These rules should have been developed prior to bonus time. It will be interesting to see what Feinberg decides and then what happens with the media coverage following any pay adjustments:

The resurrection of the guaranteed bonus is sure to become a hot-button issue for the Obama administration’s pay czar, Kenneth Feinberg, who is preparing this week to review how compensation should be structured at seven companies that received two or more federal bailouts.

The companies must each submit 2009 compensation plans for their top 25 earners by Thursday, and Mr. Feinberg has 60 days to rule on them. He has the authority to single out any of those employees and adjust their pay packages.

In the next phase, he is to review the packages of the next 75 highest earners in each company. For them, he can set pay formulas to be applied broadly.

via Effort to Rein In Wall Street Pay Hits New Hurdle – NYTimes.com.