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- Citi Boosts Base Salaries of Some Senior Employees
- NEW YORK (Reuters) - Citigroup Inc C said on Tuesday it boosted the base salaries for its chief financial officer and a global markets co-head, but still plans to pay Chief Executive Vikram Pandit $1 for the year.The compensation changes are the latest in a series of shifts by Wall...
- News items 2009-11-17
Additional Resources
- Pay Czar Feinberg Speaks and Wall Street Cringes
- Channeling his inner Russian emperor, Pay Czar Kenneth Feinberg's compensation edict shook top executives at some of the nation's biggest banks. The Special Master will cut the cash component of salaries for the top 25 earners at the companies he oversees--AIG, Bank of America, Citigroup, Chrysler, Chrysler Financial, GM...
- Blog posts 2009-10-22
- U.S. Officials Press Feinberg to Ease AIG Curbs: Report
- (Reuters) - Kenneth Feinberg, the Obama administration's pay czar, is being pressed by federal officials to relax executive compensation restrictions at American International Group Inc AIG for 2010, the Wall Street Journal reported, citing people familiar with the matter.The officials believe very severe curbs could harm the insurer and eventually...
- News items 2009-11-24
- An Open Letter to Kenneth Feinberg (and American Taxpayers)
- Angry Banker submits: Dear Mr. Feinberg, I am an investor in Citigroup C, both through direct ownership of thousands of shares of common stock, as well as indirectly through a partnership that has recently acquired 34% of the company. As such, I am highly motivated to...
- External links 2009-07-27
- U.S. Pay Czar Says He Can 'claw Back' Exec Comp
- By Steve Eder MARTHA'S VINEYARD, MASSACHUSETTS, Aug 16 - Kenneth Feinberg, the Obama administration's pay czar, said on Sunday he has broad and "binding" authority over executive compensation, including the ability to "claw back" money already paid, and he is weighing how and whether to use that power. Feinberg told...
- News items 2009-08-16
- Executive Comp Rules Will Be Narrow, Pay Czar Suggested
- At a 1:30 press briefing today, Kenneth Feinberg, the Treasury Department "pay czar" charged with setting compensation levels at companies bailed out by the federal government, is expected to lay out the Obama's new pay requirements for those companies. While the orders will reportedly cut the compensation of 175 executives...
- News items 2009-10-22
- Top earners face pay cuts at bailed out US companies, sources say
- By Karey Wutkowski and Steve Eder of Reuters WASHINGTON/NEW YORK – Top earners at financial and auto companies bailed out by the US government will see their pay slashed under an Obama administration plan aimed at addressing public outrage over eye-popping paychecks, two sources familiar with the matter have said....
- News items 2009-10-21
- Pay Limits Hamper BofA Chief Search: Report
- CHICAGO (Reuters) - Bank of America Corp's BAC search for a new chief executive has been hurt by federal pay limits that played a major role in the senior vice chairman of PNC Financial Services Group Inc PNC spurning feelers from the company, the Wall Street Journal reported on Saturday.PNC's...
- News items 2009-11-14
- Pay tsar turns attention to 525 executives at Tarp groups
- Kenneth Feinberg, the US special master on compensation, has begun scrutinising the pay plans of about 525 second-tier executives at the seven companies receiving "exceptional assistance" from the government.After last week's decision to demand severe curbs on compensation, particularly cash, for the top 25 employees at companies that range...
- External links 2009-10-27
- Insurance CEOs Immune to Leaner Paychecks
- U.S. unemployment is hovering around 10 percent, and those with jobs are working longer and harder to keep them. But there's no shortage of cash for those at the top of the heap, particularly at insurance companies. Was it only January when the grumbling and hoopla surrounding...
- Blog posts 2009-10-07
- AIG CEO Benmosche Threatens to Quit; Just How Valuable Is He?
- Robbie, we hardly knew ye. Just when American International Group appears to be turning the corner with dynamic leadership and the chance to repay the $87 billion it owes taxpayers, according to Moody's Investors Service, CEO Robert Benmosche is threatening to quit. His timing couldn't be worse...
- Blog posts 2009-11-11
- Congress to Probe Compensation at AIG, Others
- WASHINGTON (Reuters) - Congress will soon probe executive compensation at companies such as American International Group Inc AIG and Bank of America BAC Corp receiving significant taxpayer funds, the chairman of the House Oversight and Government Reform panel said on Wednesday. Treasury's pay czar, Kenneth Feinberg, will testify in two...
- News items 2009-10-14
- Pay Czar Expected to Cut Payouts By 90 Percent: Source
- By Karey Wutkowski and Steve Eder WASHINGTON/NEW YORK (Reuters) - The Obama administration plans to order that top earners at firms that received billions of dollars in government bailouts will see cash payouts cut by an average of about 90 percent from last year, a source familiar with the matter...
- News items 2009-10-21
- Fed to Issue Bank Pay Guidelines Thursday: Source
- By Karey Wutkowski WASHINGTON (Reuters) - The Federal Reserve will issue new bank pay guidelines on Thursday designed to curb excessive risk taking, an industry source said. The guidelines are expected to apply to any employee able to take risks that could imperil an institution, not just the executives whose...
- News items 2009-10-22
- Citi Trader Pact Not in Pay Czar's Purview: Source
- By Steve Eder NEW YORK (Reuters) - Citigroup Inc's contract with energy trader Andrew Hall, which reportedly could pay him up to $100 million this year, will not be subject to rulings by the Obama administration's pay czar, a source close to the bank said on Wednesday. Pay czar Kenneth...
- News items 2009-08-12
- Compensation for Victims of Terrorism.
- Compensation for Victims of Terrorism Marshall S. Shapo Oceana Publications, Inc. www.oceanalaw.com 297pp., $99 What Is Life Worth? The Unprecedented Effort to Compensate the Victims of 9/11 Kenneth R. Feinberg Public Affairs www.publicaffairsbooks.com 256pp., $24 "Right now," Luis Chimbo wrote, "this...
- Research articles 2006-03-01
- Retribution or reform?
- Kenneth Feinberg, the so-called US "pay tsar", is being congratulated for ordering the financial institutions still receiving US taxpayer assistance to slash their executive compensation by an average of 50 per cent. While understandable, the move may well be counterproductive. Feinberg, appointed the special master of compensation by the Obama...
- News items 2009-10-22
- Citigroup to Offload Phibro to Occidental
- By Paritosh Bansal and Dan Wilchins NEW YORK (Reuters UK) - Citigroup C agreed to sell its Phibro energy trading business to Occidental Petroleum OXY for a pittance, allowing the bank to calm regulators who were outraged over a $100 million (63 million pounds) pay package the unit was obliged...
- News items 2009-10-09
- US officials takes aim at executive pay
- By Mark Felsenthal and Karey Wutkowski of Reuters WASHINGTON - US officials have taken aim at generous executive pay packages, saying it was offensive that firms receiving substantial taxpayer aid paid their officers and other top employees so lavishly. The Federal Reserve issued guidelines to rein in the compensation of...
- News items 2009-10-22
- AIG Board Meets Tues, No Plan on CEO: Source
- By Paritosh Bansal and Lilla ZuillNEW YORK (Reuters) - An American International Group Inc's AIG board meeting is expected next week against the backdrop of Chief Executive Robert Benmosche's frustration with the U.S. government's involvement in the insurer's affairs, a source familiar with the matter said on Thursday.But the board...
- News items 2009-11-19
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