The Compensation Hustle

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Published in CBSNEWS.com June 19, 2009 by Christopher Hayes, The Nation’s Washington, DC Editor.

Mid-June saw Executive Compensation Week here in Washington. On June 11 the House Financial Services Committee convened a hearing on Compensation Structure and Systemic Risk, just one day after the administration announced that attorney Ken Feinberg (lately of the September 11th Victim Compensation Fund) would serve as the “Special Master” overseeing executive compensation at firms receiving TARP funds. His vaguely kinky title notwithstanding, early reports suggest Feinberg won’t be imposing much discipline on naughty execs. “Our people kind of thought it was a nonevent,” a bank executive told the Washington Post.

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