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.

About The Author

Staff Report

Staff Report

Bio:
A daily newspaper covering San Francisco, San Mateo County and serving Alameda, Marin and Santa Clara counties.
Pin It
Favorite

Speaking of Opinion

More by Staff Report

© 2018 The San Francisco Examiner

Website powered by Foundation