feinberg. the base salaries for these executives going forward will be paid in cash and salaryized stock. and the companies can appeal mr. feinberg's decision to the pay czar over the next 30 days. during the press briefing, feinberg called the process a difficult one, but said the companies were very, very cooperative. companies include gm, chrysler, their finance arms, bank of america, aig and citigroup. the plan submitted by these companies were not in the public interest. take a look at what the ceos of six of these companies will be paid for 2009. you might see that one name is missing from there, that being bank of america. ceo ken lewis has already said he will return his salary for all of 2009 to the company. here are the plan details. cash salaries will not exceed $500,000 for 90% of the top 25 executives. the exceptions include aig's ceo as well as two others at chrysler financial. they will receive $1 million in cash salary. the rest of it, again, in salaryized stock. the salaryized

feinberg? ms. feinberg previously the fra : has not taken action on -- mr. mica: they have not taken action on any of these. ok, and then 2008 was also a recommendation. they did not take action on that, is that correct? ms. feinberg that is correct. :mr. mica: in fact, it's been very difficult. in fact since then, many freight rails have installed those devices. are you aware of that, ma'am? ms. feinberg: yes, sir. mr. mica: in fact, but it's been difficult. in fact, they had to go through lawsuits. i want this to be entered into the record. here's kansas city southern was attempting to put into cameras in the cab. they were sued mr. comstock and his group. not only will both unions fervently apose the lawsuit, they will ask the court to join them from going ahead with a plan. could we put that in the record, please? thoost cameras and history and nothing being done. let's talk about financing these and positive train control. you just recommended you're going to have fra financing available?

kenneth feinberg was aware of that. >> the pay czar. >> he's the pay czar. he did try to say we have to keep the good human capital at the companies if we want to get them back on their feet. there was no way he was going to satisfy everybody. >> paul: right. ism possible job. >> what is more troubling here also is the fact that for example feingogol goldman s also part of the bail-out money but paid it back completely gets off the hook. they don't fall under any of the compensation limits that feinberg is assigning. >> they don't fall under feinberg but they would presumably fall under the fed guideline because they're a deposit taking institution. >> go back to when they took the tarp money. they claim now we didn't really need and there are a lot of people around the table that said we were worsed. but another subject is why was there a lack of transparency. a closed door session where paulson decided what he decided. >> paul: now it's the wheel house on the lack of transparency. >> the czar thing is the danger is it spreads to the whole economy. it's fun

feinberg. billions of dollars in the cost. ms. feinberg: i would differ to amtrak and the actual cost. they have predicted it. how far they have to go to complete it. >> i am sorry, i did not hear the base question. >> you said that ptc is not implemented in all of the points? mr. boardman: it is installed but it is not activated. $100 million is where it is at the moment. >> thank you, my time has expired. >> thank you mr. chairman and thank you to the witnesses today. i know there are still a lot of facts and many more questions we have to examine you for we get some real answers. there are some things i want to follow up on. on may 12, my understanding mr. peters, is the engineer who was operating was doing so under a new controversial work schedule that began on march 23 of 2015. that included shorter turnaround times on most runs that happened before march 23. i guess i am just curious as to whether the union or the workers had been consulted prior to the implementation of this new work sc

the white house pay czar kenneth feinberg announced plans this week to drastically cut the salaries of highest paid employees at the seven companies that received the biggest taxpayer bailouts. the cash portions will be slashed an average of 90% over last year and the federal reserve proposed new pay guidelines for all banks it regulates whether or not they were bailed out. president obama praised feinberg's ruling, calling it an important step forward in curbing the influence of executive compensation on wall street, while still allowing those companies it succeed and prosper. >> i've always believed that our system of free enterprise works best when it rewards hard work. this is america. we don't disparage wealth. we don't begrudge anybody for doing well, we believe in success. it does offend our values when executives of big financial firms, firms struggling pay themselves huge bonuses even as they continue to rely on taxpayer assistance to stay afloat. >> joining the panel this week, mary o'grady, assistant editorial page editor james freeman and washington columnist kim strossle.

