Posts about Kenneth R. Feinberg Watch as of October 23, 2009

Kenneth R. Feinberg, the government’s special master for compensation, has spent nearly five months studying pay packages at some of the nation’s largest banks. But ask him if bankers and traders earn far too much money, and he demurs.“I wouldn’t begin to say how much money you should make on Wall Street,” Mr. Feinberg said in an interview last week, as he prepared to slash pay for the top 25 earners at seven firms that received significant government aid. “I’ve never worked on Wall Street.

TARP, Stimulus and Bailouts Hurt Prudent Savers As of today, few things would be less appealing in your portfolio then dollars. As the Federal Reserve pours liquid-ity into the economy through TARP, stimulus and bailouts, and the Federal Government runs record deficits , interest rates stay artificially low…depressingly low. In fact, a quick surf of Bankrate.com tells me the highest yielding money market account (MMA) currently fetches 1.81%, while the average yield comes in at a whopping 1.113%.

Part of the secret of success in life is to eat what you like and let the food fight it out inside. The market is poised to open strong after a three-day slide. We just hope there are no post-lunch hiccups as has been the case in recent times. This week’s fall has come on lower volume and turnover. Technical and derivative indicators do suggest some signs of fatigue after a seven-month rally. However, the overall trend remains upbeat.

by Freep.com Autos on October 22, 2009 Chrysler Financial will liquidate its business by the end of 2011, as previously agreed, said Kenneth Feinberg, U.S. Treasury Department special master for compensation. Chrysler Financial has been winding down since GMAC replaced it as the main wholesale and retail finance source for Chrysler Group LLC. That change was directed by the Treasury Department. Excerpt from:Chrysler Financial’s fate: A 56% cut in pay, liquidation

Honestly? I never thought they’d take it this far. Today the White House stepped up its attack on Fox News, announcing that the network would no longer be able to conduct interviews with officials as a member of the Press Pool. The Pool is a five-member group consisting of ABC, CBS, CNN, Fox News and NBC organized by the White House Correspondents Association. Its membership is not subject to oversight by the government. Before an interview with “Pay Czar” Kenneth Feinberg, the administration announced that Fox News would be banned from the press pool.

October 22, 2009 at 8:03 pm · Filed under Uncategorized Despite the dramatic headlines, there is far less to the executive pay cuts at seven companies secured by the “special master” Kenneth Feinberg than meets the eye. This is a ploy to appease a public enraged by Wall Street bonuses, particularly Goldman’s which is notably unaffected by the move.It does absolutely nothing to deal with the real problem: that the large financial firms, which nearly drove the economy off the cliff, have been rewarded by an entrenched system of socialized losses and privatized gains.Recall Mr.

Obama NEW YORK — Even before the Obama administration formally tightened executive compensation at bailed-out companies, the prospect of pay cuts had led some top employees to depart. The administration had tasked Kenneth Feinberg, the Treasury Department’s special master on compensation, to evaluate the pay packages of 25 of the most highly compensated executives at each of seven firms receiving exceptionally large amounts of taxpayer assistance.

In this instance the rest of the media did what’s right. I guess they saw their future if they don’t stand up to the Chicago bullies in the White House. Via Breitbart . I saw this earlier on Brett Baier’s Special Report . I almost forgot about it. How I almost forgot about it I don’t know. As much as I’d like to say nothing the Chicago crew in DC does shocks me, this one certainly did.

The White House tried and failed to ban Fox News from the weekly media interview rounds of pay Czar Kenneth Feinberg. Recently he significantly slashed top pay for executives of bailed out companies.

The White House sent out an alert today to the press pool that “Pay Czar” Kenneth Feinberg would be doing a press availability— a round robin with the major news networks, in which Fox is customarily included. The administration specified that everyone was invited except Fox News, according to Bret Baier on “Special Report” tonight. The press pool, acting in the interest of its members, admirably stood up to the White House bullying. All the other networks declared that if Fox was not getting an interview, they would not be conducting interviews.

by Hal_10000 You knew it was coming.  The Feds are issuing rules on executive pay for banks on the TARP dole.  High-end salaries are being cut as much as 90%.  I don’t have much to add to Bainbridge’s brilliant commentary: So set aside the question of whether compensation at financial firms is “too high,” however you propose to measure it. Set aside the question of whether these troubled firms will be able to keep their best people, who presumably now will be targeted by unregulated firms like hedge funds that will be free to pay market rates.

