Treasury Confirms US Pay Czar Feinberg To Resign This Summer

23rd Jun 2010 23:43

By Meena Thiruvengadam Of DOW JONES NEWSWIRES WASHINGTON (DOW JONES)--With few companies left under his supervision and a new disaster to absorb his attention, U.S. pay czar Kenneth Feinberg is stepping down. Feinberg will resign later this summer to focus on administering BP PLC's (BP, BP.LN) $20 billion oil-spill damage fund, Treasury spokesman Andrew Williams said Wednesday. BP agreed to set up the fund as a way to pay damage claims related to the Gulf Coast oil spill. Feinberg was named as its administrator last week. Feinberg also was the administrator of the government's Sept. 11 victims' compensation fund. In his position as the government's pay czar, Feinberg oversaw pay practices at a number of firms receiving significant government assistance. As firms repaid those government bailouts, they moved beyond the scope of Feinberg's jurisdiction. Feinberg currently has five firms under his jurisdiction - American International Group (AIG), General Motors, GMAC Financial Services, which is now known as Ally Financial, and Chrysler Financial. Bank of America Corp. (BAC) and Citigroup Inc. (C) were previously under his supervision. -By Meena Thiruvengadam, Dow Jones Newswires; 202-862-6629; [email protected] (END) Dow Jones Newswires June 23, 2010 18:43 ET (22:43 GMT)