Friday, July 23, 2010
Kenneth Feinberg, in one of his final acts as the TARP Special Master on Executive Compensation, released a Congressionally-mandated review of 2008-2009 bonuses paid to investment banks and found that many of them were excessive. He did not, however, determine that payments were contrary to the "public interest" requiring monetary reimbursement. He also proposed that firms adopt a compensation policy that, in the future, would permit them to restructure bonus payments in certain circumstances. The Special Master for Tarp Executive Compensation Concludes the Review of Prior Payments.