are still with their firms despite having their pay dramatically cut back.
"People at these five companies are not leaving the companies to go elsewhere," Feinberg told a news briefing. "There is a striking number of holdovers."
Treasury touted that statistic as evidence that Feinberg is striking the delicate balance at trying to soothe public anger over high paychecks underwritten by the taxpayer, while also trying to keep key talent at these firms.
