On June 16, 2010, it was reported that Feinberg was to run a $20 billion fund to pay claims for the BP oil spill. President Obama said that the $20 billion from BP "will not be controlled by either BP or by the government. It will be put in an escrow account administered by an impartial, independent third party." Obama said he and BP's chairman, Carl-Henric Svanberg, agreed on having Feinberg administer the fund. Feinberg was also selected by Obama to oversee the compensation of top executives at bailed out banks.