Tags: US | Pay | Czar | Resignation

Treasury Pay Czar Steps Down to Focus on Spill Fund

Thursday, 24 Jun 2010 02:17 PM

The Treasury Department's pay czar is stepping down to focus on running the $20 billion oil spill cleanup fund.

A Treasury spokesman says Kenneth Feinberg will leave sometime this summer. Feinberg will continue monitoring pay at four companies until he leaves this summer, the spokesman says.

Feinberg was named last week to run a fund set up by BP. The money will compensate victims of the Gulf oil spill.

Feinberg was named in June 2009 to oversee pay practices at the seven auto makers and financial companies that got the biggest taxpayer bailouts. He forced them to cut pay for some top executives.

His oversight of some companies lasted less than a quarter. Feinberg currently oversees pay at American International Group Inc., GMAC, GM and Chrysler.

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