In handling the Troubled Assets Relief Program, the Treasury Department established a new position--the Special Master for Executive Compensation.  The Special Master was tasked with setting executive pay for some of the companies that received bailout funds.  Kenneth Feinberg, appointed Special Master in June 2009, was to limit the pay for executives at the big recipients of taxpayer aid--AIG, Bank of America, Chrysler, Chrysler Financial, Citigroup, General Motors, and GMAC/Ally Financial--and in doing so, some hoped, the Special Master would help bring down salaries for executives of Wall Street firms.

In their February report, members of the Congressional Oversight Panel examine the effectiveness of the Special Master's actions.  And they find that he "achieved some significant changes."  According to the report, compensation for executives at the companies the Special Master had explicit say over dropped 55%.  But the COP members seem disappointed that these changes have not yet trickled out to other firms.  Here is COP chair Ted Kaufman introducing the report:

Read the February report here.