feinberg and mr. koos. i just want to say first of all, i am a long-distance guy, too, and we've been fighting like hell with everybody dealing with amtrak. it seems like they want to cut the long-distance routes. i have the same perspective as senator moran does on this. and i'll tell you i think would be a huge mistake. but we have been playing defense. if you get confirmed to the amtrak board of directors, what are you going to do on offense to make thiss long-distance routes more appealing and more writer friendly. >> i'm happy to start, senator. thank you for the question and i hope you can see me because suddenly i can't see any of you sunk is going to assume you can see me and go with it. thank you for the question. look, i think one thing that amtrak needs to do is take over how we can approve improve ridn those routes. whether it's through the dining experience or the experience in the private rooms or the reliability experience, service experience, i think there are things we can do that will brin

sara feinberg. ms. feinberg are you with us and can you hear us all right? >> i am, i can hear you and i can see you and hopefully you can hear me and see me. senator wicker: ok good. you are recognized for five minutes and thank you so much for being with us today. >> thank you so much. chairman wicker, ranking member cantwell and the other distinguished members of commerce committee, i want to thank you for holding this morning's hearing during what is an unprecedented time for this country and this body. i know your time is incredibly valuable and you have many demands on your attention an i thank you for your service and for your interest today. i am -- i appear in front of you as a nominee to the amtrak board of directors. this is a board i served on previously in 2016 and -- 2015 and 2016 while also serving as federal railroad ad mrtor at the u.s. department of transportation. as federal administrator i served as the country's safety regulator of both passenger and freight rail. during that stint on the amtrak board i had the opportunity to help shape

feinberg. for ms. i'm a long-distance guy, too, and we have been fighting with everybody because it seems like they want to cut the long distance routes. i have the same perspective as senator moran on this. i think it would be a huge mistake. if you get confirmed, what are you going to do on offense to make those long-distance routes more appealing and more rider friendly? >> thank you, senator, for the question and i hope you can see me because i captain see any of you. thank you for the question. needs to hat amtrak do is improve riders and dining experience or the experience in their private rooms or the reliability experience and service experience. i think there are things we can o to bring ridership and all . avel and >> this could be an opportunity for amtrak and happy to work with you and your staff as we walk through those issues? mr. koos: i would he can coo what ms. feinberg said. modern equipment. understanding what the customer wants, monitoring that and measuring that is critical for the

feinberg. i have a question for you. just make sure i'm clear it's my understanding that the fra, and this come from testimony, they will use all powers including enforcement fines and adoption. we know how they would assess adoption. we know how they would assess the fines. would they be assessed a daily? is there a policy that's been defined regarding that? ms. feinberg: the goal of our enforcement actions and any safety regulators is to bring about compliance. >> i understand the goal. do we have a policy? ms. feinberg: as we discussed earlier we are finalizing that now. most of the policy is public and has been public since 2010. there are various signs and penalty and most of it has been public since 2010. we are in response to the congress' request finalizing our strategy now. we want to be completely transparent about what the railroads and congress can expect. >> and might be daily and might be otherwise? ms. feinberg: that's correct. >> so a few days after you were here after the terrible mishap in philadelphia,

miss feinberg and mr. boardman, can you speak to the future of amtrak and passenger rail if congress continues to use patchwork approach to continued improvements? >> well, i would like to say, mr. sires, that my concern has been the reliability of the railroad. the reliability of what we do for our hardware on our system. the reliability of our use of tunnels. whether it's in new york or that our reliability on the portal bridge that's ready to be rebuilt that doesn't always shut properly. so the funding for infrastructure on the northeast corridor is absolutely behind the curve. in the last reauthorization of our funding in the pria act, there was a commission established out of all the states, the federal government and amtrak, along the northeast corridor, and that's where the $21 billion backlog came from of the necessity for us to rebuild an equity investment in this corridor. we also have a requirement because of the growth of traffic on this corridor. we're handling over 2,000 trains a day on the c

feinberg. the fri's mission is to oversee the safe, reliable and efficient movement of people and goods throughout our nation's rail network. that rail network is absolutely vital to the nation's economy. so it's important that those who oversee it have the requisite skills and experience. serving s the acting administrator since january prior to her current assignment, she everybody served as chief of staff to transportation secretary anthony fox from 2013 to 2014. ms. feinberg was the policy and communications director facebook. and 2009-2010 she served as special stoont the president and adviser rahm emanuel. before that she served as mr. emanuel's communications director for the house caucus. ms. feinberg clearly has commitment and admiral commitment to public service, some are concerned her background does not include deep expertise or experience regarding railroads or railroad safety. as noted in an article in politico, at this crucial moment this is the nation's top safety regulator is a

ken feinberg was the guy responsible for delivering it.to be such a key moment in human history that it is now being played out in a michael keaton movie on netflix in which he plays, ken feinberg. you realize the story behind the story is even more fascinating. ken feinberg is next. if you're 55 and up, t- mobile has plans built just for you. whether you need a single line or lines for family members, you'll get great value on america's most reliable 5g network. like 2 lines of unlimited for just $27.50 a line. only at t-mobile. i wonder how the firm's doing without its fearless leader. you sure you want to leave that all behind? yeah. stay restless with the rx. crafted by lexus. experience amazing at your lexus dealer. as someone who resembles someone else... i appreciate that liberty mutuald by lexus. knows everyone's unique. that's why they customize your car insurance, so you only pay for what you need. [ nautical horn blows ] i mean just because you look like someone else doesn't mean you eat off the floor, or yell at the vacuum, or

