Citigroup, Bank of America and 15 other bailed-out financial services companies overpaid their top executives by $1.6bn during the height of the financial crisis, according to a review by the White House's special master on Wall Street compensation.Kenneth Feinberg, who was appointed last year by Barack Obama, president, to oversee the pay policies at the companies that received the greatest government support, began in March his latest inquiry into top executives' compensation from late 2008 to early 2009.While the payments were legal at the time, Mr Feinberg said on Friday, they would have fallen foul of restrictions the government set for participants in its troubled asset relief programme (Tarp).
Kenneth Feinberg, who was appointed last year by Barack Obama, president, to oversee the pay policies at the companies that received the greatest government support, began in March his latest inquiry into top executives' compensation from late 2008 to early 2009.
While the payments were legal at the time, Mr Feinberg said on Friday, they would have fallen foul of restrictions the government set for participants in its troubled asset relief programme (Tarp).
Bankers overpaid by $1.6bn during crisis
What do you mean "overpaid"? You can't overpay your lord and master. In the end, might makes right. Nothing has changed since the caveman.
