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.  

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