Obama’s Pay Czar Is A “Paid” Man
• American Banking NewsFeinberg’s first task is to review proposed compensation plans from the seven U.S. banks still taking part in the Troubled Asset Relief Program (TARP). The banks have to submit plans for their top 25 highest paid employees. Some of the institutions submitting proposals are American International Group (NYSE: AIG), Citigroup (NYSE: C) and Bank of America (NYSE: BAC). There is also an interesting question of conflict of interest. Three of the firms submitting proposals to him are clients of his law firm. However, in legal filings Feinberg was listed as a court appointed neutral mediator and did not represent the firms in any way. Fienberg does his own personal banking with Bank of America, Wells Fargo’s Wachovia and UBS. He also serves on the boards of the John F. Kennedy Library Foundation and Human Rights First.
