About the job title-- I'm not necessarily set on it but I know I'm not alone in being sick of sticking "Czar" on the end of everything to indicate this is the guy who will use the taser on you for failing to comply with whatever domain he's been staffed with overseeing. Enforcer would also work, as would drill sergeant, warden, etc. I only went with "cop" 'cause I know how you girls like your alliterations.
But anyway, yes: Kenneth Feinberg is the man the White House intends to name "Special Master for Compensation," as early as next week, in order to "ensure that companies receiving federal bailout funds are abiding by executive-pay guidelines, according to people familiar with the matter." Apparently a major factor in creating the gig was that no firms know what they are or aren't allowed to pay their employees.
For instance, companies have been confused about whether to pay 2008 bonuses, since restrictions on incentive pay didn't go into effect until early 2009. Some firms have made the payments while others have held off. Many firms are also unsure whether the "top earners" targeted by Congress include rank-and-file employees or just executives.
Rather than just letting everyone make educated guesses, Kenny will do so for them. In theory, he'll report to Tim Geithner but "is expected to have wide discretion on how the rules should be interpreted." And if you thought this was going to be another one of those loosey goosey stress test-like situations, wherein banks were allowed to show up at T. Geith's house in the middle of the night and argue the results, think again. According to the Journal, "Firms likely won't be able to appeal decisions that Mr. Feinberg makes to Mr. Geithner, according to people familiar with the matter." All that being said, let's be honest: it looks like Jamie Dimon could take him, easy.
Posted by guest , Jun 05, 2009 12:06PM
I agree the use of 'Czar' needs to be eliminated, especially by the Government and more so in the case of compensation. Do they realize that this is all eerily similar to 'wage determination' in Communism?
Posted by guest , Jun 05, 2009 12:09PM
you can't garnish NOTHING!!!
PRICKS
Posted by guest , Jun 05, 2009 12:12PM
Someone get 'Sugardaddy' on the line I need a GBP / Brownie update-stat
Posted by Investorcluzo , Jun 05, 2009 12:13PM
how about we change "bonus" to "commission"? then the populist outrage would be tempered as the term reflects something they can understand better (as many of them get paid commissions)...and gov't wouldn't be allowed to take it back because it would be money they "earned" based on a formula.
how does one develop a transparent formula to pay bankers (where would the favoritism go)? discuss...
Posted by guest , Jun 05, 2009 12:13PM
Yes, by the looks of it JD could stuff this guy in his locker before gym class.
Posted by guest , Jun 05, 2009 12:18PM
Cluzo,
Aren't Ibanks just raising base pay? In the end it's all just semantics anyways.
Posted by guest , Jun 05, 2009 12:21PM
*bracing for a Wage Curve*
Posted by guest , Jun 05, 2009 12:24PM
Cluzo -
Bonus is thoughtcrime, commission is goodthink.
Posted by Investorcluzo , Jun 05, 2009 12:25PM
@6 - yes
@8 - at the end of the day, we're all salesmen (and women)...
Posted by Anal_yst , Jun 05, 2009 12:31PM
1. How much is this dude gonna make?
2. Isn't there already a way to do this, like, in the legal TARP docs, with courts, and whatnot?
3. I want a cheesesteak. Bess?
Posted by guest , Jun 05, 2009 12:34PM
"Firms likely won't be able to appeal decisions that Mr. Feinberg makes to Mr. Geithner, according to people familiar with the matter."
Talk about gettin set up to fail... if the decisions "can't be appealed" then it's pretty obvious the whole point is to
1) look tough on exec comp
2) actually let banks pay people
3) fire the comp cop when he allows #2, exempting Obama & Timmy to still look tough on the bankers
everyone wins, except of course for the poor sucker dumb enough to take the job
Posted by guest , Jun 05, 2009 12:38PM
Timmmmmay! What are you doing, Timmmmay?
Posted by guest , Jun 05, 2009 12:44PM
@4 - they might understand "tips" better.
Posted by guest , Jun 05, 2009 12:53PM
I'm sure he'll be very thoughtful, honest and fair in his enforcement of these much needed guidelines. I hear he also gets to wear a very nice black uniform to go with the job as well.
Posted by guest , Jun 05, 2009 1:38PM
How much did Kenny make from the SEC Vs. AIG $800m settlement?
Posted by guest , Jun 05, 2009 2:00PM
@8 doubleplusgood. just read 1984... amazing
Posted by guest , Jun 05, 2009 3:07PM
16- is catcher it the rye on your summer reading list?
heart of darkness?
When's hockey camp?
Posted by guest , Jun 05, 2009 7:51PM
Thompson: He made an awful lot of money.
Bernstein: Well, it's no trick to make a lot of money... if what you want to do is make a lot of money
Posted by guest , Jun 06, 2009 10:29AM
WSJ failed to note that he's doing this pro-bono -- just as he did for the 9/11 fund.
Posted by guest , Jun 12, 2009 12:44AM
I personally know Mr. Feinberg. He was my boss for 8 yrs. Rest assured that he has a brilliant mind and is honest w/o fault. He came up from a middle-class family and has gotten to where he is, because he worked 24/7 and demanded we all do the same. He is amazingly generous w/what he has, as well. By the way, as w/Agent Orange and 9/11, he is doing this pro bono.
I feel so strongly about his character, that I would vote for him for president.