Word: jobbing
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...reply address. On Oct. 22, he told 136 top executives of seven bailed-out firms that effective immediately, he was cutting their total compensation 50% from what they received a year ago. Feinberg's previous public position was the administrator of the September 11th Victim Compensation Fund. In that job, he had to put a price tag on the dead. (See pictures of the stock market crash...
...fathers and daughters and sons. "He recognized the astounding amount of sensitivity of the assignment," says former Senator Charles Hagel, who supported Feinberg for the position. "By all the different assessments you can take of these things - victims' reactions, cost to the taxpayer, political issues - he did a great job with the 9/11 fund...
...current task may be even more complex. Feinberg's mid-October report reassessed not only what the top 25 executives of each of the seven firms that received the most government assistance should be paid but also how. Unlike his job with the 9/11 fund, Feinberg's position as pay czar is not one that inspires sympathy. Some think his meddling has made the firms over which he has sway less competitive. Others say he didn't cut enough. But as Wall Street prepares to hand out eye-popping year-end bonuses, the larger question is this: Just how much...
...Job at 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...
...does one man evaluate the worth of 700 others? Feinberg asked each company to submit pay proposals for their top 25 executives. Officials at six of the seven asked him to approve base-salary raises for their top guns. He was stunned. "What I learned in this job already is that the gap between what Wall Street thinks is a reasonable paycheck and what Main Street thinks these officials should get is not a gap. It's a chasm," he says...