Posts Tagged ‘compensation czar’

What is fair executive pay?

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Published on Google by The Associated Press columnist Rachel Beck

The scrutiny of executive pay in Washington isn’t knocking down the compensation of banks’ head honchos. It’s just changing what form the money comes in.

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The Pay Crackdown

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http://www.time.com/time/magazine/article/0,9171,1913766,00.html

Published in Time August 10, 2009 by Justin Fox

Kenneth Feinberg, the Washington lawyer who had the thankless job of figuring out how to compensate victims of the Sept. 11 attacks, is now hard at work — as a “special master” appointed by the Treasury Secretary — figuring out how to compensate employees of corporations bailed out by taxpayers since last fall. The House and Senate are crafting legislation that includes “say on pay” shareholder votes on executive-comp packages and (in the House version) calls for regulators to vet incentive pay at financial firms on an ongoing basis. The Securities and Exchange Commission is for the first time attempting to claw back pay from an executive not because he did something wrong but because his company’s earnings were improperly inflated by other execs.

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Pay Czar Quietly Meets With Rescued Companies

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Published in The Washington Post August 9, 2009 by Brady Dennis and Tomoeh Murakami Tse Washington Post Staff Writers

President Obama’s compensation czar has been meeting for weeks with executives at some of the country’s largest and most troubled companies as they face a Thursday deadline to propose how much they will pay their top employees.

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U.S. Pay Czar to Rework Contracts Deemed High

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Published in The Wall Street Journal July 27, 2009 by Deborah Solomon

The U.S. pay czar, now preparing to vet the compensation at businesses receiving major federal aid, will push to renegotiate contracts that he views as excessive or seek other ways to reduce overall outlays, said people familiar with the matter.

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Citi in $100 Million Pay Clash

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http://online.wsj.com/article/SB124848894204180877.html#mod=testMod

Published in The Wall Street Journal, July 27, 2009 by Michael Sionolfi and Ann Davis

A Citigroup Inc. trader is pressing the financial giant to honor a 2009 pay package that could total $100 million, setting the stage for a potential showdown between Citi and the government’s new pay czar.

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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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U.S. Targets Excessive Pay for Top Executives

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Published in The Washington Post, June 11, 2009 by David Cho, Zachary A. Goldfarb and Tomoeh Murakami Tse

The Obama administration named a “compensation czar” yesterday to set salaries and bonuses at some of the biggest firms at the heart of the economic crisis, as part of a broader government campaign to reshape pay practices across corporate America.

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