In June 2009, as you may remember, Kenneth Feinberg was knighted Compensation Cop and given the authority to get involved in the payouts made to executives of 7 firms that received taxpayer bailouts. They included the biggest fuck-ups, who’d it’s be really bad to see generously compensating their top employees, like Citigroup, Bank of America, AIG. Goldman Sachs was not one of the companies required to get Feinberg’s approval on packages, but with the sensation of what it felt like to be strung up by the balls fresh in his mind, Lloyd Blankfein thought it’d be prudent to give the Comp Cop a buzz anyway, in a move that may surprise those who were previously under the impression Goldman didn’t answer to anyone. Continue reading »
Kenneth Feinberg
Kenneth Feinberg Is Happy To Report Lloyd Blankfein Acted Like He Had To Care What The Government Thought When It Came To Executive Comp
By Bess LevinHere’s That “Huge” Feinberg Bonus People Were Either Quaking In Their Boots Over Or Not Worrying About At All
By Bess Levin
Ken Feinberg, who checked out of this gig months ago when the more exciting one came up to work alongside the fuck-ups du jour, BP, has released his list of the 17 TARP-taking banks that paid out “ill-advised” bonuses in 2008 (“both for the sheer amount and the lack of reasonable rationale for their payment”). Although the point has been made clear about a million times that K-Fein has no authority to claw-back these bonuses, people, we’re supposed to believe have been all but pissing their pants in fear and in some cases (Citi…) doing just that. So, yes, “legally,” he can’t take the money back but…there’s gotta something he can do, right? Smash their faces with an iron? Shove a nail through their foot? Bite off each and everyone one of their fingers one by one? Or how about, wait, this is good, you’re gonna love this, he does nothing? Continue reading »
Kenneth Feinberg To Tear TARP-Taking Companies To Pieces With Vicious Rhetoric Tomorrow
By Bess LevinHey! Tomorrow is apparently the day Comp Cop Kenneth Feinberg will make his huge announcement re: “unwarranted or ill- advised payments” 2008 bonuses paid out by banks that took TARP. Apparently he’s not happy with them at all, and given that he “doesn’t have the legal authority to recoup money paid to executives” and most people have lost interest on this storyline by now, you know what he’s going to do about it? Continue reading »
His time here is almost over but before he takes off for a little maxing and relaxing, the Compensation Cop is apparently thinking about having some fun with bonuses that were paid out that for “the bailout year of 2008″ by all banks that took TARP funds and not just the ones who’ve yet to pay back the blood money. So not just fuck-ups like Citi and Bank of America but also institutions such as, to name a few, JPMorgan, Morgan Stanley and, gird your loins, Goldman Sachs. Feinberg has just finished a “look back” at the cheddar paid out by those institutions and according to Charlie Gasparino, “does not like what he saw.”
Sources say that Feinberg, in concluding his study, and one person with knowledge of Feinberg’s thinking says he is “leaning” toward forcing at least some of the big banks that he reviewed to give back bonus money.
Now’s your chance. Comp Cop Kenneth Feinberg is abandoning his post. Get it while it’s hot.
CEO’s No One Gives A Rat’s Ass About Bravely Gave The Finger To 2009′s Compensation Trend
By Bess LevinWells Fargo’s John Stumpf. Travelers Cos’s Jay Fishman. Chubb Corp’s John Finnegan. According to the July issue of Bloomberg Markets, all three men “are defying a trend,” by taking home $21.3 million, $20.6 million, and $19.2 million, while many of their fellow CEO’s dialed it down on payday. Why were they able to take such a stand, in the face of populist outrage, Ken Feinberg and the shouts of random passersby that Wall Street S’s major D? Obviously the answer is that nobody gives a crap about these guys. Continue reading »
Kenneth Feinberg Making It Really Freaking Difficult For Wall Street Execs To Start Fresh With Their Mistresses
By Bess Levin
The devil. He doesn't care about your happiness.
While there has seemingly been an endless amount of bitching and moaning over Comp Cop Ken Feinberg’s infernal “views” on banker compensation, so far no one has actually been able to come up with a legit reason for why his freaky ass rules should be scrapped. Until now. Surely hearing that his pay structure is throwing a wrench in finance guys’ plans to leave their wives without rendering themselves penniless will be a wake-up call to K. Fein that all of this has too far, right? I mean, he’s got to listen to reason, DOESN’T HE? Continue reading »
Remember, back in the day, when Kenneth Feinberg was named Comp Cop and everyone working at a bailed out company, who were told their asses were about to be capped, threatened to leave if he so much as dared to take a penny of their hard-earned money away? Sure you did, they wouldn’t shut up about it, or the fact that this–this!– was going to be the death of their otherwise phenomenally profitable firms? Anyway, apparently most people were just messing.
Of the 104 senior executives whose pay was set by the federal pay regulator in the last two years, 88 executives, or nearly 85 percent, are still with the companies even though their pay was drastically cut back, according to people briefed on the government data. The relative stability, at least within the executive suite, suggests that a soft job market, corporate loyalty and personal pride helped deter the feared management exodus at the companies hardest hit by the pay rules.
Sure, or maybe it was this. Continue reading »
Actually, that’ s not entirely fair. Kenneth Feinberg can *try* to renegotiate payments he characterizes as not good for the people. But when it comes down to it? Yeah he can’t do shit. Which is why we suggest K.Fein perform his “look back” while enjoying an herbal refreshment in Jimmy Cayne’s new executive suite (tricked out basement).
Kenneth Feinberg, the Treasury Department’s special master for compensation, will send a letter Tuesday to 419 firms that received TARP funds seeking data on compensation paid to the top 25 executives. The pay review will cover a relatively short period but will capture the 2008 end-of-year bonus season at most large firms.
Mr. Feinberg can’t claw back any pay but can seek to renegotiate any payments he deems “not in the public interest.” He is required to perform the so-called “look back” under the legal statute that created the pay czar.
Kenneth Feinberg Not Happy With Certain Wall Street CEO Who Was Paid A $9 Million, All Stock Bonus
By Yaël Bizouati
In a recent interview, Pay Czar Kenneth Feinberg finally strayed from his usually scripted remarks, getting really worked up about a certain person, who he won’t name, but is among those who “really do believe they are entitled to $9 million, [which] is a problem.” But what really got to Kenny, is that this $9 million -unnamed- person had the (nuclear) balls to ask him what was up with all the bonus backlash and why people were so mad at him. “Why don’t you like me?” that anonymous “bigwig” asked him.
Feinberg also opened up about his relationship with Timmy G., to whom apparently one can’t say “no”(“You try”). Also, he’s not a fan of AIG people who are just greedy b&*@#$.
As you’re aware, Lloyd Blankfein took a $9 million bonus on Friday in an attempt to show the world he “gets” it. So much does Lloyd get it that prior to accepting an obscenely low package for a man of his stature, he actually consulted Kenneth Feinberg “numerous” times on the matter, even though he didn’t have to. According to Feinberg, the conversations were “not only about the size of [Blankfein's] package” but also about how, Goldman, as an institution should behave and lead by example. “He was concerned and wanted to abide by what Treasury was doing and he has succeeded.” For his part, Feinberg still seems a bit skeptical of LB. “Whether or not those prescriptions will remain in place remains to be seen.”
