Reuters – Kenneth Feinberg, the Obama administration’s pay czar, said on Sunday he has broad and "binding" authority over executive compensation, including the ability to "claw back" money already paid, and he is weighing how and whether to use that power.

Feinberg told Reuters that Citigroup Inc included the contract of energy trader Andrew Hall in submissions due Friday by seven major companies still locked in the federal government’s TARP Program.

Feinberg said he hasn’t looked at Hall’s contract, which reports have said could pay him as much as $100 million this year.

Read Complete Article

Tags: 100-million, andrew hall, citigroup, citigroup-inc, czar, energy trader, executive compensation, federal government, kenneth feinberg, money, obama, reuters, submissions, tarp

Independent – A new EU directive aimed at tightening up the regulation of hedge funds could be counter-productive and cause a mass exodus of business from the International Financial Services Centre, a Dail committee was told yesterday.

The directive, being prepared under the supervision of EU Commissioner Charlie McCreevey, has run into opposition from almost every EU country and is unlikely to be finalised before the end of the current Swedish presidency, the Dail Committee on European Scrutiny was told yesterday.

The draft Alternative Investment Fund Managers Directive has been the subject of submissions from every EU member state, Colm Breslin of the Department of Finance told the committee.

Read Complete Article

Tags: alternative investment, dail, department-of-finance, financial services centre, hedge funds, international financial services, investment fund managers, mass exodus, member state, opposition, scrutiny, submissions, supervision, swedish presidency