WASHINGTON (MarketWatch) -- Government pay czar Kenneth Feinberg said on Monday he hopes other corporations will emulate steep pay cuts he imposed last month at seven firms receiving large federal bailouts.

"Will it have an impact beyond the seven companies, will there be some voluntary adoption of the structure by other Wall Street corporations?" asked Feinberg to an executive pay conference organized by the University of Maryland. "I don't know. I hope so...I think what we have done is worthy to be emulated by others in the private sector."

Feinberg, appointed by the Treasury Department to review compensation packages, last month imposed steep cuts in pay at the seven firms that received the greatest taxpayer assistance as part of the government's Troubled Assistance Relief Program, including Citigroup Inc. , General Motors Corp. and American International Group Inc.

Feinberg reviewed the pay for the 25 top earners at each of the seven companies, and said he found, without exception, that the compensation was too high and not aligned with shareholder interest.

As a result, Feinberg cut the cash salaries of the executives by more than 90% and total compensation by more than 50%. Under the new pay packages, banks executives will receive "salarized stock" that vests over a multiyear period. Feinberg's decision only covers the last two months of 2009 but will establish a basis for 2010 salaries. Any perk beyond a $25,000 cap must be approved by the pay czar.

Feinberg said he plans to begin work on 2010 pay packages for the top 175 executives early next year. He said that because some executives have left the institutions, he was able to evaluate and make changes to only 135 executives.

Now, Feinberg said he is working on setting pay structures for the next 75 top employees, as he is required to do by statute, which he expects to release later this month or in early December.

He said he is working collaboratively with corporations on pay packages for both the top 25 employees and the next 75. However, he said that if a corporation doesn't want to work voluntarily to adjust existing pay packages, he can take that into consideration when setting future compensation packages.

"If somebody is going to take $1 million in a 2007 contract, I will take that into account when I help design future contracts," he said.

Feinberg can claw back compensation among hundreds of companies, not just the top seven, who have participated in the program. However, he said his Treasury office of 12 employees won't begin working on whether he plans to have any companies take pay back due to extreme situations, until it is finished looking at the pay packages of the next 75 employees at each institution.