Lawyer Kenneth Feinberg discusses the practical and philosophical problems of using money as a way to address wrongs and reflect individual worth. In Who Gets What: Fair Compensation after Tragedy and Financial Upheaval, he draws on his experiences with some of the most complex legal disputes of the past three decades, including Agent Orange, the closing of the Shoreham Nuclear Plant, and 9/11.
The fallout continues from the sexual abuse scandal that has rocked Penn State. Monday night Jerry Sandusky appeared on NBC to respond to the allegations against him. Yesterday the CEO of The Second Mile — the foundation Jerry Sandusky started in 1977 to mentor troubled youth — resigned. Meanwhile, the Big Ten Conference removed former Penn State coach Joe Paterno's name from a new championship trophy.
Today marks one year since the Deepwater oil rig exploded, leaking oil into the Gulf. More than half a million people say that BP owes them money, and many of them say the compensation process is unfair and is taking too long. Kenneth Feinberg is in charge of the $20 billion in compensation fund. He responds to Gulf residents who say the process isn't fair.
Attorney Kenneth Feinberg oversees payments from the Gulf of Mexico’s $20 billion oil spill fund, but some claimants have criticized his firm’s processing of the 500,000 claims sparked by the country’s worst environmental disaster. His law firm's monthly compensation has grown from $850,000 to $1.25 million as its duties have expanded.
BP has already paid out more than $300 million to businesses and individuals affected by the oil, which started gushing into the Gulf of Mexico on Apirl 20, but the company's claims system has been criticized by business owners who say they have had to deal with multiple adjusters. Attorney Kenneth Feinberg was hired by BP to serve as administrator of its $20 billion compensation fund and he will begin processing claims for victims of the Gulf of Mexico oil spill later this month.
At companies deemed too big to fail, there's a delicate balance to be found between paying enough to retain talented staff and soothing public anger about big taxpayer bailouts. "Pay Czar" Kenneth Feinberg (he dislikes the term, but it's stuck) believes he’s getting the balance right.
Ken Feinberg, former chief of staff for Senator Ted Kennedy, worked for Kennedy from 1975-1980. Since being appointed Special Master of the U.S. Government's September 11th Victim Compensation Fund, he's now "Pay Czar" for the Obama administration. Feinberg joins us to remember Kennedy's presidential aspirations, legislative record, and personal approach to politics. (click through for full interview transcript)
The Obama administration has announced the appointment of a compensation czar who will regulate executive pay at seven of the largest companies getting TARP (Troubled Asset Relief Program) funds. He will also develop a compensation structure for 80 smaller companies. The man who is taking on that job is Kenneth Feinberg, a Washington, D.C. attorney who was in charge of the September 11th Victim Compensation Fund. He joins The Takeaway to tell us about his plans. (Click through to read the interview.)
"Let everybody know exactly what we're doing, why we're making these decisions, why we feel they're the right decisions, and let the public then decide for themselves with full disclosure." — Compensation overseer Kenneth Feinberg