Head Of 9/11 Victim Fund Questions Formula
By: NY1 News
NY1: Head Of 9/11 Victim Fund Questions Formula
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With his work now complete, the special master of the September 11th Victim Compensation Fund is questioning the formula used to determine the awards.
Throughout the process, Kenneth Feinberg defended the process to determine payouts, which ranged from $$500 to more than $$8 million, varying largely on each victim’s income. But in an appearance on NY1’s “New York Tonight” on Wednesday, he said the government should rethink the formula if a similar fund is established after another attack.
“Was it smart or wise for Congress to obligate me to make sure that every claimant gets a different amount of money, or would it have been much simpler, more efficient, fairer to grant everybody who is eligible the same amount?” Feinberg said. “That was a very peculiar, conspicuous problem in the administration of the program.”
The special master said he will raise his concerns in his final report to Attorney General John Ashcroft.
The fund, which completed its work last week, paid out a total of $$7 billion. The average death was $$2 million, with a range of $$250,000 to $$7 million. The largest claim, $$8.6 million, was for a woman severely injured in the World Trade Center attack.
Ninety-eight percent of those eligible applied to the fund, forfeiting their right to file any lawsuits in connection with the September 11 attacks other than against the plotters or accomplices. Congress created the fund shortly after the attacks as part of a bailout of the airline industry.