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Fri, Dec 25, 2009 - Page 10 News List

Feinberg agrees firms’ compensation

BAILING OUT Pay curbs imposed by US pay czar Kenneth Feinberg sent financial giants Citigroup Inc and Bank of America Corp rushing to exit a bailout program

REUTERS , WASHINGTON AND NEW YORK

Feinberg’s control has caused significant friction with insurer AIG, where top executives, including CEO Robert Benmosche, have reportedly considered quitting because of the pay constraints.

Treasury also said Citigroup, which paid back US$20 billion of bailout money this week, would no longer be subject to the executive pay restrictions next year for receiving “exceptional assistance” from the government. Restrictions are in place for compensation for this year.

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