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July 23, 2010

Bailed-out bank execs got $1.6B in bonuses

Posted: 12:15 PM ET

NEW YORK (CNNMoney) - Nearly twenty financial firms including Citigroup and Goldman Sachs made an estimated $1.6 billion in "ill-advised" payments to executives during the peak of the financial crisis, according to a report published Friday.

In his latest review of compensation practices at companies that were bailed out by American taxpayers, White House pay czar Kenneth Feinberg condemned 17 banks and financial firms for how they rewarded employees between late 2008 and early 2009.

"These 17 exercised poor judgment," he said, during a briefing with reporters in Washington. "They shouldn't have made these payments."

Feinberg, who is moving onto handling claims related to the BP oil spill, said he would not seek to recoup those funds.

Rather, he proposed those firms adopt new rules that would allow them to restructure or cancel pay packages in the event of another financial crisis.

The report represents the latest in a series of rulings by Feinberg.

(READ MORE)

Filed under: Business News


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