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My next guest knows Ken Feinberg knows how -- -- knows them well.
And he is in and unique vantage point Charles will's wife was a victim of the 9/11 attacks mr.
Feinberg in charge of the victims compensation fund.
Charles as a critic at the start but -- -- a complete 180.
And now thinks very highly of the man nannies and -- -- We're -- -- thank you.
You were critical in the beginning how he was handling and on eleven compensation fund what what was your biggest beef at the time.
Well there was 22 sides of the criticism wan side was what congress passed.
And the other side of the way he was operating so I could only talk to him about the way he was operating the regulatory side.
And what was and he's doing on -- regular -- -- there are several things he was doing number one he attached a very very low figure to the pain and suffering.
Component I think was a figure that was 127 years old time.
Was the only thing he said he could go back to for precedent and it was totally unrealistic that was one thing.
Thinking back now there -- a few other things how he was handling the injured.
He said he had -- gone to a hospital the 24 hours.
But people were staying away from hospitals because they were saving the resources for the people that they thought would come out of the a lot of -- -- -- change yup he changed.
He changed I remembered I remember the -- was that your wife was an executive assistant recognize his new -- I'm -- at first people thought that the seven billion dollar kitty litter one's going to be divided fairly equally there's no kitty.
-- right now it was an open ended thing but it was but but.
He and allocated all right if if you or your husband was a young guy and a broker.
He would be paid more than if you're.
Husband was -- fireman.
And he was a lot older right exactly that's what the law was written the law was written.
To mimic the settlement phase of a wrongful death lawsuit you do get these off the chart payouts as was.
-- even allowing for that you're okay.
Me I'm fine I'm fine so let me switch to what's going on now Charles.
He is taking over job for which the administration says he has not setting caps.
I tried to talk to the congressman -- on before you know chatting as -- was company had no idea.
What they're looking for ranges.
She doesn't now.
Caps could be down the right.
Open ended what what it's not get caps for not gonna sanity is of why -- we have him.
Well I can only I could only read into it and I do know -- we've had a lot we've had a number of interaction is just a couple since the fund ended.
But I will say this I think he's a pretty unique individual and which is why they keep going back to him he handled the Agent Orange.
-- yes the defoliant to Houston and in the during the Vietnam War he handled the doll can shield which that contraceptive device that wounded a lot of women he's had a lot of very controversial stuff.
But -- the little people that I grant and he's he's that he gets as -- today's news among many said.
But what is he gonna do if you're not setting caps which was -- what is and is set pay.
Easy setting pay ranges -- are easy setting bonus -- the congresswoman easy implied that that's what he has Charlie implication of that is implication of the word -- At least in my mind.
Would mean -- OK you can go this high but you can't go any higher.
All right so what that says is that they're allowing him to use his discretion.
And I think that's and I think that's a very very important thing because Syria we have three things to do we on operational -- you operationally we want things to work right.
Number two we need to satisfy members of congress.
Okay who are steaming mad.
But the time that congress doesn't even know what's gonna but there's still -- -- but OK things he's -- these are not on this stupid don't say why is stupid because they they.
They can't distinguish in compensation paid benefits they so I guess it's -- sent.
And now along comes this guy wonderful guy in my days are master whatever we're calling it.
And and and the administration tell look hello look to see you know can you can't set salary caps.
You can look at bonuses and decide for yourself what you think it's too much the congresswoman seemed to think talking to me.
That that can't be more than a set percentage of the salary when I reminded her that on Wall Street bonuses.
Often -- the salary it seem like a news last two or so.
Yeah I'm just wondering who -- and home well here I here's here's here's the thing.
Good public servants.
They're not into the details.
Okay and I don't need -- to -- into -- they do need you to be into I don't know basics I agree I agree but we're talking about reality -- not what -- like -- so this is -- -- with a charge -- to sign that he's gonna define it for them.
That's what he had to do the victim compensation fund.
He had to make it up as he went along the way -- gonna make up do you think mugs game of it was a -- -- -- go to that here's what I think it's typical bonus should be.
I think he's gonna take a look at situation.
So what if you would prove 5% off a crappy year to deserve a bonus.
I I'm not one it's going to be I know that but that's a safety he's gonna set those parameters right that he accountable only the president not to congress.
Right taxes slippery slope wouldn't you agree well okay and at the same time here's here's what I look at it all right you got a company like Citibank.
Okay who is not -- to pay back their TARP funds right.
-- the same time are you gonna put an automatic flattening on their top salary which should make it.
Make it so that they couldn't be competitive and Herring top -- people to get itself out.
A troubled -- look at you need good skill.
He gets -- he got two things the one hand -- public companies who -- he must have numbers in the back of his head.
Right I don't think anyone should have -- -- hundred million dollars right.
I didn't know something knowing canned I would say not really I would say not I would say -- something comes out outlandish.
Okay do you think he's gonna say you'll know what outlandish -- right yeah exactly you don't need to do that.
But you do need a czar to placate congress knowing -- you know congress stupid.
I think I think I think a man like Feinberg -- respect from both sides of the aisle will placate congress I saw him I -- congress people.
Fallen all over themselves congratulate him on the success of that the compensation fund.
All right we congress' reminds -- -- (%expletive) are something contract that's all that's totally club that's got off the horse is a little bit of the did admit that the public them.
Now a pack of it's really a pedestal axles on all right Charles thank you very much.
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