Financial Regulatory Forum

U.S. pay czar vows to rework 2010 AIG bonuses

Kenneth Feinberg, special master for executive compensation under the Troubled Asset Relief Program at the Treasury Department, testifies  before the House Oversight and Government Reform committee during a hearing on ?Executive Compensation: How Much is Too Much?? on Capitol Hill in Washington October 28, 2009. The Obama administration's pay czar said on Wednesday that renegotiating guaranteed bonus contracts at American International Group's AIG Financial Products unit was a top priority for him in 2010.   REUTERS/Yuri Gripas (UNITED STATES POLITICS BUSINESS)   By David Lawder
WASHINGTON, Oct 28 (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.

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Bank of America’s Ken Lewis to receive no pay for 2009

Bank of America CEO Kenneth Lewis pauses as he speaks at the National Urban League Conference in Chicago July 30, 2009. (file photo) REUTERS/John Gress By Joe Rauch

CHARLOTTE, Oct 15 (Reuters) – Bank of America Corp (BAC.N) Chief Executive Kenneth Lewis will receive no pay or benefits for his last year of work at the company.

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US Congress to probe compensation at rescued companies

WASHINGTON, Oct 14 (Reuters) – The U.S. Congress will soon probe executive compensation at companies such as American International Group Inc and Bank of America Corp receiving significant taxpayer funds, the chairman of the House Oversight and Government Reform panel said on Wednesday.
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U.S. “pay czar” Feinberg using formulas, not caps

By Steve Eder
NEW YORK (Reuters) – President Barack Obama’s “pay czar” said on Friday he was using formulas and data analysis to determine executive compensation at government-rescued firms, rather than relying on pay caps.

Kenneth Feinberg, appointed in June to decide compensation packages for the highest-paid personnel at companies that received U.S. government bailouts, said his team of 15 people is reviewing pay data submitted by seven firms that needed extraordinary assistance, a group that includes Citigroup Inc, Bank of America Corp, and American International Group Inc . (more…)

Obama’s “pay czar” says weighing power to claw back compensation

By Steve Eder

MARTHA’S VINEYARD, MASSACHUSETTS (Reuters) – Kenneth Feinberg, the Obama administration’s pay czar, said on Sunday he has broad and “binding” authority over executive compensation, including the ability to “claw back” money already paid, and he is weighing how and whether to use that power. (more…)

US push on derivatives market reform comes clearer

By Kevin DrU.S. Representative Barney Frankawbaugh
WASHINGTON, July 27 (Reuters) – The shape of the U.S. government’s proposed crackdown on the $450-trillion over-the-counter derivatives market became clearer on Monday, with Congress poised to move forward this week on other aspects of a sweeping overhaul of U.S. financial regulation.

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