By John Bougearel From Bloomberg: Oct. 22 (Bloomberg) — President Barack Obama said limiting pay for top executives at firms that got the most government aid strikes a balance between the interests of taxpayers and restoring stability to the financial system. The president said the independent rulings by Kenneth Feinberg , Obama’s special master on executive compensation, are “an important step forward in curbing the influence of executive compensation on Wall Street while still allowing these companies to succeed and prosper.” “We don’t disparage wealth, we don’t begrudge anybody for doing well, we believe in success,” Obama said today at the White House.

Fox is reporting on Special Report that the White House wanted to exclude Fox from the 5 member White House Pool who were going to be given access to Kenneth Feinberg, however, amazingly the Washington bureau chiefs of the 5 networks met and announced none of them would participate if Fox were excluded (Video). It’s good to see the networks finally take a stand against Obama’s Chicago-style political machinations against free speech and freedom of the press.

In the end, pay czar Kenneth Feinberg’s hardest case was AIG.

cadenon October 22, 2009—Leave a Comment The Chris­t­ian Sci­ence Mon­i­tor – The deci­sion by Ken­neth Fein­berg, the Obama administration’s “pay czar,” to slash exec­u­tive com­pen­sa­tion at America’s seven biggest “bailout” com­pa­nies is good pol­i­tics. But is it good busi­ness?By I&VSphere: Related Content  Link to this page  Link to this page Copy the code below to your web site.x Get Link­ToTh­is­Page from the Cre­ative Real Estate Invest­ing Guide.

cadenon October 22, 2009—Leave a Comment The Chris­t­ian Sci­ence Mon­i­tor – The deci­sion by Ken­neth Fein­berg, the Obama administration’s “pay czar,” to slash exec­u­tive com­pen­sa­tion at America’s seven biggest “bailout” com­pa­nies is good pol­i­tics. But is it good busi­ness?By I&VSphere: Related Content  Link to this page  Link to this page Copy the code below to your web site.x Get Link­ToTh­is­Page from the Cre­ative Real Estate Invest­ing Guide.

Today we found out that seven major companies that got bailed out will have the compensation of their top earners cut.  The seven companies affected are AIG, Bank of America, Citigroup, GM, Chrysler, GMAC and Chrysler Financial.  Kenneth Feinberg was given the responsibility to rework the compensation rate for these companies for the remainder of 2009.  The restructuring of the pay will reduce these salaries by more than 90%.

For the first time, the government appears to be set to take some meaningful action against business fat cats who a) run companies that exist only because of billions of dollars of taxpayer supports and b) still see fit to pay themselves obscene salaries. The New York Times and other outlets report that Obama administration pay czar Kenneth Feinberg will require executives and top employees at the most bailed-out firms to cut back on salary by 50 percent. If these reports are true, Mr.

Although the administration is reportedly planning to cut the compensation of 175 executives at bailed-out companies, no wider war is intended, Kenneth Feinberg has suggested.

Andrew Torgan CNN Financial News Producer Officials in Washington today launched their biggest offensive yet in the war on runaway pay practices in the financial industry, targeting everyone from corporate executives to high-flying traders of complex securities. The Federal Reserve proposed a sweeping review of pay policies at 28 of the nation’s largest banks as part of an effort to make sure employees are not tempted to make the kinds of bets that could put their company at risk of going under.

The Treasury Department on Thursday is expected to order seven companies that have not paid back last year’s 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 as much as 90 percent, according to a person familiar with the matter. Kenneth Feinberg, the special master at Treasury appointed to handle compensation issues as part of the government’s $700 billion financial bailout package, is making the pay decisions.

Los Angeles Times Big pay cuts … what about Goldman? CNNMoney.com Pay czar Kenneth Feinberg cut the pay of 175 employees at the top seven bailed-out companies, but some are calling for curbs at other firms as well See the original post here: Big pay cuts … what about Goldman? – CNNMoney.com

Kenneth Feinberg is Obama’s “pay czar”.  Bank of America, American International Group, Citigroup, General Motors, GMAC, Chrysler and Chrysler Financial all received part of the last TARP bailout.  As such, Kenneth Feinberg has decided that he sets the salaries of whoever he wants at those companies. Guess what other “companies” have the federal government as an investor? Public colleges, state administrations, local high schools, area development districts, community service programs, you name it.  Using the logic of Feinebrg, they all answer to him now.  No president is needed.  No Congress to authorize it.  No Senate to OK it.  Whatever he sees fit, that’s the final word.

