Kenneth Feinberg

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GM to 'Rip Up' Settlements With Ignition Victims

And replace them with open-ended program

(Newser) - General Motors plans to "rip up" its existing settlements related to its ignition switch scandal, and replace them with an open-ended program that will dole out checks worth anywhere from $20,000 to several million dollars, Kenneth Feinberg tells the Wall Street Journal today. Feinberg (who you might remember... More »

GM’s Barra: I Don't Know Why It Took Us So Long

But new CEO promises company will find out why recall was delayed

(Newser) - GM's new CEO went to Capitol Hill today to explain why it took her company a decade to respond to a deadly ignition switch problem , but Mary Barra didn't have much light to shed. “I cannot tell you why it took years for a safety defect to... More »

Few Boston Victims Have Sought Help From One Fund

But officials loathe to move June deadline

(Newser) - The public has given fairly generously to the One Fund, the fund set up to aid Boston Marathon bombing victims, filling its war chest with almost $40 million. There's just one problem: Only about 50 people have applied for help so far, out of the roughly 250 the fund... More »

Fund Chief to Boston Victims: 'Lower Your Expectations'

Fund to distribute money by June 30

(Newser) - The One Fund Boston , the charitable organization set up to compensate Boston Marathon bombing victims, is anxious to get money to victims, administrator Kenneth Feinberg told people at a town hall meeting last night—even as he stressed that the money would be woefully inadequate to cover the injuries suffered.... More »

Judge: BP Spill Claims Czar Not Independent

Ken Feinberg must start disclosing that he works on behalf of BP

(Newser) - When Ken Feinberg doled out compensation to victims of the BP oil spill, he argued they should trust his decisions because he’s an independent party—but considering he’s getting paid by BP, that’s not entirely true, a judge ruled yesterday. Feinberg, who administrates the $20 billion compensation... More »

BP to Gulf Residents: Here's a Bonus ... Now Don't Sue Us!

Feinberg offering $5K to individuals who agree not to sue

(Newser) - The administrator of BP's $20 billion compensation fund is offering Gulf residents cash bonuses to speed up the process, reports the New York Times. But there's a catch: Anyone who takes the money ($5,000 for individuals, $25,000 for businesses) has to agree not to sue BP or any... More »

Pay Czar to Examine Salaries at Bailed-Out Firms

Feinberg to review compensation for top 25 executives

(Newser) - The "pay czar" will review salaries and bonuses of executives at financial firms that have received government help. Kenneth Feinberg will examine the compensation of the top 25 executives at Goldman Sachs, Citigroup, JPMorgan Chase, and 417 other firms that took TARP money. If he finds evidence of risky... More »

AIG Attorney Makes Millions by Quitting Over Pay

Company to award Kelly mammoth severance package

(Newser) - Quitting in a snit over government-imposed pay limits has ensured a bumper payday for AIG's top in-house lawyer, insiders say. The bailed out insurance company is preparing to pay Anastasia Kelly several million dollars in a severance package under company terms that allow some execs to quit and collect severance... More »

Pay Czar OKs Rule-Busting Pay at Bailout Firms

$500K cap lifted for top auto industry execs

(Newser) - "Pay czar" Kenneth Feinberg has made more exceptions to the $500,000 salary cap for execs at bailed-out firms. Compensation packages approved this week include a $9.5 million plan for GMAC CEO Michael Carpenter, which includes a $950,000 salary, Reuters reports. The exemptions were agreed to because... More »

AIG Execs Ignore Vow to Return Bonuses

Only $19M of promised $45M has been repaid

(Newser) - Execs at the AIG division responsible for the company's downfall have decided they deserve those hefty bonuses after all. Top earners at the bailed-out company promised to return $45 million in bonuses by the end of this year amid public outrage at the payments, but only some $19 million has... More »

To Spur Bank Execs to Act, Mess With Their Pay

Compensation limits have prompted swift TARP repayment

(Newser) - A common complaint about the TARP bailouts was that by injecting capital and making the financial environment more friendly, the government wasn't doing enough to push the banks into real reform. Why wouldn't the banks simply live off TARP cash as long as they could? Yet those concerns were unfounded,... More »

Pay Czar Cuts Compensation at Bailout Firms

Hundreds at Citi, AIG, GM and GMAC will see pay shaved

(Newser) - White House “pay czar” Kenneth Feinberg announced new compensation restrictions that will cut into the checks of hundreds of highly-paid executives at bailed out firms. Except in a handful of cases, employees at Citigroup, AIG, GM, and GMAC will have their base compensation capped at $500,000, CNNMoney reports.... More »

Pay Czar to Cap More Executive Salaries

Banks scramble to repay feds, free themselves from pay curbs

(Newser) - Treasury Department "pay czar" Kenneth Feinberg plans to start capping the salaries of second-tier execs at firms that received government assistance, according to company and government officials. The $500,000 cap, already imposed on top exec salaries, may now be applied to hundreds of other employees. The move has... More »

US Will Let AIG Execs Skirt Pay Cap

Pay czar Feinberg will make exceptions after 5 threaten to quit

(Newser) - Treasury pay czar Kenneth Feinberg will exempt some AIG executives from a $500,000 salary cap, after at least five threatened to quit, sources tell Bloomberg . Feinberg is preparing to make a ruling on pay limits for 75 of the company’s top executives. Five threatened to resign last week... More »

Annoyed by Feds, AIG CEO Threatens to Quit

Benmosche, just 3 months in, is 4th CEO in 18 months

(Newser) - Just 3 months after taking the job, AIG CEO Robert Benmosche is threatening to storm out in a huff. At a directors’ meeting last week the voluble Benmosche, formerly of MetLife, told colleagues he was “done” with trying to operate the 80% taxpayer-owned company under federal supervision, particularly with... More »

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... More »

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... More »

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... More »

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,... More »

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... More »

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