This is a cool infographic on what Uncle Sam (i.e., you and I) pay government employees:

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(Source: Princeton University International Networks Archive — Hat Tip: Gordon Walters)

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(Source: Kiplinger)

This morning on Bloomberg TV, U.S. Special Master on Executive Compensation Kenneth Feinberg had some interesting comments on John Thain’s new package at CIT and bonuses at Goldman Sachs:

Here are the key highlights from the full interview on Bloomberg TV:

Feinberg on whether he was consulted about CIT Group and John Thain’s pay package:

“Not at all. CIT is not part of my mandatory jurisdiction.The good news is that these private companies – CIT, Goldman, JP Morgan etc – they seem to be following the prescriptions I’ve laid out for the companies within my jurisdiction: relatively modest, base cash salaries and any upside is in the form of stock, not cash, so that the total value of compensation of an individual is tied to the overall performance of the company over the long term. That is all very, very good. The problem remains the high total compensation which is very much in excess of what we’re doing at the Treasury in keeping total compensation much more modest.”

Feinberg on whether Goldman CEO Blankfein’s $9M compensation is excessive:

“Yes I think it is [in excess]. If you look at the 700 people that are under my mandatory jurisdiction I do not believe there is more than one or two in the total of 700 that are making that type of total compensation. On the other hand, clearly Goldman is following the prescriptions I’ve laid out. Mr. Lloyd Blankfein is getting a very low base cash salary. His total comp is again tied up in long term stock, the value of which cannot be determined or transferred for about five years. That is the type of compensation we’re looking for, where value is tied to the total performance of the company itself.”

Feinberg on what would be a more reasonable scenario for Blankfein’s pay:

“I can’t speak to the culture and what is going on inside these companies. They are not really part of my jurisdiction. I like the mix of stock and low cash. The overall compensation again points out the necessity of doing something with the total compensation. The administration has proposed various approaches, the Volcker approach, a bank fee approach – I cannot really get to the total compensation but I am pleased at the prescription and that we’re not talking about guaranteed cash, which is something that is prohibited to those companies that are under my watch.”

Feinberg on whether Goldman and CEO Blankfein consulted with him on pay:

“Yes, [we] had a number of conversations. What the Treasury has recommended in terms of structuring, and size, I would like to think we had some influence on what Mr. Lloyd Blankfein finally decided.”

Feinberg on what influence he may have had over Goldman:

“Clearly, low cash base_I think Mr. Blankfein is getting under $600,000-Mr. Lloyd Blankfein is getting under that amount. His entire bonus, no cash, long-term stock, they cannot be transferred for I think five years. So that his ultimate package value will be determined by Goldman’s ultimate success over the long haul.”

Feinberg on the nature of his conversations with Blankfein:

“You will have to ask Mr. Blankfein. It was not about the package, but really about how Goldman as an institution should approach base salaries and compensation over time. He clearly was concerned, wanted to abide by what Treasury is doing and largely I think he has succeeded in adopting the prescriptions.”

Feinberg on whether these compensation changes are permanent:

“We will have to see. The Deputy Secretary of the Treasury pointed out a few months ago that these steps the banks are taking voluntarily is constructive – a small step. Whether or not it will be permanent, whether or not over a long period of time these prescriptions will stay in place [remains to be seen]. I know that Secretary Geithner is also looking to corporate governance reform, shareholder rights, regulatory reform, this is one part of a larger menu of prescriptions.”

Do you think Feinberg has had an effect on CIT and Goldman Sachs? Let us know what you think in the comment section below …