WASHINGTON — The Obama administration’s pay czar is limiting 2010 compensation for top executives at GMAC Inc. because the auto finance giant continues to lose money and can’t yet repay its $16.3 billion taxpayer bailout, according to people familiar with the negotiations....
The agreements follow months of wrangling with Kenneth Feinberg, the Treasury Department’s special master for executive compensation. They reflect his concern that GMAC has no plan to return to profitability or repay its bailout....
How much you out on this one, America? $16 billion?
After becoming CEO in November, Michael Carpenter earned about $1.2 million, including about $120,000 cash, for six weeks’ work.
If you can call it work or earned.
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"Pay czar said to be widening review" by Stevenson Jacobs and Daniel Wagner, Associated Press | March 23, 2010
NEW YORK — The Obama administration’s pay czar will review compensation for 25 top executives at all financial firms that received federal bailout money, three people familiar with the plan said.
Kenneth Feinberg can seek to renegotiate any pay that’s deemed not in the public’s interest. Feinberg is to announce the review today, according to the officials, who requested anonymity.
None of them are in the public's interest!
This guy is there to keep it all quiet.
The review is required under the federal law that created Feinberg’s position. It will focus on the 2008 pay awarded to five senior executives and the next 20 highest-aid employees at 419 firms that benefited from the $700 billion Troubled Asset Relief Program. The companies will be asked to turn over compensation data through Feb. 17, 2009, the officials said.
Feinberg’s authority will be far more limited than the power he had over seven companies deemed to have received extraordinary taxpayer assistance. Citigroup Inc. and Bank of America Corp. have repaid their bailouts; Feinberg still has direct oversight of GMAC, American International Group, General Motors, Chrysler, and Chrysler Financial.
Related: You Belong to the Citi
Executive Payday: Government Grants AIG Raises
I'll get to the others sometime this week or above in BoA's case).
Feinberg is also expected to announce 2010 pay packages for those companies today.
Last month, Feinberg criticized as outrageous bonus payments totaling $100 million to AIG employees from the same unit that nearly toppled the firm.
This as they OWE YOU $182 BILLION, taxpayers.
Just chump change, right, as you struggle to hold on to that house.
Feinberg was unable to stop the so-called retention bonuses, which were contractual obligations agreed upon before the insurer received a $180 billion federal rescue in late 2008....
Of course, it is okay to rip open the auto-worker's contract and bend them over.
Pffft!
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Yeah, he is a pay czar all right: making sure the thieves get their checks.
"Pay czar orders more caps at 5 bailed-out firms" by Brady Dennis, Washington Post | March 24, 2010
WASHINGTON — The Obama administration’s pay czar yesterday announced further pay cuts for top executives at five companies still receiving substantial help from the federal government, saying the vast majority of cash salaries will remain at $500,000 or less.
Yeah, they, whatever, really hurting,,,
The rulings by Kenneth Feinberg, the special master for compensation, apply to 119 executives at American International Group, General Motors, Chrysler, GMAC, and Chrysler Financial. Feinberg said he would reduce cash payments to the top 25 executives at each of the companies by 33 percent, on average, compared with 2009 levels. He said total 2010 compensation — which includes company stock — would also decline.
Feinberg’s moves mark a continuation of the experiment begun last year, when the government intervened in the pay decisions of companies that received billions of dollars in federal assistance.
How do you like him EXPERIMENTING with your tax bux?
Appointed in June after months of public outcry over lavish pay at bailed-out firms, Feinberg last fall outlined compensation limits for top earners at the largest aid recipients. Now, as then, the issue of executive pay remains a lightning rod.
But they are all getting loads of loot still, sigh.
While some companies have argued Feinberg’s actions put them at risk of losing top talent to competitors, Feinberg said his initial moves had not resulted in an exodus from bailed-out firms. He said more than 80 percent of those whose pay he ruled on in October were still with their companies in early 2010.
Some executives, however, left the affected companies between the time that Feinberg began his work and the end of last year. Many were driven away by the uncertainty of working for companies overseen by Washington and went to work for firms outside Feinberg’s purview, colleagues have said....
Let 'em.
Why is the paper sooooo concerned about the job prospects of top executives at wherever?
WTF kind of "journalism" is this? EMPATHY journalism?
Related: Overseeing the Cover-Ups: From JFK to 9/11
Keeping the Kennedy Secrets
Money Monday: Feinberg Guided Goldman On Pay
That last one is all you need to know about the czar!
