October 23, 2009
DODD ON FEINBERG DECISION ON EXECUTIVE COMPENSATION
STAMFORD, CT – Today Senate Banking Committee Chairman Chris Dodd (D-CT) issued the following statement on the announcement by Kenneth R. Feinberg, Special Master for Executive Compensation under TARP, on executive compensation.
“In this country, you are supposed to be rewarded for hard work. But for folks on Wall Street to be giving out outrageous compensation packages, in the middle of a recession, as they are being propped up by taxpayer dollars is obscene,” said Dodd. “Mr. Feinberg should keep the pressure on and Congress will revisit what we need to do when we take on financial reforms.”
Dodd’s executive compensation amendment to the Recovery Act provided Treasury the authority to force the pay cuts announced by Mr. Feinberg yesterday.
“In this country, you are supposed to be rewarded for hard work. But for folks on Wall Street to be giving out outrageous compensation packages, in the middle of a recession, as they are being propped up by taxpayer dollars is obscene,” said Dodd. “Mr. Feinberg should keep the pressure on and Congress will revisit what we need to do when we take on financial reforms.”
Dodd’s executive compensation amendment to the Recovery Act provided Treasury the authority to force the pay cuts announced by Mr. Feinberg yesterday.
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