Obama Pay Czar to Probe Wall Street Pay Back to 2008

Monday, 22 Mar 2010 02:45 PM

 

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Obama administration pay czar Kenneth Feinberg plans to review past compensation at 419 firms that received bailout funds, including JPMorgan and Goldman Sachs, according to a source close to the U.S. Treasury Department.

Feinberg will "look back" at any pay that totaled more than $500,000 from October 2008, when firms first received funds from the Troubled Asset Relief Program, though February 2009, when legislation was passed attaching pay restrictions to the funds.

That period includes the 2008 end-of-the-year bonus payments at Wall Street firms.

Feinberg will judge if any payments were "contrary to the public interest" and can request that individuals give money back. But he cannot force such repayments, the source said, speaking anonymously because the letters will not go out to firms until Tuesday.

© 2014 Thomson/Reuters. All rights reserved.

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