TARP Watchdog Reviewing Pay Czar Decisions

Peter Barnes
January 31, 2010

In a new quarterly report to Congress, Neil Barosfky, the Special Inspector General of the $700 billion Troubled Asset Relief Program [SIGTARP], disclosed he is reviewing the compensation rulings by Kenneth Feinberg, the lawyer hired by the Obama Administration to review pay practices at firms that received big government bailouts.

“This audit will assess the criteria used by the special master to evaluate executive compensation and whether the criteria were consistently applied to all firms receiving exceptional assistance,” Barofsky wrote.

In a November “engagement memo” to the Treasury Department, which manages the TARP, Barofsky wrote he launched the audit “as part of our continuing oversight.”

…In addition to the audit of Feinberg’s work, Barkosfky announced four other new audits of components of TARP programs…

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