Feinberg replaced as pay czar

The Obama administration has named Patricia Geoghegan as the acting pay czar as Ken Feinberg leaves the post.

The post was created early in 2009 amid public outcry over large bonuses paid at firms that received taxpayer bailouts. Feinberg was tapped this year by President Obama to oversee claims stemming from the BP oil spill.

Geoghegan has been named the acting special paymaster, said Steven Adamske, Treasury Department spokesman.