Financial Regulatory Forum

US’ Geithner says bank fee can recoup AIG bonuses

By Reuters Staff
February 3, 2010

By David Lawder

WASHINGTON, Feb 3 (Reuters) – U.S. Treasury Secretary Timothy Geithner on Wednesday said insurer AIG’s contracts to pay hundreds of millions of dollars in bonuses were “outrageous” and appealed to Congress to help recoup the payments.

US pay czar: Fannie Mae, Freddie Mac unique when it comes to pay

By Reuters Staff
December 31, 2009

WASHINGTON, Dec 30 (Reuters) – Mortgage finance firms Fannie Mae and Freddie Mac face a unique set of problems that distinguish them from other companies receiving government aid when it comes to setting executive pay, the Obama administration’s pay czar said on Wednesday.

US pay czar caps more salaries at bailed out firms

December 11, 2009

By Karey Wutkowski and Steve Eder

WASHINGTON/NEW YORK, Dec 11 (Reuters) – The U.S. pay czar on Friday expanded a crackdown on pay packages at four companies rescued with taxpayer money, limiting most cash salaries at $500,000 for a second tier of top earners.

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

By Reuters Staff
October 28, 2009

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.

Pay czar Feinberg increased base pay at rescued U.S. firms – WSJ

By Reuters Staff
October 28, 2009

Oct 28 (Reuters) – Kenneth Feinberg, the U.S. 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 U.S. Treasury data.

INTERVIEW – Obama’s pay czar looking ahead to 2010 with deeper, not broader bite

By Reuters Staff
October 28, 2009

Kenneth Feinberg, Special Master for TARP Executive Compensation, speaks to Reuters during an interview at his Washington law office, October 26, 2009.  REUTERS/Jason Reed   (UNITED STATES)   By Steve Eder
WASHINGTON, Oct 27 (Reuters) – The Obama administration’s pay czar, who sent shock waves through Wall Street by slashing compensation at seven bailed-out companies, says those moves were just the beginning.

U.S. pay czar emphasizes wide “clawback” power

By Reuters Staff
October 23, 2009

By Karey Wutkowski
WASHINGTON, Oct 23 (Reuters) – U.S. pay czar Kenneth Feinberg emphasized on Friday his ability to claw back pay at any company receiving a taxpayer bailout, but said such an extreme action “will be rare and far between.”

U.S. slashes pay at seven bailed out firms, cuts cash up to 90 percent

October 22, 2009

   WASHINGTON, Oct 22 (Reuters) – The U.S. Treasury’s pay czar on Thursday slashed overall pay by more than half for top earners at seven companies that received massive taxpayer bailouts, and ordered that most of their salaries be paid in the form of long-term company stock. Kenneth Feinberg, charged with approving or renegotiating pay contracts for the 25 highest-paid employees at the seven banks and automakers, said their cash compensation for 2009 would drop by more than 90 percent compared to 2008.

Top pay at bailed out U.S. companies to be cut – sources

October 22, 2009

Lawrence H. Summers, Director of the White House's National Economic Council, speaks about the a luncheon hosted by "The Economist" magazine at Pace University in New York October 16, 2009. (File Photo) REUTERS/Nicholas Roberts (UNITED STATES BUSINESS POLITICS) By Karey Wutkowski and Steve Eder
WASHINGTON/NEW YORK, Oct 21 (Reuters) – Top earners at financial and auto companies bailed out by the U.S. government will see their pay slashed under an Obama administration plan aimed at addressing public outrage over eye-popping paychecks, two sources familiar with the matter said on Wednesday.

U.S. pay czar may issue rulings before Oct. 30 deadline

By Reuters Staff
October 21, 2009

By Karey Wutkowski
WASHINGTON, Oct 20 (Reuters) – The Obama administration’s pay czar said on Tuesday he may publicly release his rulings on the compensation packages for top earners at bailed-out firms before his Oct. 30 deadline.