Posts about Kenneth R. Feinberg Watch as of October 29, 2009

Late last week, the Obama Administration ordered seven companies who received a significant amount of federal loan to cut the salaries of their top-level executives by an average of 90 percent and cut total compensation (including cash, stock and perks) by half. General Motors CEO Fritz Henderson was amongst the many executives who saw government-imposed cuts in his own salary.

Bank of America (NYSE: BAC) can’t seem to find any qualified candidates that actually want to be the company’s next CEO, according to a new report from the Wall Street Journal. “Outsiders either aren’t interested or lack sought-after skills,” said the Wall Street Journal reported, citing the unnamed sources who are “familiar” with the search process.

A complete coincidence; happenstance even. That’s what U.S. pay czar Kenneth Feinberg is calling the amazing confluence of timing that resulted in the Treasury and Fed both releasing major announcements on executive compensation within hours of one anothe.

WASHINGTON (Reuters) – Renegotiating bonuses to American International Group employees is a “top priority,” the Obama administration’s pay czar said on Wednesday, adding he believes he can do so without losing key employees. Kenneth Feinberg, the U.S. Treasury bailout program’s “special master” for compensation practices, told U.S. lawmakers he will sit down with AIG and its Financial Products unit in January to renegotiate so-called guaranteed retention contracts. …

Treasury Department pay czar Kenneth Feinberg last week announced sharp cuts in total compensation at the finance and auto companies under his control.But while he cut total compensation by half, he substantially increased one important element — regular salaries, according to a Wall Street Journal analysis. The move reflects the complexity of regulating something that mixes politics and economics.Mr.

Washington’s so-called “pay czar” Kenneth Feinberg cautioned lawmakers against extending his authority to the hundreds of other companies that accepted government bailout money.

WASHINGTON (Reuters) – Renegotiating bonuses to American International Group employees is a “top priority,” the Obama administration’s pay czar said on Wednesday, adding he believes he can do so without losing key employees. Kenneth Feinberg, the U.S. Treasury bailout program’s “special master” for compensation practices, told U.S. lawmakers he will sit down with AIG and its Financial Products unit in January to renegotiate so-called guaranteed retention contracts. …

Kenneth Feinberg, named by the current administration as special master of executive compensation of firms receiving TARP money, has decided to substantially increase regular salaries at the finance and auto companies under his control. According to the WSJ, Mr. Feinberg, who oversees seven firms …

Pay czar: No need to take on more authority WASHINGTON ? The Obama administration’s “pay czar” who reduced pay for executives at seven major corporations says his powers should not extend to the rest of the financial sector. But he says the standards he used should guide the broader marketplace. Kenneth Feinberg told a House Committee Wednesday [...]

- Top employees leave financial firms ahead of pay cuts The Washington Post 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.

President Obama is a day closer to wrapping up deliberations over how to proceed with the war in Afghanistan, now in its ninth year, and is expected to announce his decision “soon,” according to Robert Gibbs, the White House press secretary. In the afternoon, Mr. Obama will meet with Vice President Joseph R, Biden Jr. and Robert M. Gates, the Defense secretary, in the Oval Office.The Times’s Thom Shanker, Peter Baker and Helene Cooper wrote that the president is piecing together a strategy that would concentrate American and NATO forces in Afghanistan’s most populous areas, effectively melding the proposals put forth by his top commander in Afghanistan, Gen.

Reuters – Kenneth Feinberg, the Treasury bailout program’s special master for compensation, who cut total compensation for top earners at seven bailed-out firms last week, increased base salaries at the companies, the Wall Street Journal said, citing its own analysis of Treasury data.

KILL THE COMPETITION Welcome to today’s round-up of business news from The Times : what we’re saying, what they’re saying, from Michael Beh Tuesday, October 28, 0730 GMT Top stories The Times : TPG, the US private equity house, sold its last shares in Debenhams, the UK retailer, taking its total profit to nearly £500 million ($820 million). http://tinyurl.com/yz29ff8 The Daily Telegraph : The City watchdog launched a review of the £35 billion ($57 billion) structured products market as a result of Lehman Brothers’ collapse.

on October 28th, 2009 (Reuters) – Kenneth Feinberg, the Treasury bailout program’s special master for compensation, who cut total compensation for top earners at seven bailed-out firms last week, increased base salaries at the companies, the Wall Street Journal said, citing its own analysis of Treasury data. Pay czar Feinberg increased base pay at U.S. firms: report businessAdd to del.icio.usDigg ThisSubscribe to RSS feed

Who’s minding the store? Obama “pay czar” Kenneth Feinberg has some financial issues in his own house.  Web of Deception’s Joseph Culligan finds Feinberg’s Homestead Exemption that was forbidden by the Countrywide mortgage terms ; the Citibank credit line for 86% of the value of the home with Feinberg dealing with former client Citibank and Citbank –  his current charge. Joe invites us all to examine the history of the tax liens