Obama’s “pay czar” no stranger to big paychecks

By Karey Wutkowski and Steve Eder
Friday, Aug 28, 2009

WASHINGTON (Reuters) – The “pay czar” tasked by the U.S. government with ruling on the eye-popping compensation of some of Wall Street’s top earners is far from a stranger to big paychecks and the trappings of wealth.

Kenneth Feinberg made $5.76 million last year as a partner in his Washington law firm, Feinberg Rozen LLP, according to a government ethics filing obtained by Reuters.

And his assets, which include a stake in his law firm, two homes and dozens of investments, are worth anywhere from $11 million to $37 million, according to the filing, which places assets in broad value categories.

His homes are a $1.66 million house in Bethesda, Maryland, near Washington, and a $1.96 million vacation home in West Tisbury, Massachusetts, on Martha’s Vineyard.

And he has investments in a series of public companies, including eBay (EBAY.O), Wal-Mart Stores Inc (WMT.N), Pepsico Inc (PEP.N), Bed Bath & Beyond Inc (BBBY.O) and Berkshire Hathaway Inc (BRKa.N) — though none in the banking and auto companies bailed out with government money, Feinberg’s ethics filing shows.

In addition to income from his law firm last year, Feinberg also reported gains on his investments, including dividends, and $53,624 received from eight law schools, including New York University, Georgetown University and University of California, Los Angeles.

He also reported $32,200 in income from his interest in Strategic Settlement Advisors Inc, a Washington claims settlement company. And he sold his stake in a real estate development on Jekyll Island in Georgia last year, making up to $1 million on the sale.

Seven companies still locked in the U.S. Treasury’s Troubled Asset Relief Program, including Citigroup Inc (C.N), American International Group Inc (AIG.N) and Bank of America Corp (BAC.N), have had to submit proposed compensation plans for their 25 highest-paid employees to Feinberg. He also has oversight over compensation for the best paid at Chrysler Financial, Chrysler Group LLC, General Motors Co GM.UL and GMAC Inc…

Read the whole thing at Reuters

Comments are closed.