Feinberg cuts compensation at seven firms

Pay Czar Kenneth Feinberg will slash pay for top executive at financial firms receiving bailout funds. (WSJ)

Sen. Harry Reid‘s plan to increase Medicare payments to doctors was defeated yesterday in the Senate. (NYT)

Hedge fund Galleon Group will liquidate amid founder Raj Rajaratnam‘s insider trading woes. (Bloomberg)

Though he denies leaving the job, insiders say top Obama counsel Gregory Craig will move on before the end of the year. (NYT)

Wall Street firms that have repaid their bailouts — like Goldman Sachs, Morgan Stanley and Bank of America — are now resuming political donations ad Washington lobbying efforts. (WSJ)