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Goldman, which received federal bailout money last fall, in particular has come under fire for generating out-sized profits and preparing record bonuses as the economy continues to struggle.

Appointed by President Obama in June, Feinberg has spent the past five months carefully reviewing pay practices at those companies in order to both protect taxpayers' investment and position the firms to pay back bailout money as soon as possible.

Kenneth Feinberg , the Obama administration’s special master for executive compensation, has been forcing banks that received government bailout money last year to cut pay.

Most other pay will also have to come in long-term stock awards, and executives won't be able to sell that stock until the company repays its bailout money.

The populist take: The banks took the bailout money and, instead of lending, they went out, leveraged up, and put their casino money in proprietary trading, mergers and acquisition and broker dealer activities.

The insurer, sharply criticized for holding an executive retreat that cost hundreds of thousands of dollars after AIG accepted government bailout money, said it had arranged for sponsors to pay $1.27 million, most of the cost of the event beginning Sunday at the Ojai Valley Inn & Spa in Ojai, Calif.

Several big American banks have repaid their bailout money, from Goldman Sachs ( GS ) to JPMorgan Chase ( JPM ), and analysts expect more European firms to follow suit.

Speaking at a New York event Thursday night, Pandit said banks that have received government bailout money should not be paying exorbitant amounts to their employees, according to the Journal.

Why did Goldman Sachs get AIG bailout money?

The bank was one of hundreds of financial firms that received bailout money from the government last fall amid the mushrooming credit crisis.