Pay Czar Will Not Fight Banks on $1.6 Billion in Executive Pay; Shaming Them Is Enough
July 24th, 2010Via: AP:
For all his tough talk about excessive pay for bankers, the Obama administration’s pay czar let the executives go without a fight.
Kenneth Feinberg announced Friday that he would not try to recoup $1.6 billion in compensation given to top executives at bailed-out banks because he thought shaming them was punishment enough.
His decision to go easy on 17 banks that made “ill-advised” payments to their executives is likely to fuel concerns about how he will oversee the $20 billion oil spill compensation fund created by BP.
Research Credit: Zenc
