Faced with crises that would challenge any president, Barack Obama authorized "pay czar" Kenneth Feinberg to oversee the $20 billion fund for victims of the BP oil spill and to establish--and enforce--executive pay guidelines for companies that received $700 billion in federal bailout money. Feinberg's office comes with vastly expansive policy powers along with seemingly deep pockets; yet his position does not formally fit anywhere within our government's...