D.C. Lawyer Is Appointed Compensation Czar
Washington, D.C., lawyer Kenneth Feinberg has a new job as compensation czar overseeing executive compensation at companies taking federal bailout money.
The appointment will give Feinberg the power to set salaries for top executives at seven companies, including the heads of Citigroup, Bank of America and General Motors, the New York Times reports. He will also have a mandate to review compensation structures at 80 other companies getting U.S. help, without setting individual salaries.
Feinberg has some experience making controversial money decisions. He headed the Sept. 11 Victim Compensation Fund, distributing $7 billion to families and victims of the terrorist attacks, and initially rubbed many families the wrong way, according to a 2003 ABC News story that named him person of the week. He also acted as a mediator resolving asbestos and Agent Orange suits, according to a “2-minute bio” posted at Time.
He helped found Kaye Scholer’s D.C. office before starting his own law firm, now called Feinberg Rozen.
Updated at 4 p.m. to note that Feinberg founded Kaye Scholer’s D.C. office.