"During the 60 days he has been given to vet pay at groups such as Citi, Bank of America and AIG, Mr. (Kenneth) Feinberg could well be the most powerful man on Wall Street," says the Financial Times. But he's already facing a huge challenge in the form of Andrew Hall, the $100 million man at Citigroup.

The bank has put forward Hall's contract to the pay czar for a ruling, which will be feverishly anticipated on Wall Street. But the whole pay czar versus Wall Street framing is unfortunate in my mind. If he rules that the contract is valid, the activists will leap on him like flies on manure. If he invalidates the contract, Wall Street will do the same, so he's in a tough spot. What may happen: Most of the contract will be upheld, while a portion or two may be questioned. In the end, Hall will likely get most of his money, but perhaps not all. 

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