the obama administration's special master on pay, kenneth feinberg, has decided those payments were "ill-advised," but not illegal. stephanie dhue talked with feinberg this morning and asked him about that decision. >> they were too big, some individuals were getting in excess of $10 million in bonus payments over a five-year period, there were severance payments where individuals, companies, after they received tarp, we're paying people walking out the door, no longer working at the company, there were gross-ups, where in order to cover tax payments, there would be additional money, allocated to these individuals, we concluded after months of review, these companies should not have done what they did. >> reporter: six banks that made what feinberg calls "ill- advised" payments still owe taxpayers. they are citibank, c.i.t. group, which has since gone through bankruptcy, suntrust, regions financial, m&t bancorp and a.i.g. 11 repaid tarp, including j.p. morgan chase, bank of america and goldman sachs. none of the banks rescinded those payments. feinberg says he didn't think he had the

why am i thinking feinberg is in too much of a rush.nd when ken was overseeing the $20 billion bp oil disaster fund and many failed. claire writes, how convenient of you to leave out his compensation arrangement with gm. how convenient of you to not know that i did try. he made clear it's similar to bp services and how firm was paid. i think a few million bucks, a fraction of the $20 billion plus bp fund to which he was in charge. what would mr. feinberg due if gm was toyota? band from the usa. nobody died with the toyota bs. in fact, people did die in the toyota case that you mentioned. at least 33 deaths were ultimately tied to gas pedal issues dating back to 2000. and talk about not length go, wayne in texas, i'm sorry, neil, every time i try to watch you, my thoughts harken back to seeing the way you bullied and disrespected michele bachmann. it turns my stomach, i considered you a bright, reasonable nice guy, you are probably bright, but reasonable and nice you are not. after ten years of watching you, i can't stand you anymore. by

feinberg for being here. i applaud your diligence in the difficult task that was set before you reeling in excessive executive compensation is an important mission and is of great benefit to our economy and to the american taxpayer. i continue to be alarmed by the reported trends in executive compensation that exposed a disproportionate nature of corporate pay packages. according to the research paid to ceos is at an all-time high at over 400 times the average workers' pay. how has executive pay grown to these extreme amounts and what factors contributed to these trends? >> i'm not a historian in terms of the causes of the growth. i confronted under the statute and the regulations clear directives to rein in compensation while at the same time making sure these companies repay the taxpayer. others have written on the various reasons that the gap has grown between executive compensation and workers, and i've tried to take that into account in limiting executive comp and undermine mandate. >> you know, i have l

feinberg, that is the end of the arithmetic. the arithmetic is pretty simple because 5,000, believe it or not, is less than 1% of the total deaths in the united states over 10 years. gm put new drivers into millions of cars for decades. gerri: certainly they did but it is difficult to know. i'll tell you why it is difficult to know how many people. many of those cars are gone. they have been smashed up. they have been thrown away. they're in junkyard heeps. >> right. gerri: remains a very big question and one that possibly we may never be able to answer. >> your point is well-taken. that just means the cover-up worked. because the cover-up actively kept anyone from investigating these cars while they still existed. gerri: all right. i want to show this is, i guess you would say the smoking gun here. this is the ignition switch at issue in some accidents where people died, especially young people. you're seeing, this is what holds the ignition switch right here. you see the key. laura, i turn to you. you got tears in your eyes i

today we'll consider the nomination of feinberg. efficient movement of people and goods throughout our nation's rail network. that rail network is vital to the nation's economy so it's important that those who directly oversee the safety and efficiency of this network have the skills and experience. miss feinberg has been serving since january prior to her current assignment she served as chief of staff to transportation secretary from 2013 to 2014. from 2011 to 2013 j she was the policy and crisis communication director of facebook. before that, she served as a communications director for the house democratic caucus. she has an admirable commitment to public service, are concerned about the lack of experience in railroad safety. it's noted, former facebook executive and white house advisor whose resume is long on communications and policy posts and short on railroad experience, end quote. so in addition to asking miss feinberg to respond to the concerns, i'll be asking her about the looming deadline to implement positive train cont

