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01 Sep 2010
Kenneth Feinberg, Special Master
Topics: Communication-Spoken CommunicationCommunication-Spoken CommunicationEconomics-Financial CrisisNews-School NewsGovernment and Politics-Government AdministrationHuman Resources-Executive CompensationIn an April appearance at HBS, Kenneth Feinberg, the special master for TARP executive compensation, denied that he was an autonomous “pay czar,” explaining that within parameters decreed by congressional legislation, he viewed himself mainly as a negotiator. Thus, his goal was not to be “vindictive” but to settle on compensation for top executives at bailed-out companies that would be competitive without promoting excessive risk-taking. (Feinberg’s definition of “excessive”: “I know it when I see it.”) He noted that 85 percent of the people whose compensation he had decided had not moved on to other companies. In June, Feinberg was tapped to administer BP’s compensation fund for the Gulf of Mexico oil disaster.
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