On October 22, 2009
Memo to Ken Feinberg: Benchwarmers Don’t Swing for the Fences
Pay “czar” Ken Feinberg is sending mixed signals to the troops at American International Group. Recently he approved a pay package of about $10 million for incoming CEO Robert Benmosche. Now, after being scorched by political heat from the White House, he’s cracking down on the underlings by limiting their salaries to $200,000. One can certainly survive on 200 grand, but you have to look at what you get for the money. Certainly an insurance agent would probably be happy with this salary if you promised him or her a bonus and commission. But Feinberg isn’t taking aim at these people. His pistols are pointed at AIG’s Financial Products unit, where the company’s problems started in 2005 when the then…
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