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...Hand The Treasury established Feinberg's position after Congress passed the American Recovery and Reinvestment Act in February. Feinberg has jurisdiction over the 100 highest-paid employees at the seven firms that the government deemed "exceptional assistance recipients": insurer AIG, financial firms Bank of America and Citigroup, auto companies Chrysler and General Motors and their former finance arms Chrysler Financial and GMAC...
...disappointed some critics. Feinberg ended up boosting many of the executives' base salaries from last year's, though not as much as the firms requested. Total compensation dropped, but to most people, it will look like Wall Street pay as usual. Eight of the 12 highest-paid executives at Bank of America will get more than $5 million for their work in 2009. At Citigroup, 14 execs will get at least that much...
...Feinberg's big changes are in the form of payment, particularly on Wall Street. Gone are year-end payouts and AIG-style guaranteed retention awards. Instead, he devised a method of compensating executives: something he calls salary stock. Each pay period, the executives at Bank of America, GM and the other firms will get awards of stock along with their regular paychecks. The checks can be cashed immediately, but the executives may not sell the stock for up to four years. Also, bonuses are paid in restricted stock, which must be held for at least three years...
Bartercard's bank-like system - which includes monthly statements and an interest-free line of credit - also provides security and accountability that informal bartering can't. Members must pass a credit check and sign a contract pledging to deliver goods in a timely manner. In terms of barter rates, a service that costs $600 is equivalent to 600 trade pounds; members constantly police one another, ensuring that their advertised barter rates match the rates they charge the public. (See 10 ways your job will change...
...Goes to Washington. And it seems to be working." Upstate political observers say Hoffman has struck a chord with voters based on his deficit-reduction message and pro-life stance. He also supports a flat tax and lists four other "issues" on his campaign website's homepage: "Gay Marriage," "Bank Bailout," "No Pork Pledge" and "ACORN." "I'm fighting for the heart and soul of the Republican Party," says Hoffman, who helped manage the finances of the 1980 Winter Olympics in Lake Placid...