Wednesday, October 21, 2009

BREAKING NEWS: Feinberg cuts salaries by 90%, on average

Breaking news, sort of: maybe? Several large business media outlets are reporting that Feinberg has made several ambitious rulings in regard to the compensation proposals submitted to him. I am tepid to qualify this as "breaking" or as "news," since the source cited is vague at best: CNN cites the WSJ and the NYTimes as sources, and Bloomberg merely cites "people familiar with the matter." Okay ... Here's the gossip:

- total compensation for 175 employees is lowered by 50%;
- on average, salaries themselves drop 90%;
- corporate governance changes are demanded, including: disallowing the Chairman of the Board to also be CEO, requiring a Board committee to assess risk, and eliminating staggered boards;
- no one (really? what about Benmosche?) at AIG will receive more than $200,000 in compensation

FWIW (though am more eager for Treasury Department documents or media attention to Feinberg's own statements). This blawg's discussion of Feinberg is available here. Todays news was reported by Bloomberg, CNN, NYTimes, Reuters, and the WSJ.

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