Kenneth Feinberg

CHICAGO (Reuters) - Bank of America Corp's <BAC.N> search for a new chief executive has been hurt by federal pay limits that played a major role in the senior vice chairman of PNC Financial Services Group Inc <PNC.N> spurning feelers from the company, the Wall Street Journal reported on Saturday. PNC's William Demchak rejected a feeler from a recruiter for Bank of America last week, and the required approval of U.S. government pay czar Kenneth Feinberg for any compensation package was a major factor in the decision, the paper said, citing a person familiar with the situation. The bank, which borrowed $45 billion from ... Read Full Story

The chief executive of bailed-out insurance giant AIG said Wednesday he would remain at the helm after reportedly threatening to step down over compensation limits imposed by the government. At a board meeting last week, Robert Benmosche told fellow AIG directors that he was "done" but agreed to think it over after other board members reacted with shock, The Wall Street Journal reported Wednesday, quoting people familiar with the matter. Benmosche, who took the job three months ago, was unhappy with constraints imposed by AIG's government overseers, particularly a recent compensation review by President Barack Obama's pay czar, Kenneth Feinberg, said the paper. AIG ... Read Full Story

The chief executive of bailed-out insurance giant AIG is considering stepping down due to government compensation limits, the Wall Street Journal reported Wednesday. At a board meeting last week, Robert Benmosche told fellow AIG directors that he was "done" but agreed to think it over after other board members reacted with shock, the report said, quoting people familiar with the matter. Benmosche, who took the job three months ago, was unhappy with constraints imposed by AIG's government overseers, particularly a recent compensation review by President Barack Obama's pay czar, Kenneth Feinberg, the newspaper reported. AIG is 80 percent government-owned since it offered a financial ... Read Full Story

The Obama administration's pay czar says he is "very concerned" about scaring away top talent at seven firms that took the biggest bailouts. The Treasury Department's special master for executive compensation Kenneth Feinberg says: "The determinations I render I design first and foremost to make sure those companies thrive and that the taxpayers get their money back." Feinberg spoke following reports that American International Group Inc. CEO Robert Benmosche was threatening to leave after chafing under Feinberg's oversight of pay at the firm. Benmosche said Wednesday he was frustrated but planned to stay on. Besides AIG, Feinberg oversees pay at Bank of America Corp., ... Read Full Story

WASHINGTON (Reuters) - The Obama administration's pay czar said on Thursday his compensation rulings will allow General Motors Co and Chrysler Group to retain talent but is willing to consider "lateral" offers to hire new executives. Kenneth Feinberg, the U.S. Treasury's special master for executive pay at seven companies with massive taxpayer bailouts, told a forum sponsored by Bloomberg that the auto industry largely accepted his pay rulings without appeals. "If General Motors or any other company wants to bring someone in laterally -- laterally -- and competitive pay packages require that lateral hires get certain competitive pay, what have you, we're perfectly willing ... Read Full Story