he's counting on a generous bp check. >> this is my sole source of income. >> reporter: feinberg says only 17% of all claimants have filed the needed documentation. >> the biggest obstacle to actually making the payments is the tremendous lack of substantiation of these claims. >> reporter: claims from people with a new decision-- take bp's final offer or hire a lawyer. mark strassmann, cbs news, grand isle, louisiana. >> mitchell: winds with gusts up to 60 miles per hour required through the northeast today with some disastrous results. in washington, the winds toppled a national christmas tree planted on the ellipse near the white house back in 1978. and just ahead on tonight's cbs evening news, victims of sexual abuse in the military take their case to court. >> mitchell: by its own reckoning, the pentagon receives nine reports of sexual assault in the military every day. this week, its response to these assaults came under fire in court. and that's tonight's "weekend journal." a lawsuit by a group of victims who aim to hold the pentagon to account. >> awareness is pain and that's

, has not made things better. >> so we're very upset with the overall performance of ken feinberg. >> reporter: in an interview, feinberg acknowledges problems. >> we haven't processed all of the claims as quickly as we should have. i oversold this program at the beginning and i'm paying the price for it. i do not work for bp. >> reporter: he's been the target of anger and frustration at recent town hall meetings. we went back to two businesses we've kept up with. jeff hardy owns a shoe and apparel business and says his losses are now more than a million dollars. he's received one check for $5,000. these twin sisters who plan weddings on the beach have received $29,000 on a claim of $240,000. >> we feel like we deserve what we lost and that's what we're asking for, give us what we lost. >> reporter: do you understand how angry and desperate some of these people are when you send them these tiny checks? >> i understand the frustration. i understand the concern. remember, though, that there are thousands of citizens in the gulf who received very very generous checks. >> reporter: his of

the federal reserve board got into the feinberg act. fed said that it is going to impose and enforce new guidelines on all banks not just feinberg's crackdown on the bailed out seven. you with that, pat? the question, pat, has feinberg really cut the total compensation of these top bank executives or is this political hype? >> i think it's a bit of both, john, but he is going to cut the compensation of these banks. he is the pay czar, incidentally, one of 38 czars. the reason is for pop yu louse reasons obama couldn't stand the fact politically that these guys after taking our tax dollars, trading a bit, scooping their profits way up, they start reaping the rewards again out of tax dollars. so i think people will say they're getting what they deserve. they deserve to be cut even more. but there's this problem, john. we're going to create a two- tiered system here one of banks which the federal government goes after and cracks down on salaries and bonuses and dictates how they run things. another free banks which are out there. the real

turn here. ♪ >>> joining me now is ken feinberg.your job because you've been watching. i talked to a number of correspondents this week about what sort of stories they're hearing and the people that you might be dealing with so there's the real estate agent who had six deals go belly up on him. there's the fishermen who just bought a boat. there are people whose homes have lost value. not even anywhere near oil. how many of those people can you please? >> well, you hope that you can please everybody in one sense, that the program is fair, it's quick, it's consistent. you know, the claims are as diverse as human nature. i'll have to look at each claim, can't prejudge anything, see the facts, observe the facts. governor riley in alabama, i met with him about a week ago. he looked at me and said look me in the eye, ken, and tell me are you going to do right by the people of alabama and i told him absolutely, and i intend to. >> so when you are looking at all -- i know this is sort of a basic question. do you have a staff? are you super

feinberg, i only get paid in cash. i am afraid to file a claim.ing all of my information that i provide you to the irs? i am not sure about what your intentions. no, no, no. this is not easy to convince people that some new program will help them. it takes some work. >> at the same time, this is a lot different from the other things -- the virginia tech victims, 9/11, because there were a controlled group of people. this is massive and it's an on going disaster. i wonder if the worry about fraud is a lot higher in this case? >> well, we only had out of 7300 applications on 9/11, we only had 35 examples of fraud. we have got to create as part of the program that i am establishing, an anti-fraud provision or protection. we are getting tremendous cooperation from the department of justice, which it will help us. we'll make sure nothing can undercut the credibility of this program more than fraud, and we'll take every step we can to minimize the likelihood of fraudulent applications and payments. >> in our final minutes, tell me how you found people d

to, he is well known for how compensate victims. -- kenneth feinberg feinberg on how to compensate victims of flynn's water crisis. ♪ ♪ betty: good afternoon and welcome back to bloomberg markets. let's check in on where the markets are trading right now. first, a look at the s&p. andou know, it financials materials have been big gainers. are here towards the closing bell. also take a look at the dow, where jpmorgan, and other financials are powering the index higher. over 300 points. is gainingaq, it 1.6%. lots of focus on the tech shares. now, we look at the biggest business stories in the news. it is way too early to be discussing negative interest rates, according to new york senate president who says bringing down borrowing costs below zero is a conversation that his extraordinarily premature. concerns of a global economic outlook have hammered in the recent weeks. john paulson is diving back into troubled debt. the hedge fund manager is seeking to raise 1.5 billion dollars for a private equity fund that will invest in companies going to through bankruptcy and restructuring. less liqu

