Word: feinberg
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Some of the biggest jobs that Kenneth R. Feinberg has handled are best described as grim. The Washington lawyer served as the special master of the federal September 11th Victim Compensation Fund, which distributed nearly $7 billion to more than 5,000 victims and families of victims of 9/11. Three years later, he agreed to administrate the Hokie Spirit Memorial Fund, set up for the benefit of victims' families in the wake of the 2007 Virginia Tech mass shooting. In his latest high-profile role, as the Obama-appointed executive-pay czar, Feinberg announced Oct. 21 that the Treasury Department...
Fast Facts: • Born Oct. 23, 1945, in Brockton, Mass., Feinberg, now 63, earned a degree in history from the University of Massachusetts, where he became involved in theater and briefly considered a career as an actor. Instead, he decided to pursue a law degree at NYU, where he served as articles editor of the Law Review...
...After clerking for New York State Court of Appeals Judge Stanley Fuld, Feinberg became an assistant attorney for the New York department of justice - where he worked alongside former New York City mayor Rudy Giuliani and former U.S. Attorney General Michael Mukasey - before joining Massachusetts Senator Ted Kennedy's office as an assistant. He became Kennedy's chief of staff in the late 1970s...
...gold paydays at financial firms are about to become a hot topic - again. In the next week or so, Kenneth Feinberg, the U.S. Treasury Department's special master of compensation who is scrutinizing pay packages at bailed-out banks, is expected to release a report on the 75 top pay packages at the seven firms that have received the most government support. Feinberg may say some of the salary deals are too rich and need to be reduced...
Fair enough. Certainly, at the government-supported firms where Feinberg will determine pay, the case for intervention is open and shut. They're taxpayer-supported entities, after all. Feinberg does face tough decisions, such as what to do about Andrew J. Hall, head of the moneymaking Phibro energy-trading unit of money-hemorrhaging Citigroup, whose performance-based contract could net him about $100 million this year. One can extrapolate from Feinberg's past performance, though, that the veteran mediator will come up with a decent compromise - that is, one that leaves everyone unhappy...