Thursday, July 22, 2010

'Pay Czar' Feinberg To Release Report On Bank Executive Bonuses

WASHINGTON -(Dow Jones)- After months of analyzing executive pay packages at banks that took government bailout money, the U.S Treasury Department's "pay czar" is expected to release a report of his findings on Friday.


Speaking to reporters after a hearing before the U.S. House Judiciary Committee Wednesday, Kenneth Feinberg, more formally the special master for compensation, said his forthcoming report would include a review of executive pay packages at 419 institutions, including Goldman Sachs Group Inc. (GS) and J.P. Morgan Chase & Co. (JPM).

Feinberg also said the report will identify specific firms that he thinks should return bonuses or other types of executive compensation following their acceptance of federal dollars under the Troubled Asset Relief Program.

"There will be some that will be the specific target of my report," he told reporters.


Read more: http://www.nasdaq.com/aspx/stock-market-news-story.aspx?storyid=201007211624dowjonesdjonline000714&title=us-pay-czarto-release-report-on-bank-executive-bonuses#ixzz0uNI8Mrov

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