White House pay czar Kenneth Feinberg did not seek President Obama’s approval to order steep pay cuts from bailed-out executives. White House pay czar Kenneth Feinberg was the driving force behind the move to order steep pay cuts from bailed-out executives, and did not even seek the president’s approval before making his decision. (Excerpt) Read more at foxnews.com … ShareThis

Kenneth Feinberg, the White House appointed compensation watchdog, has requested large compensation cuts that are expected to be formally announced by the Treasury Department in the coming days. The reductions impact executives and top-level employees at seven firms that still hold substantial government aid.   Bank of America (NYSE: BAC), Citigroup (NYSE: C), AIG (NYSE: AIG), GM, Chrysler, GMAC and Chrysler Financial will likely see executive compensation cut in half, among other actions.

on October 22nd, 2009 The Treasury Department is ordering companies that received billions of dollars in government bailouts to halve total compensation for their top executives. But the big reductions will not apply to pay earned before November. Kenneth Feinberg, the Treasury… Sponsored Topics:Presidency of Barack Obama – Government – Business – Obama administration – United StatesSee original here: Treasury: bailed-out firms to slash pay in Nov.

AFP WASHINGTON (AFP) – The Obama administration’s corporate pay czar will Thursday impose slashing cuts of up to 90 percent on cash salaries of top executives of firms bailed out with billions of dollars of taxpayer funds. In a dramatic government intervention, Treasury official Kenneth Feinberg was due to target corporate titans from seven firms rescued with government bailouts, amid a growing public backlash at outlandish executive pay.

The Federal Reserve announced a plan on Thursday to eliminate pay packages that had encouraged bankers to take the kinds of reckless risks that contributed to the housing bubble, The New York Times’s Stephen Labaton reports from Washington.The move, a response to the public outrage over the bailout of banks and other companies whose executives received lucrative paychecks, reflects a sharp departure from the hands-off approach that has dominated bank regulations for decades.

“Pay czar” Kenneth Feinberg is slashing the pay packages of companies receiving funds. What’s also notable are the reported corporate governance changes being demanded. “Perhaps the moves … could help shareholders trust [boards] a little more.”

Joshua Roberts/Bloomberg News Kenneth Feinberg, the Treasury Department’s special master for compensation, spoke to the National Association of Corporate Directors in Washington on Tuesday. The Obama administration will take a hacksaw to executive compensation at the companies that received the most federal bailout money. For the 25 top earners at seven companies that received exceptional help — Citigroup, Bank of America, American International Group, General Motors, Chrysler and the financing arms of the two automakers — the order will cut the cash portion their salaries by about 90 percent and their total compensation by about 50 percent on average.

Filed under: Chrysler , GM When General Motors and Chrysler took money from the U.S. government to prevent being consigned to history, the two storied domestic automakers had no choice but to put their fates in Uncle Sam’s hands. After two very brief bankruptcies and billions in bailout cash, America’s favorite bearded relative is looking to take its own pound of flesh. Automotive News is reporting that the Obama administration and the Treasury Department are planning to announce pay cuts of up to 90% for the top 25 earners at GM, Chrysler, GMAC and Chrysler Financial.

Filed under: Chrysler , GM When General Motors and Chrysler took money from the U.S. government to prevent being consigned to history, the two storied domestic automakers had no choice but to put their fates in Uncle Sam’s hands. After two very brief bankruptcies and billions in bailout cash, America’s favorite bearded relative is looking to take its own pound of flesh. Automotive News is reporting that the Obama administration and the Treasury Department are planning to announce pay cuts of up to 90% for the top 25 earners at GM, Chrysler, GMAC and Chrysler Financial.

Filed under: Chrysler, GMWhen General Motors and Chrysler took money from the U.S. government to prevent being consigned to history, the two storied domestic automakers had no choice but to put their fates in Uncle Sam’s hands. After two very brief bankruptcies and billions in bailout cash, America’s favorite bearded relative is looking to take its own pound of flesh. Automotive News is reporting that the Obama administration and the Treasury Department are planning to announce pay cuts of up to 90% for the top 25 earners at GM, Chrysler, GMAC and Chrysler Financial.

In a move to quell public outrage, President Obama has ordered the government’s “pay czar” to cut by 90 percent the multimillion-dollar salaries that executives of seven bank and auto companies are receiving, citing the fact that these firms are entirely dependent on U.S. taxpayer money for financial survival. The BBC: The US government is preparing to order bailed-out banks and car companies to slash the cash salaries of their top executives by an average of 90% in an effort to quell outrage over multimillion-dollar boardroom excess.

