The Special Master for TARP Executive Compensation, Kenneth Feinberg, says he is not able to retroactively rescind bonuses for executives at firms that received assistance.
After a lengthy review, Feinberg’s office issued a statement Friday, saying no effort would be made to clawback some of the $1.6 billion in payments that went to executives of companies, including New York-based American International Group, during a four-month period of 2008 and 2009. “Although authority to conduct the review and obtain compensation information was provided under the statute and regulations, the Special Master had no authority to force reimbursements from firms or executives, or require any other remedy,” Feinberg said in a statement.
Register or login for access to this item and much more
All Digital Insurance content is archived after seven days.
Community members receive:
- All recent and archived articles
- Conference offers and updates
- A full menu of enewsletter options
- Web seminars, white papers, ebooks
Already have an account? Log In
Don't have an account? Register for Free Unlimited Access