After graduating from college, Feinberg worked as a trader at Drexel Burnham in 1982 and later at Gruntal & Co..[5]
In 1992, at the age of 32, Feinberg co-founded Cerberus Capital Management with William L. Richter.[5] At the time the firm had $10 million under management; its assets under management have since grown to over $30 billion in 2016.[6][7] In 1999, the firm hired former Vice President Dan Quayle as a Chairman of Cerberus Global Investment.[8] In 2006, the firm hired former United States Secretary of the Treasury John Snow, who serves as a Chairman of Cerberus.[9]
In May 2011, Feinberg stated that he believed residential mortgage-backed securities may present "a real opportunity for continued investment for quite a period of time"[10] and that there were opportunities in buying assets from European banks.
Feinberg has been critical about the pay received by private equity executives, stating, "In general, I think that all of us are way overpaid in this business. It is almost embarrassing."[11] He has also noted in comments made in 2011 that smaller private equity fund sizes may be better for investor returns: "If your goal is to maximize your return as opposed to assets under management, I think you can be most effective with a big company infrastructure and a little bit smaller fund size."[11]