Report: Government Bailout Had No Lasting Impact On Bank Pay


The report points to major failures of transparency at an office that was separate from Feinberg's, known as the Office of Internal Review. That office was responsible for making sure all the companies that received taxpayer bailout money followed basic disclosure rules and otherwise complied with guidelines intended to protect taxpayers. The office produced no public documents.

Treasury officials say it played a deterrent role by forcing top executives to swear that they were following the rules.

The companies originally overseen by Feinberg's office were: Citigroup, based in New York; Bank of America, based in Charlotte; American International Group, based in New York; Chrysler Group; Chrysler Financial; General Motors, based in Detroit; and Ally Financial, formerly GMAC, also based in Detroit.

Feinberg is a lawyer best known for determining payouts to families of victims of the Sept. 11, 2001 terrorist attacks. He currently is administrator of a fund set up to compensate victims of last summer's Gulf of Mexico oil spill.

The oversight panel was created as part of the $700 billion financial bailout law. It will release its final report next month.

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