Kenneth Feinberg

  • 23 Mar 2010 at 11:00 AM

Few Bailed Out Bank Execs Made Good On Promises To Quit

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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 »

  • 22 Mar 2010 at 1:34 PM

Comp Cop To Take A Serious Look At Bailed Out Bank Bonuses He Can’t Do Anything About

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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.

  • 24 Feb 2010 at 11:00 AM

Kenneth Feinberg Not Happy With Certain Wall Street CEO Who Was Paid A $9 Million, All Stock Bonus

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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 $9 million -unnamed- person had the (nuclear) balls to ask him what was up with all the bonus backlash and why people were so mad at him. “Why don’t you like me?” that anonymous “bigwig” asked him.
Feinberg also opened up about his relationship with Timmy G., to whom apparently one can’t say “no”(“You try”). Also, he’s not a fan of AIG people who are just greedy b&*@#$.

  • 07 Jan 2010 at 10:25 AM

Ken Feinberg Upset About The Fact That He Has No Real Power

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Over the companies out of his jurisdiction, though he’s closing his eyes and hoping for the best, i.e. that banks which don’t have to do what he says will decide on their own to take an ax to executive pay.

“The biggest disappointment, I think, is that under the statute my jurisdiction is so narrow, and so circumscribed, that I have no real direct mandatory power over other Wall Street or other national companies,” Feinberg said today in an interview with Bloomberg special contributor Judy Woodruff. “I have my fingers crossed that we have developed some guidelines, some compensation prescriptions that will be emulated,” Feinberg said.

Feinberg Says Lack of Pay Authority Is Disappointment [Bloomberg]

  • 11 Dec 2009 at 11:41 AM

Pay Czar Caps Asses At $500,000

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The Comp Cop has emerged from his chambers to announce that the 25th to the 100th top earners at Citi, GMAC, AIG and GM will get no more than $500,000 in cash. He’s made 12 exceptions for “competitive reasons,” i.e. the veiled threats of certain AIG employees. Also, he thinks Bank of America’s TARP repayment is “excellent,” and took credit for Goldman’s all stock bonuses.”

  • 12 Nov 2009 at 10:14 AM

Ken Feinberg In Complete Agreement Comp Caps Are Raw Deal

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kennethfeinberg.jpgSo, okay. Kenneth Feinberg said at a conference this morning that he is worried that the pay cuts he came up with will drive away talent from the companies on whose asses he’s placed caps.

Kenneth Feinberg, the Obama administration’s special master for executive compensation, said he is “very concerned” about the possibility his pay cuts may drive talent away from companies bailed out by U.S. taxpayers.

What’s happening here? Is this one of those situations where he’s being like I understand where you’re coming from, I’m not disagreeing with you, but it’s too late and you have only yourselves to blame. OR: is K.Fein starting to second guess himself? Is it possible in his moment of vulnerability he can be broken? OR (and this is this most likely scenario): are we witnessing a little passive aggression being thrown in the direction certain elvin colleagues at the Treasury, whose incessant sniveling has worked Feinberg’s last nerve? He likes the caps just fine but if it means undermining the world’s most famous tax-evader he’s willing to do what it takes?

  • 22 Oct 2009 at 4:44 PM

Bank of America: People Would Be Banging Down The Doors To Work Here If It Weren’t For Ken Feinberg And His Freaky Ass Rules

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Mary Thompson reports that Bank of America has taken the opportunity provided by the Comp Cop’s crackdown on pay to note that “people want to work at Bank of America.” They really do! But now, in light of the new rules, they might seek employment elsewhere. Also, this.