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executive pay
Bailed-Out Firms Overpaid Executives, Pay Czar Says
By Christopher Weber - Politics DailySeventeen financial firms that accepted federal bailout funds overpaid executives at the height of the financial crisis to the tune of $1.6 billion, the government's pay czar said Friday. Kenneth Feinberg, the Obama administration's special master for compensation, said the companies did not do anything illegal and that most of the executive salaries were given by firms that have repaid the government, The Washington Post reported. "This is an eleventh hour, armchair, 'look back' quarterbacking," Feinberg said of his report. He did not ask the firms to pay the money back. Feinberg examined ...
Financial Reform Will Become Law, So What's in the Bill?
By David Sessions - Politics DailyThe Senate voted 60-39 Thursday to pass a Democratic financial reform bill, which would put in place broad federal authority to oversee Wall Street and attempt to prevent practices like those that led to the 2008 crash of the financial markets. It now goes to President Obama, who is expected to sign it next week. Congressional Republicans have staunchly opposed -- even temporarily filibustered -- the bill, but Sen. Scott Brown of Massachusetts, along with his Republican colleagues Sen. Olympia Snowe and Sen. Susan Collins of Maine, cast deciding votes in favor. In the House, only three ...
College Chiefs Get Paid the Big Bucks
By Dana Chivvis - AOL NewsThanks to a survey by the Chronicle of Higher Education, presidents of American universities and colleges are joining the long list of Wall Street executives facing a simple question: Are they worth their six- and seven-digit salaries? The median compensation for presidents increased 15.5% from the previous year to $358,746 in 2007-2008, with 23 presidents making more than $1 million a year, according to the Chronicle's survey of 419 private colleges and universities. At the top of the list was Shirley Ann Jackson, president of Rensselaer Polytechnic Institute, whose compensation in 2008 was ...
White House to Cut Executive Pay at Bailed-Out Firms
By Christopher Weber - Politics DailyTwo weeks ago David Sessions reported on the Obama administration's plan to limit salaries for corporate banking executives whose firms accepted bailout funds. Details of the plan emerged Wednesday. As many as 25 executives at seven corporations that received the largest chunks of federal money will see their compensation cut by about half on average, according to the Washington Post. Cash salaries will be cut by about 90 percent compared to last year. The administration's "pay czar," Kenneth R. Feinberg, will also slash some executive perks, including the use of corporate jets, chauffeurs, ...
Obama Pay Czar Plans to Limit Executives' Cash Compensation
By David Sessions - Politics DailyPresident Obama limited salaries for corporate banking executives whose firms accepted bailout funds earlier this year. Now, his pay czar, Ken Feinberg, plans to crack down on cash salaries for a wide variety of executives at companies receiving large sums of government money, the Wall Street Journal reported Tuesday. In what the Journal called the administration's "most intrusive [move] yet into corporate compensation," Feinberg will limit pay at seven firms he oversees: Bank of America, AIG, Citigroup, General Motors, GMAC Financial Services, Chrysler LLC and Chrysler Financial. Feinberg's ...
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