The problem of executive pay--how to align it with performance and end what some might see as overly generous boards--has been discussed ad nauseum. But there are still signs that the industry has not really changed its mindset.

We've noted that pay czar Kenneth Feinberg (Kenneth Feinberg news) is taking a look at compensation awarded from October 2008 to February 2009 to the 25 highest earners at various TARP companies. He'll likely reveal his findings in the next three weeks, and few would be surprised if that doesn't result in some compensation negotiations with big firms, though he lacks the formal authority to compel change.

The Fed gets less publicity in this area, but it, too, is looking at pay across the industry. The New York Times says it has found "that many of the bonus and incentive programs that economists say contributed to the worst financial crisis since the Great Depression" are still intact, despite a lot of public angst. For example, "risk managers at several of the biggest banks still report to executives who have influence over their year-end bonuses and whose own pay might be constricted by curbing risk. In many cases, risk managers do not have full access to the compensation committee of the banks' boards."

The review has also found that pay plans still tend to be one-size-fits-all and fail to take into account different risk factors. Last month, the Fed apparently sent letters to 28 companies asking for change. 

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