The Obama Administration’s Special Master of Compensation, Kenneth Feinberg, is said to be reviewing the compensation of Nancy Everett, chief executive of Promark Global Advisers. Everett and 14 of her associates at ProMark are among the 25 highest paid executives at General Motors. Promark which manages the pension fund of GM retirees, was spun off last year from the government bailed out automaker and renamed.
Everett, who earned $2 million last year, appears to present a bit of a conundrum, writes Geraldine Fabrikant in today’s New York Times. Everett’s “laserlike focus has been on managing risk. That would seem to be exactly what the government wants to encourage. If successful, her team’s approach makes it more likely the automaker will be able to pay all its retirees down the road and reduces chances that the government and taxpayers will have to make up the difference.
“On the other hand, Everett represents the high-paying New York money managers who have engendered animosity among the public toward the American International Group and other companies.”