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June 17, 2010
Obama's 'pay czar' to oversee BP's fund for victims
Posted by Staff
Kenneth R. Feinberg earned his third two-year term as president of the board of trustees of the Washington National Opera last month, maintaining a leadership role at the cash-strapped institution.

But his next act will prove more daunting: President Obama tapped him Wednesday to oversee an account funded by BP to compensate victims of the Gulf Coast oil spill.

"I am confident he will ensure that claims are administered as quickly, fairly and transparently as possible," Obama said of Feinberg...

Feinberg served as the Obama administration's "special master for compensation" (or "pay czar"), tasked with limiting the salaries of executives at automobile companies and banks that received government bailouts.

He has reviewed executive compensation plans at more than 400 financial institutions that received Troubled Assets Relief Program money and in March announced pay cuts for 119 executives at American International Group, General Motors, Chrysler, GMAC and Chrysler Financial -- the five firms that received considerable assistance from the government.
06/17/10 1:04 PM
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