Feinberg to Cite Banks for 'Ill-Advised' Pay
WASHINGTON (
) -- Kenneth Feinberg, the White House-appointed pay czar, will cite 17 financial firms for making $1.6 billion in "ill-advised" payments during the height of the financial crisis, the
Wall Street Journal
reports.
Feinberg on Friday is scheduled to release a report Friday detailing payouts, including salary and bonuses, that companies made as they were receiving government bailout money, the newspaper reports.
Goldman Sachs
(GS) - Get Report
,
JPMorgan Chase
(JPM) - Get Report
and
Citigroup
(C) - Get Report
are among the companies Feinberg will name, the
Journal
reports, citing people familiar with the matter.
Citigroup and Goldman declined to comment for the
Journal
, while JPMorgan didn't immediately return a call.
Feinberg reviewed the pay practices at 419 companies that received federal bailout money.
Feinberg won't identify executives by name, according to
Bloomberg
. He may publicly pressure companies to return compensation; he doesn't have the legal authority to recoup the money,
Bloomberg
says.
-- Written by Joseph Woelfel in New York.
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