Posts about Kenneth R. Feinberg Watch as of October 22, 2009

FT.com / US & Canada – Obama ‘pay tsar’ to order huge cuts . The top 25 executives at the seven US companies bailed out by the government face a dramatic cut in their cash pay. Kenneth Feinberg, the Obama administration’s “pay tsar”, is set to unveil drastic curbs for those whose pay plans he can overrule. OK it’s symbolic – but symbols count. Time for replication in the UK, I say

Oct.21, 2009 in barack obamaGood God! I never thought in my lifetime I would see this happening in the United States of America. This PUNITIVE action to slash the base salaries of these executives by an average of 90 PERCENT and cut their total compensation in half, is appalling. AND yet, Freddie Mac gets to continue their huge bonuses and salaries.

By putting compensation caps on some bailed-out firms, pay czar Kenneth Feinberg sent a message, writes Nomi Prins. But he also strengthened the hands of the rest, including Goldman Sachs. Kenneth Feinberg, the so-called “pay czar” who President Obama…

The top 25 executives at the seven US companies bailed out by the government will see their cash pay slashed. Kenneth Feinberg, the Obama administration’s “pay tsar”, is set to unveil drastic curbs for those whose pay plans he can overrule. Top executives at Citi, BofA AIG, GM, GMAC, Chrysler and Chrysler Financial will see an average cut of 90% in the cash part of their 2009 pay compared with 2008,…

“The Obama administration’s pay czar, Kenneth Feinberg, will demand that seven companies receiving ‘exceptional’ amounts of taxpayer aid cut the annual salaries for their 25 top executives by an average of around 90 percent from 2008’s levels, ABC News has confirmed through a person familiar with the situation. Overall, the total compensation for these 25 executives, including yearly bonuses and retirement pay, will be cut by an average of around 50 percent, the source said.” (10/21/09)

90 % of the salaries of highly-paid executives at bailed-out companies will be taken away by pay czar Kenneth Feinberg $ 200,000 the pay cap set on the incomes of executives at AIG’s financial products unit, which largely caused the financial crisis SOURCE Related posts: Obama’s pay czar will take back executive pay if he has to What Obama’s doing to fix flaws in financial oversight Currently on Obama’s plate: Financial industry regulation

BBC News Pay czar ready to drop hammer CNNMoney.com Kenneth Feinberg will demand average 50% cut in compensation for top earners at seven firms that received the most bailout funds. By David Ellis, CNNMoney.com staff writer Washington attorney Kenneth Feinberg has been actively reviewing pay plans for … US czar poised to slash cash pay at seven firms Forbes GMAC Hit by Feinberg’s Pay Cuts Wall Street Journal Auto execs could see pay cuts under Obama order

AIG, Bank of America, Citigroup, GM, Chrysler, GMAC… what do they all have in common? They’ll all soon have the Obama administration slashing the earnings of their top executives by pay czar Kenneth Feinberg , according to a Reuters report . “Cash payouts,” says Reuters. Interesting. We used to call them salaries. “The Obama administration plans to order that the top earners at firms which received billions of dollars in government bailouts will see their cash payouts cut by an average of about 90 percent from last year, a source familiar with the matter said on Wednesday.

The Pay Czar, Kenneth Feinberg – AP Crossing the headlines on Drudge: CNBC – U.S. Said to Order Deep Pay Cuts at Bailed-Out Companies Key Excerpt: Responding to the growing furor over the paychecks of executives at companies that received billions of dollars in the government’s financial rescue, the Obama administration will order the companies that received the most aid to deeply slash the compensation to their highest paid executives, an official involved in the decision said on Wednesday.

Rollover USA-401K Rollover to IRA is a post from: Rollover USA-401K Rollover to IRA Pay czar Kenneth Feinberg has decided to bring the hammer of his authority crashing down on the executive pay packages of the seven firms receiving the most federal aid. According to media reports, Feinberg and the government will limit the pay of the twenty five highest-paid executives at these companies, with salaries taking the biggest cuts.

