If you believe the CEOs of the most distinguished members of the bank bailout club were all playing along with the short-term profit focused bonus bonanza and want to see Ken Feinberg extract a pound of flesh, keep waiting. Whether it was a result of his compensation model crashing when trying to incorporate across-the-board clawbacks or fear certain Facebook users might delete him as a friend, Feinberg is going to let bygones be bygones.
"I'm wary of exercising that authority in too many cases," Feinberg said during remarks to the Chicago Bar Association's executive compensation institute. "I'm not sure it's a good ides for the Department of the Treasury to seek to recover ... money from individuals."
As the guy in charge of evaluating whether or not bank CEOs achieved the goals their compensation seems to justify, KF also shared a little insight into what his own goals are for the government determined compensation scheme.
I'm hoping the companies will be comfortable with what we reached. I'm hoping that I won't be required to make a decision over the companies' objections."
No clawbacks you say? Nope, no objections.
U.S. Pay Czar Wary Of Ordering Executives To Return Pay [WSJ]