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Treasury Lawyer Tapped to Take Over 'Pay Czar' Job

The Obama administration says it's chosen a Treasury Department lawyer to replace pay czar Kenneth Feinberg, who stepped down Friday, ending a contentious 14-month tenure.

Kenneth R. Feinberg
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Kenneth R. Feinberg

Feinberg was accused of failing to act aggressively enough to recoup excessive pay for Wall Street bankers. He said in a final report that he thought his work had helped reform compensation policies.

The administration says Feinberg will be replaced by Patricia Geoghegan. She will be responsible for setting pay guidelines for top executives at the four companies still getting exceptional assistance from the government's $700 billion bailout fund.

Those companies are American International Group , General Motors, Chrysler and Ally Financial, the financing arm for GM and Chrysler.