White House OK with $7 million yearly salary for new CEO of bailed-out insurer AIG

WASHINGTON — The White House is fine with bailed-out insurer AIG’s decision to pay its new CEO $7 million a year.

Administration rejects a strong hand in corporate pay, looks to shareholder pressure instead

WASHINGTON — Talking tough but stepping gently, the Obama administration rejected direct intervention in corporate pay decisions Wednesday even as officials argued that excessive compensation in the private sector contributed to the nation’s financial crisis.

Geithner says administration will not seek to cap compensation of corporate executives

WASHINGTON — The Obama administration, which partly blamed out-of-whack executive pay for the nation’s financial crisis, says it won’t try to directly limit such pay, choosing instead on Wednesday to try to tame compensation through shareholder pressure.

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Kenneth feinberg

  • j_w_wilson The SEIU sent a letter to "pay czar" Kenneth Feinberg, calling Lewis "one of the chief architects" of the economic crisis
  • j_w_wilson SEIU doesn't want Lewis's retirement to be as pleasant. They want Obama's compensation czar, Kenneth Feinberg, to seize his pension.
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  • petrbuben The Service Employees International Union is urging government paymaster Kenneth Feinberg to stop retirement payments to Bank of America's (BAC) departing CEO Kenneth Lewis until the bank stops foreclosures and increases lending. Lewis' package includes $53.2M in benefits and $72.8M in accumulated stock and other compensation.
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