Special pay master Kenneth Feinberg says he has not received any appeals on his ruling about the pay of the top 25 executives at the seven recipients of massive TARP funds. This is not to say the firms he reviewed are happy. More than a few executives are no doubt unhappy. How else are you going to feel after someone cuts your cash payouts by 90 percent and overall compensation by 50 percent? But complaining can be tricky.

Bank of America (BAC) outgoing CEO Ken Lewis, who had much of his $1.5 million in 2009 pay clawed back by Feinberg really can't complain. He'll only compound his PR woes.

At Bank of America, the fear is that the ruling places it at a disadvantage as it competes with firms not under the pay czar's thumb. The bank said its employees are already being poached by rivals, Reuters notes. So for them, the Fed's new rules may be a way of leveling the field a bit. The Fed of course will review pay practices at 28 top financial firms. 

For more:
- here's a Reuters article

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