The Pay Czar: Setting the Pay Scale for Executives

In response to criticism of outlandish executive pay, the government is now tightening the reins. Yesterday, Treasury Secretary Timothy Geithner announced the brand new position of “pay czar” and appointed Ken Feinberg, the Washington lawyer known for setting the compensation amount for families of the 9/11 victims. Now he turns his attention to setting a very different kind of monetary figure. To talk about this is Peter Morici of the Smith School of Business and Nell Minow, editor and co-founder of the Corporate Library, a think-tank that studies executive pay.