FOXNews Pay Czar Slashes Pay; Makes Governance Changes BusinessWeek In a striking display of government authority, pay czar Kenneth Feinberg is taking a knife to the pay packages of companies receiving US funds. According to media reports, the government will slash the compensation of the 25 highest-paid employees at … White House to push for big pay cuts CNNMoney.com Obama’s Pay Play Forbes Feinberg Said to Order 50% Pay Cuts at Rescued Firms Bloomberg Washington Post  - New York Times  - Wall

Obama’s pay czar has just dropped more shoes , this time on 175 pairs of feet: Kenneth Feinberg, the Treasury Department’s special master for compensation, will lower total compensation for 175 employees by an average of 50%, these people said. As expected, the biggest cut will be to salaries, which will drop 90% on average. I’m sure that Mr.

FOXNews White House to push for big pay cuts CNNMoney.com Obama’s pay czar will demand 50% decline in compensation, on average, for top earners at seven firms that received the most bailout funds. By David Ellis, CNNMoney.com staff writer Washington attorney Kenneth Feinberg has been actively reviewing pay … Feinberg to Order 50% Cuts in Compensation for Bailed-Out Firms Bloomberg US to Order Steep Pay Cuts at Firms That Got Most Aid New York Times Obama administration to order

CNBC/NYT : U.S. Said to Order Deep Pay Cuts at Bailed-Out Companies By: Stephen Labaton Responding to the growing furor over the paychecks of executives at companies that received billions of dollars in the government’s financial rescue, the Obama administration will order the companies that received the most aid to deeply slash the compensation to their highest paid executives, an official involved in the decision said on Wednesday.

The Wall Street Journal reports that the pay czar, Kenneth Feinberg, is going to cut executive comp at 7 firms for the 25 most highly paid employees. Does this really mean anything? The press will noise it up as meaningful (and some outlets will no doubt finger wag at this “interference”) but the short answer is no. First, recall Feinberg’s hollow mandate. He is limited to only TARP recipients, not the beneficiaries of other forms of government largesse.

The Wall Street Journal reports that the pay czar, Kenneth Feinberg, is going to cut executive comp at 7 TARP recipients for the 25 most highly paid employees. Does this really mean anything? The press will noise it up as significant (and some outlets will no doubt finger wag at this “interference”) but the short answer is no. First, recall Feinberg’s hollow mandate. He is limited to only TARP recipients, not the beneficiaries of other forms of government largesse.

The Wall Street Journal reports that the pay czar, Kenneth Feinberg, is going to cut executive comp at 7 TARP recipients for the 25 most highly paid employees. Does this really mean anything? The press will noise it up as significant (and some outlets will no doubt finger wag at this “interference”) but the short answer is no. First, recall Feinberg’s hollow mandate. He is limited to only TARP recipients, not the beneficiaries of other forms of government largesse.

But they don’t want to take over private industries or run any companies , remember? Sometimes a Caddyshack quote is the only lighthearted response one can find to the ever-expanding federal creepiness that covers the land with each new “helpful” idea from Team Lightbringer. The U.S. pay czar will slash compensation for the 25 highest-paid employees at seven firms receiving large sums of government aid and demand a host of corporate-governance changes at those firms, according to people familiar with the matter.

NEW YORK (CNNMoney.com) – The Obama administration will soon order the nation’s biggest bailed-out companies to drastically cut pay packages for their top executives, a senior administration official confirmed to CNN Wednesday. Kenneth Feinberg, who was named the White House’s pay czar in June, will demand that the seven largest bailout recipients lower the total compensation for their top 25 highest paid employees by 50%, on average, the official told CNN. Full story

New York Daily News White House to push for big pay cuts CNNMoney.com Obama’s pay czar will demand 50% decline in compensation, on average, for top earners at seven firms that received the most bailout funds. By David Ellis, CNNMoney.com staff writer Washington attorney Kenneth Feinberg has been actively reviewing pay … Pay Czar Slashes Pay; Makes Governance Changes BusinessWeek Obama’s Pay Play Forbes Feinberg to Order 50% Cuts in Compensation for Bailed-Out Firms Bloomberg Washington Post  -

The U.S. “Pay Czar” is a title that should strike terror in those still foolish enough to think the government is here to help, especially those working at companies that received bailout money. What, you didn’t think there’d be strings attached? The U.S. pay czar will slash compensation for the 25 highest-paid employees at seven firms receiving large sums of government aid and demand a host of corporate-governance changes at those firms, according to people familiar with the matter.

