Kenneth Feinberg

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Pay Czar Cuts Bonuses, But Boosts Salaries

Feinberg beefs up base base to help firms retain talent

(Newser) - Base pay will increase for the majority of top execs in the finance and auto firms supervised by federal pay czar Kenneth Feinberg. Salaries are being bumped up—by hundreds of thousands of dollars in some cases—as bonuses and other perks are slashed. Despite the salary hikes, all 136...

New Pay Rules May Hurt Banks, but Protect Public
New Pay Rules May Hurt Banks, but Protect Public
Steven Pearlstein
Oct 23, 2009 8:33 AM CDT

New Pay Rules May Hurt Banks, but Protect Public

They'll discourage commercial banks from being investment banks

(Newser) - Steven Pearlstein isn't exactly wowed by the new salary rules being proposed for Wall Street. "Don't get carried away. By themselves, these measures won't prevent future crises, nor will they likely do much to lower the prevailing pay levels on Wall Street or in corporate America." But, he...

Fed Rolls Out Plan to Limit Bank Pay

It works in tandem with pay czar's new compensation rules

(Newser) - The Federal Reserve today officially announced a plan to regulate pay structures at banks, the same day the pay czar rolled out his plan to cap salaries at bailed-out firms. The administration’s double-whammy on compensation marks an unprecedented level of government involvement in the private sector, and the policies...

AIG Chief: Pay Czar's Authority 'Limited'

He tells employees they won't lose salaries retroactively

(Newser) - Ken Feinberg won’t take your money, AIG’s chief executive told his employees yesterday. Hours after reports broke that the pay czar would be targeting the troubled insurance firm with salary caps, CEO Robert Benmosche sent a memo reassuring employees that “the Special Master's jurisdiction is quite limited,...

50% Pay Cuts for Bailout Execs Due Today

Warren confirms cuts to 25 top earners at 7 companies

(Newser) - The Treasury Department today is expected to order seven companies that have not paid back last year's US government bailouts to halve their top executives' average compensation. The cuts apply to the 25 highest-paid executives at banks and other companies that received the most assistance, with salaries being slashed by...

Pay Czar Blocks Salary for Ken Lewis

BofA CEO will return $1M and forgo any pay this year

(Newser) - President Obama's pay czar has landed his biggest punch yet: Bank of America CEO Ken Lewis will forgo any pay this year and return $1 million he's already accepted. But don't start up a collection just yet: The reason Kenneth Feinberg made the request is because Lewis will receive about...

Pay Czar Going After AIG Bonuses—Again

But legal hurdles loom for pre-bailout deals

(Newser) - Pay czar Kenneth Feinberg is making another run at AIG’s bonus payouts—or trying to, with the help of a little arm twisting. Feinberg doesn’t have authority over the$198 million in bonuses promised to employees at the infamous trading unit because the contracts were created before the bailout....

Don't Spend Bonus Bucks Yet, Warns 'Clawback' Czar

(Newser) - Just because top banking executives took home hefty paychecks in recent months doesn't mean they'll get to keep the money, reports Reuters. White House pay czar Kenneth Feinberg declared he has clear authority to "claw back" egregious bonuses already paid out by any bank that received federal TARP money....

Obama's Pay Czar Meets With Bailed-Out Firms

Must make tricky decision on how much top execs get paid

(Newser) - Kenneth Feinberg has one of the hardest jobs in America: Filling in the amount on the paychecks of top execs at the seven firms that received the biggest government bailouts, the Washington Post reports. Feinberg has the power to set the pay for the 125 most highly paid employees at...

AIG Seeks US Approval for More Bonuses

(Newser) - Two of the least favorite words in the Wall Street lexicon are back in the news: AIG bonuses. The company is requesting the government's permission to dole out millions more to dozens of top executives, the Washington Post reports. Technically, AIG doesn't need the federal approval, but it's still gunshy...

US to Expand Executive Pay Supervision

Administration to announce new rules, add pay-oversight chief

(Newser) - The Obama administration is set to announce new executive pay guidelines for banks and other corporations that have received bailout funds, the New York Times reports. Any company that’s taken two rounds of TARP cash—including Citigroup, Bank of America, AIG, GM and GMAC—will have to get pay...

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