The $20 billion fund established to compensate victims of BP's Gulf oil spill has been criticized for processing claims too slowly. Kenneth Feinberg responded to those accusations Saturday, and said was implementing changes to make payments more quickly, and more generous.
Kenneth Feinberg, who was jointly selected to be the new oil spill claims czar by the White House and BP, spent his first official day on the job Monday taking heat over the guidelines he has established for claims against the fund BP set up for victims of the Gulf of Mexico disaster.
BP Chairman Carl-Henric Svanberg may be ousted as early as next month, primarily because he was so late in participating publicly in the oil company's Gulf disaster response, The Financial Times reports. The same report says that CEO Tony Hayward is hanging on to his position because of board support. But he may be forced to resign in August as well.
While the overall 2010 cash pay of AIG's top earners will fall, the two senior managers have been awarded hefty raises. This likely won't help in soothing public anger about excessive executive compensation at bailed-out companies.
AIG's general counsel, who resigned over government-imposed pay limits, will receive millions in severance package.
We all know the deal: Big firms which got government bailouts and haven't paid back the money are supposed to be subject to pay restrictions. Fannie Mae and Freddie Mac both borrowed tens of billions, and haven't repaid it yet. So how is it that their CEOs will make eye-popping sums for their work in 2009?