White House to install special bailout 'master'

The White House intends to name Kenneth Feinberg as "special master for compensation" to regulate and direct federal rescue funds to the companies enlisted for bailout.

Feinberg, prior to this, headed the government fund that provided compensations for the victims of the September 11 terrorist incident.

The US President Barack Obama's Administration is due to announce Feinberg's appointment as early as early as next week, the Wall Street Journal reported on Friday.

His appointment has been a source of dispute between the government and leaders in the US financial hub, the Wall Street.

"The law is confusing and a bit ambiguous, and so we're looking for certainty as to how to structure pay incentives," said Scott Talbott, senior vice president of government affairs for the Financial Services Roundtable, an industry group.

The Obama Administration is expected to issue guidelines next week on how the US companies are going to be compensated using the USD 700 billion bailout money.

The regulations aimed at curbing pork-barrel spending on the side of the companies that receive the bailout money.