The Economic Club speaker in July was Ken Feinberg, Founder, Managing Partner of Feinberg Rozen, LLP. Feinberg has been serving as Special Master for Troubled Asset Relief Program (TARP) executive pay and was appointed this summer by President Obama to serve as the Independent Claims Administrator for the $20 Billion BP Deepwater Horizon oil spill compensation fund. Feinberg described his role as an administrator of initiatives that result when there is “a public policy dilemma that requires public policymakers to think out of the box.” He reported that the TARP initiative was almost at an end with the repayment of funds borrowed by the firms covered by the program and that he would be taking up the reins of the Deepwater Horizon compensation fund in August. Feinberg said he has recommended that this fund run for three years. In his independent role, Feinberg will be responsible for “designing, implementing, and administering a $20 billion escrow fund designed to pay eligible claims.” He will be solely responsible for evaluating, analyzing, and determining the amount of money to be awarded to individuals and businesses impacted by the mammoth oil spill.
Related Tags | Business and Finance