Free Republic

PASCAGOULA, Miss. — Documents provided by the administrator of BP's claims fund for Gulf oil spill victims show the oil giant agreed to increase his law firm's monthly compensation from $850,000 to $1.25 million. The documents furnished Friday to The Associated Press include a letter from former U.S. Attorney General Michael Mukasey to claims czar Kenneth Feinberg. Mukasey stated his belief that the extra money was warranted because Feinberg's duties had grown. Mukasey was asked by Feinberg to weigh in on how reasonable his compensation was. The pay hike, detailed in a Tuesday letter from Mukasey to

One day after he rocked Wall Street by slashing the pay of top executives at banks with federal bailout money, Treasury pay czar Kenneth Feinberg said Thursday that he hoped his cuts would prompt other companies to act on their own and rein in excessive compensation. “I’d like to think that these standards will be voluntarily picked up across the marketplace,” Feinberg said to a packed pen-and-pad briefing for reporters. At the same time, he said he was aware of the legal limits of his authority. “I have a very limited mandate here,” he said. Speaking publicly for the first...

One of the penalties I pay for living on the North Shore is having underemployed investment bankers as neighbors. Smart enough guys, only a few years ago capable of buying large houses with cash, now left to rake leaves and shuttle kids around. A neighboring bond trader wandered over to our house earlier this week with a family carload for a noisy dinner (beef, noodles, and beer if you must know). I mentioned that he has been around home a lot assuming a lack of work in his trading area. Somewhat surprisingly I was wrong. A lack of pay has...

White House pay czar Kenneth Feinberg was the driving force behind the move to order steep pay cuts from bailed-out executives, and did not even seek the president's approval before making his decision. The Treasury Department is expected to formally announce in the next few days a plan to slash annual salaries by about 90 percent from last year for the 25 highest-paid executives at the seven companies that received the most from the Wall Street bailout. Total compensation for the top executives at the firms would decline, on average, by about 50 percent. The sweeping decision, though, came from...

'PAY Czar' Kenneth Feinberg's official government title is "special master for compensation." You'll be happy to know that he's really getting into the confiscatory spirit of his role. Asked by Reuters if his powers include reaching back and revoking bonuses awarded to financial-industry executives before his office was created this year, Feinberg asserted broad and binding authorities -- including the ability to "claw back" money already paid out. Regulations governing his office explicitly limit his jurisdiction over contracts signed before Feb. 11, 2009. But the fine print is no obstacle to President Obama's czars. "The statute provides these guideposts, but...

Pay czar Kenneth Feinberg's official government title is "Special Master for Compensation." You'll be happy to know that he's really getting into the confiscatory spirit of his role. Asked by Reuters whether his powers include reaching back and revoking bonuses awarded to financial industry executives before his office was created earlier this year, Feinberg asserted broad and binding authorities -- including the ability to "claw back" money already paid out. Regulations governing his office explicitly limit his jurisdiction over contracts signed before Feb. 11, 2009. But the fine print is no obstacle to Obama's czars. "The statute provides these guideposts,...

The Obama administration on Wednesday appointed a compensation czar who will have broad discretion to set the pay for 175 top executives at seven of the nation’s largest companies, which received hundreds of billions of dollars in federal assistance to survive. The mandate given to the new compensation official, Kenneth R. Feinberg, a well-known Washington lawyer, reflects the federal government’s increasingly intrusive role in the corporate affairs of deeply troubled companies. From his nondescript office in Room 1310 of the Treasury building, Mr. Feinberg will set the salaries and bonuses of some of the top corporate executives in America, including...

9/11 widow Ellen Mariani(Derry, N.H.) says George W. Bush is a gangster. We talk to her and her lawyer Philip J. Berg: Ellen Mariani last saw her husband Louis Neil early on the morning of September 11, 2001, at Logan Airport, where they were taking different flights to Los Angeles for a daughter’s wedding. He hadn’t gotten his tickets until the last minute, and couldn’t get on her flight, but there were seats open on Flight 175. Neil Mariani died when that plane crashed into the south tower of the World Trade Center, and after rejecting a settlement offer of...