it's read. >> reporter: feinberg has his hands full.l street executives. the week before last he stepped back into a previous role. he'll review old claims froms 9/11 first responders, but he's promised to begin payouts in the gulf quickly starting in 30 days. he has more money to spend on the oil spill than he has ever had before. he's ready and able to see how make right. >> osgood: ahead bugsy siegel's losing bet. and its winning legacy. since our beginning, we've been there for clients through good times and bad, when our clients' needs changed we changed to meet them. through the years, when some lost their way, we led the way with new ideas for the financial challenges we knew would lie ahead. this rock has never stood still. and there's one thing that will never change. we are, the rock you can rely on. prudential. get on e-trade. set up a real plan. frank! oh wow, you didn't win? i wanna show you something... it's my shocked face. [ gasps ] [ male announcer ] get a retirement plan that works... at e-trade. but my smile just wasn

feinberg? >> it's clear. my job was created by congress and the treasury to establish compensation determinations designed with one primary objective in mind -- to get the taxpayers' money back. and that is the primary objective. now, how we do that -- >> mr. feinberg, i understand that, and thank you. but why? did something go wrong? why did we decide on these seven companies? >> these are the seven companies that were -- that were allowed, i guess, to survive on the back of the taxpayers' willingness to contribute these funds. >> ah, so the private sector, the free market, in fact, had failed. is that correct? >> correct. >> let's take one of the seven companies you oversee. aig. the largest corporate quarterly loss in the american history was in the last quarter of last calendar year, and it was none other than aig. is that correct? >> correct. >> and aig has been the biggest recipient of bailout funds, is that correct? >> i think that -- yes, that's correct. >> so it had the largest loss and the largest s

feinberg? >> it's clear. my job was created by congress and the treasury to establish compensation determinations designed with one primary objective in mind -- to get the taxpayers' money back. and that is the primary objective. now, how we do that -- >> mr. feinberg, i understand that, and thank you. but why? did something go wrong? why did we decide on these seven companies? >> these are the seven companies that were -- that were allowed, i guess, to survive on the back of the taxpayers' willingness to contribute these funds. >> ah, so the private sector, the free market, in fact, had failed. is that correct? >> correct. >> let's take one of the seven companies you oversee. aig. the largest corporate quarterly loss in the american history was in the last quarter of last calendar year, and it was none other than aig. is that correct? >> correct. >> and aig has been the biggest recipient of bailout funds, is that correct? >> i think that -- yes, that's correct. >> so it had the largest loss and the largest s

stay with us. >> rose: ken feinberg is here.s been at the center of some of the most complex legal fights of our time. his specialty is unique. for 28 years he's been called upon to dispense justice by compensating victims of nationally recognized tragedies. he became known for his role as special master of the 9/11 victim compensation fund. six years later he's money to those affected by the virginia tech massacre. in the aftermath of the financial crisis the obama administration appointed him to set limits on pay of the companies that receive the most bailout funds. he oversaw payouts to the victims of the oil spill in the gulf of mexico. he "chronicle"s these cases in a new book called qhot gets what: fair company compensation after tragedy and financial upheaval." i'm pleased to have ken feinberg back at this table. welcome. >> thank you. >> rose: does anybody on the planet... you know where i'm going, do what you do? are you it? >> no, i don't think i'm it. i'm probably it when it comes to very public nationally recognized

and andrew feinberg got it right today, as he has in the past, which is why andrew feinberg will be joining us on this program tonight. when donald trump made the mistake of calling on andrew feinberg for the first question of the press conference, he heard the best questions asked by a white house reporter this year. thank you, mr. president. >> earlier today, you told me that you believe. >> that foreign. >> countries pay tariffs, but. americans who are concerned about higher prices believe, as most people do, that they're paid by consumers and importers. >> when they import. >> things into this country. can you explain how you came to this belief that foreign governments are paying tariffs? and for the prime minister, did you discuss with president trump his repeated statements of desire to. >> annex canada? >> and has. >> the king. >> expressed any. concern over the. >> president's apparent. >> desire to remove. >> one of his. >> realms from his control? >> wow. doesn't get better than that. both of those questions were perfect. and yes, sadly, canada is part of the realm of the king of