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D.C. Lawyer Kenneth Feinberg to Serve as Pay Czar

Cutting the pay of executives who head the corporations that received bailout money is a thankless job, but the Obama Administration has determined that someone's got to do it. And that someone is is none other than D.C. lawyer and mediator Kenneth Feinberg, who today was appointed "Executive Pay Czar" by President Obama, according to The New York Times. Among his responsibilities, Feinberg will:

[D]evelop the overall compensation structure, but without setting the exact level of pay. For these 80 companies, the goal is to reduce excessive risk-taking by executives whose compensation is tied to company performance. Mr. Feinberg will also determine whether it would be in the public interest to force any executives at companies receiving assistance who might have been overpaid to return some pay.

Feinberg has vast experience developing compensation formulas, albeit in far more tragic circumstances. Feinberg previously served as special master for the September 11th Victim Compensation Fund where he estimated the future earnings of those who died in order to determine compensation offers.

Posted by Carolyn Elefant on June 10, 2009 at 03:58 PM | Permalink | Comments (1)


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