Reuters dominates coverage of “pay czar” stories – again

Reuters clients were first to know on Aug.25 that Citigroup, Bank of America, and AIG are all resorting to writing language into employment contracts that protects them should the U.S. government’s pay czar, Ken Feinberg, overturn the pact. Reuters not only was able to confirm the practice, but also able to obtain contracts that showed exactly how the clauses were being used. It took Bloomberg a day to follow and match Reuters report on the pay czar clause. The previous day, Reuters revealed that Feinberg may try to keep under wraps a large portion of the compensation plans he is reviewing.