17 bailed-out banks overpaid executives: US Treasury

WASHINGTON: The Treasury Department's compensation chief says 17 banks gave their top executives $1.6 billion in lavish payments while they were receiving billions of dollars in taxpayer-funded bailouts.

Kenneth Feinberg says he does not have the authority to ask the firms to repay the money that was handed out during the financial crisis. But he says they should develop new rules on compensation that would allow them to slash compensation payments in future crises.

Feinberg, whose official title is Special Master for TARP Executive Compensation _ popularly called the ``pay czar'' _ issued his findings after reviewing 419 companies that took bailout money before pay curbs were enacted by Congress in February 2009.