Feinberg Expects to Pay Out Only One-Fifth of Total BP Claims Fund

By: Wednesday June 1, 2011 1:16 pm

This is a couple days old, but given the attention we paid last year to the BP oil disaster, I couldn’t let it slip by. From the Telegraph (UK): The lawyer in charge of BP’s $20bn (£12bn) compensation fund is starting to wind down his operations in the Gulf Coast with just a fifth of [...]

BP Agrees to $20 Billion Dollar Escrow Fund

By: Wednesday June 16, 2010 10:27 am

Observers criticizing President Obama for a lack of specifics in yesterday’s Oval Office speech at least got one detail filled in today. After it looked like the White House and BP hit an impasse in their talks to create an escrow fund for damages in the oil spill, today, after a meeting between Obama and [...]

Pay Czar Doles Out More Cuts For Bailed-Out Execs

By: Wednesday March 24, 2010 8:38 am

The claim from companies receiving TARP money was that they couldn’t lower pay for their executives because they would lose them to other companies offering more competitive salaries, whether stateside or overseas. This was always bunk, but now we have the stats to prove it – just 16 executives changed companies after Kenneth Feinberg instituted [...]

Wall Street’s Got Talent

By: Friday October 23, 2009 3:04 pm

A familiar theme in the aftermath of the White House slashing executive pay packages at bailed-out firms concerned “talent” – the idea that these companies would not be able to attract or keep top executives if constrained on compensation. The Washington Post said executives were already fleeing rather than have to live on a paltry [...]

Federal Reserve Guidelines On Executive Pay Could Have Teeth, If Used

By: Thursday October 22, 2009 2:48 pm

Here’s an FAQ from the Federal Reserve on executive compensation guidelines to all the banking organizations they supervise. This is in ADDITION to the Administration’s efforts to slash pay at firms that received massive federal aid. The “guidance” explains from the Fed to banking firms what they would like to see enacted with respect to [...]

No, Really, They’re Going After AIG’s Pay Structure

By: Thursday October 22, 2009 6:41 am

It’s a testament to the general belief in the corporatization of government that we need constant reassurance about any story that reduces corporate power. Such it was that Elizabeth Warren went on CBS’ The Early Show this morning and was asked, “No, seriously, we really are cutting salaries at the bailed-out firms?” And she replied: [...]

Say On Pay With BofA

By: Friday October 16, 2009 1:56 pm

White House special master for compensation Kenneth Feinberg brought the hammer down on exiting Bank of America CEO Ken Lewis today, clawing back his salary and bonus for 2009. He still is on track to collect a $53.2 million dollar pension when he leaves the CEO position, so he’s not exactly going to miss a [...]

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