Pay Czar Plans to Disclose Top Salaries

Updates to clarify description of The Corporate Library, add "no comment" from GMAC representative

WASHINGTON (TheStreet) -- Treasury "Pay Czar" Kenneth Feinberg is planning to disclose the salaries for the 25 most highly paid employees at Citigroup (C), Bank of America (BAC), American International Group (AIG), GMAC, Chrysler Financial, General Motors and Chrysler within 30 days, according to statements attributed to him in an analyst's research report.

Feinberg made the statement at a Federal Deposit Insurance Corp. research conference on executive compensation, according to a report from Concept Capital, a research firm. A Treasury Department spokeswoman did not respond to a call or an email message seeking to confirm the report. The analyst who wrote it, Jaret Seiberg, was also not available, according to a Concept Capital spokeswoman.

"As far as I knew he was required to approve or disapprove of the compensation levels for those employees, but not necessarily to make them public," says Paul Hodgson, senior research associate at The Corporate Library, an independent governance research firm. "That comes as something of a surprise."

The report did not clarify whether Feinberg would disclose the individuals' names, or merely how much they were paid. Hodgson says he does not believe it is necessary to name the individuals.

Though public companies disclose the pay of their top five corporate executives, including the CEO and CFO, those aren't necessarily always the highest paid employees.

Seiberg went on to write that Feinberg "left us with a clear impression he would like his rules to establish a precedent for the rest of the financial sector."

Hodgson says he thinks that will be difficult to accomplish.