Daily Outrage: ‘Pay czar’ won’t go after $1.6 billion in excessive management payouts 

WHAT: Kenneth R. Feinberg, the Obama administration’s “pay czar” entrusted with investigating executive compensation at Wall Street companies receiving taxpayer bailouts, will not try to recover $1.6 billion in excessive payouts he blasted as “bad judgment” and “ill-advised.”

WHY: Feinberg explained, “This is an eleventh hour, armchair, ‘look back’ quarterbacking. The consequences might be lawsuits, private lawsuits — a huge threat. I don’t think that would be right.”

HOW WIDESPREAD: Some bankers were given more than $10 million. Of the 17 companies that Feinberg found to be egregious in their management pay, six have still not repaid the assistance received from taxpayers.

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Staff Report

Staff Report

A daily newspaper covering San Francisco, San Mateo County and serving Alameda, Marin and Santa Clara counties.
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