« PreviousWho won the Battle of New Orleans? Lord Brian Griffiths of Fforestfach (and Goldman Sachs) says his paychecks make you rich Posted by Justin FoxThursday, October 22, 2009 at 11:09 am Submit a Comment • Trackback (0) • Related Topics:Wall Street, bailouts, banks, bonuses, fforestfach, pay I get the feeling that Brian Griffiths’ words at a panel discussion in London Tuesday might go down in history as some kind of let-them-eat-cakish landmark.

This morning, everyone — and we do mean everyone — is buzzing about the tough rules apparently about to be put in place by Special Master Kenneth Feinberg. In this WSJ story , one person notes that the rules, which have yet to be made public “”were clearly much worse than what had been anticipated.” There’s a good summary of some of the pay czar coverage here at corproatecounsel.net . Despite the level of whining and chest-thumping, it’s important to keep in mind that Feinberg’s rules will only apply to seven companies that received unusual levels of aid.

Well i guess Glenn Beck’s question has been answered. The czars really do have power Fox News White House pay czar Kenneth Feinberg was the driving force behind the move to order steep pay cuts from bailed-out executives, and did not even seek the president’s approval before making his decision. The Treasury Department is expected to formally announce in the next few days a plan to slash annual salaries by about 90 percent from last year for the 25 highest-paid executives at the seven companies that received the most from the Wall Street bailout.

Welcome to The WonkLine , a daily 10 a.m. roundup of the latest news about health care, the economy, national security, immigration and climate policy. This is what we’re reading. Tell us what you found in the comments section below, and subscribe to the RSS feed . Also, you can now follow The Wonk Room on Twitter .   National Security According to a new UN report, “Afghan opium is unleashing a “ devastating” impact across the world …funding the Taliban and other terror groups and killing thousands in consumer countries.” U.N.

From a wildly cheering Associated Press : TARP figure confirms substantial pay cuts looming By Martin Crutsinger, AP Economics Writer WASHINGTON – The Treasury Department on Thursday is expected to order seven companies that have not paid back last year’s 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 as much as 90 percent, according to a person familiar with the matter .

Felix Salmon submits: Oh wow. This is much more aggressive than anybody had dared hope it would be: The seven companies that received the most assistance will have to cut the cash payouts to their 25 best-paid executives by an average of about 90 percent from last year… Complete Story »

US ‘plans bail-out firm pay cut’ Wall Street sign President Obama has made his displeasure at the bonuses clear Firms in the US which received billions of dollars of government aid in the financial crisis are to be told to cut the pay of top executives, reports say. The seven companies that received the most aid from the US Treasury will have to reduce the basic salaries of their 25 best-paid employees by up to 90%. The totals paid to each firm’s 125 top earners would be halved under the plan.

Felix Salmon submits: Oh wow. This is much more aggressive than anybody had dared hope it would be: The seven companies that received the most assistance will have to cut the cash payouts to their 25 best-paid executives by an average of about 90 percent from last year… Complete Story »

Bonuses and NYC condos. They go hand in glove. If bonuses keep pushing higher and higher, the Manhattan market will rebound fast — just like in London, where the return of finance means that prices are already back at all-time peaks. But here in the US we have Kenneth Feinberg, cracking down on excessive banker pay in a manner that’s much more severe than anyone expected. And NYC property owners are freaking out. Users of the StreetEasy meassage boards are all over this story.

Here is a formula for you. Take greed and bad business practices in equal parts and mix it with companies who were deemed “to big to fail”. Once stirred together, combine the resulting mix with $700 billion in bailout money. After baking for several months, what do we get? Let’s see now, we have seven companies who have received the most bailout dollars. Those would be Bank of America Corp., American International Group Inc., Citigroup Inc., General Motors, GMAC, Chrysler and Chrysler Financial.

The Obama administration is set to dramatically cut compensation for top executives at the seven firms that received the most government bailout money. Some companies that received bailout money will continue to pay their executives large sums, but those are the ones that already have paid the government back. The administration pay czar Kenneth Feinberg will unveil a plan in the next few days.

The Obama administration is set to dramatically cut compensation for top executives at the seven firms that received the most government bailout money. Some companies that received bailout money will continue to pay their executives large sums, but those are the ones that already have paid the government back. The administration pay czar Kenneth Feinberg will unveil a plan in the next few days.

Pay Cuts Oct. 22 (Bloomberg) — General Motors Co. and Chrysler Group LLC, whose bankruptcies were backed by the U.S. Treasury, may not face the same pay cuts for senior executives as those at banks that borrowed from the Troubled Asset Relief Program. “My guess is that this is directed at the banks, not the auto guys,” said David Cole, chairman of the Center for Automotive Research in Ann Arbor, Michigan.