DEBORAH SOLOMON Wall Street Journal October 21, 2009 A d v e r t i s e m e n t WASHINGTON — The U.S. pay czar will slash compensation for the 25 highest-paid employees at seven firms receiving large sums of government aid and demand a host of corporate-governance changes at those firms, according to people familiar with the matter. Kenneth Feinberg, the Treasury Department’s special master for compensation, will lower total compensation for 175 employees by an average of 50%, these people said.

DEBORAH SOLOMON Wall Street Journal October 21, 2009 A d v e r t i s e m e n t WASHINGTON — The U.S. pay czar will slash compensation for the 25 highest-paid employees at seven firms receiving large sums of government aid and demand a host of corporate-governance changes at those firms, according to people familiar with the matter. Kenneth Feinberg, the Treasury Department’s special master for compensation, will lower total compensation for 175 employees by an average of 50%, these people said.

DEBORAH SOLOMON Wall Street Journal October 21, 2009 A d v e r t i s e m e n t WASHINGTON — The U.S. pay czar will slash compensation for the 25 highest-paid employees at seven firms receiving large sums of government aid and demand a host of corporate-governance changes at those firms, according to people familiar with the matter. Kenneth Feinberg, the Treasury Department’s special master for compensation, will lower total compensation for 175 employees by an average of 50%, these people said.

DEBORAH SOLOMON Wall Street Journal October 21, 2009A d v e r t i s e m e n tWASHINGTON — The U.S. pay czar will slash compensation for the 25 highest-paid employees at seven firms receiving large sums of government aid and demand a host of corporate-governance changes at those firms, according to people familiar with the matter. Kenneth Feinberg, the Treasury Department’s special master for compensation, will lower total compensation for 175 employees by an average of 50%, these people said.

NEW YORK (CNNMoney.com) – The Obama administration will soon order the nation’s biggest bailed-out companies to drastically cut pay packages for their top executives, according to several reports published Wednesday. Kenneth Feinberg, who was the White House’s so-called “pay czar” in June, is expected to demand that the seven largest bailout recipients lower the total compensation for their top 25 highest paid employees by 50%, on average, according to reports in both the New York Times and Wall Street Journal.

U.S. pay czar Kenneth Feinberg is expected to… Read the original here:  PM Report: U.S. Pay Czar Wields Ax

THIS would be the reason why the government should not be allowed to bailout private companies and then tell them what to do, AND the reason we haven’t been able to trust the government and would be fools to continue to do so. Feds threatened to oust BofA execs over Merrill deal Government regulators threatened to remove top Bank of America executives if they backed out of a buyout of failing brokerage giant Merrill Lynch, and offered to provide taxpayer funds to compensate for Merrill’s poor performance, according to company records obtained by The Washington Times.

(Time)  The way to make $100 million dollars on Wall Street, so the old joke goes, is to start with $200 million. Or you could trade oil.  In early October, Citigroup sold its commodities-trading division Phibro to energy company Occidental Petroleum. Citi was motivated to dispose of the unit because of pressure from regulators to curtail the pay of Phibro’s top trader Andrew Hall, who made $100 million last year, and reportedly has a contract that would award him roughly the same amount in 2009.

GM CFO search complicated by U.S. pay rules, report says Automotive News | October 18, 2009 – 12:01 am EST   CHICAGO (Reuters) — General Motors Co.’s bid to find an outsider to replace its chief financial officer is being complicated by pay restrictions imposed on companies that got big U.S. government bailouts, The Wall Street Journal said on Saturday. GM executives met recently with U.S.