Pay Czar’s Reaction Towards Compensation in Wall Street
Kenneth Feinberg was appointed by the Obama administration as a “Special Master for Compensation”, also known as the pay czar, to make sure that companies receiving federal bailout funds will follow the rules and regulations of the executive-pay guidelines. Kenneth Feinberg has been directed by the Obama administration to deliver a report that states how much Wall Street executives are being paid during the apex of the financial crisis. Despite the crumbing financial system, 17 of the banks that were given bailout money have also been providing most of their administrators with very affluent compensation. The pay czar intends to slam all of these banks. The Treasury department announced that Feinberg will also be examining and publishing the pay of 419 companies that took taxpayer funds under the TARP Program between October 2008 and February 2009.
Kenneth Feinberg was appointed by the Obama administration as a “Special Master for Compensation”, also known as the pay czar, to make sure that companies receiving federal bailout funds will follow the rules and regulations of the executive-pay guidelines. Kenneth Feinberg has been directed by the Obama administration to deliver a report that states how much Wall Street executives are being paid during the apex of the financial crisis. Despite the crumbing financial system, 17 of the banks that were given bailout money have also been providing most of their administrators with very affluent compensation. The pay czar intends to slam all of these banks. The Treasury department announced that Feinberg will also be examining and publishing the pay of 419 companies that took taxpayer funds under the TARP Program between October 2008 and February 2009.
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