Term of the Day
Pay Czar means a "Special Master for Compensation" who deals with executive-pay guidelines.
This is the nickname of Kenneth Feinberg, an American attorney, who specialized in mediation and alternative dispute resolution. The nickname was given to Feinberg after he was appointed by the U.S. Treasury Department to monitor compensation awards to executives of the firms that received TARP funds during the 2008-2009 crisis. Media pointed out that big bonuses had been given to the executives of the bailed-out institutions, therefore the position of Special Master for Compensation was created to control compensation awards.