Feinberg criticises US cos over bonuses
July 26, 2010
KENNETH Feinberg (pictured), the Obama administration special master for executive compensation, issued a final report at the weekend saying that AIG and 16 other companies made $1.58bn in ill-advised, but not illegal, bonus payments to executives in the wake of receiving federal bailout assistance from the US Treasury’s Troubled Asset Relief Programme. Bonuses deemed to be unmerited by Mr Feinberg represent nearly 80% of the bonuses and other compensation that rescued...