OBAMA pay tsar Kenneth Feinberg is planning to review past compensation at 419 firms that received bailout funds, including JP Morgan and Goldman Sachs, according to a source close to the US Treasury Department.
Feinberg will “look back” at any pay for the top 25 earners that totaled more than $500,000 (£331,218) from October 2008, when firms first received funds from the Troubled Asset Relief Programme, until February 2009, when legislation was passed attaching pay restrictions.
That period includes the 2008 end-of-the-year bonus payments at Wall Street firms.
Feinberg will judge if any payments were “contrary to the public interest” and can request that individuals give money back.
Feinberg will also issue rulings for pay packages of the top 25 earners at five firms, including AIG, General Motors, GMAC, Chrysler and Chrysler Financial.