Skip to: Content
Skip to: Site Navigation
Skip to: Search
Newser - Current News - Breaking Stories

SPONSORED NEWS ARCHIVE

ATTORNEY GENERAL CUOMO ISSUES STATEMENT ON BONUSES TO TOP EXECUTIVES AT UBS

Article from: US Fed News Service, Including US State News Article date: November 17, 2008

The New York State Attorney General issued the following statement:

"UBS has made a wise choice not to give bonuses to its top executives this year. We are moving into a new era of corporate belt-tightening and the path forward is clear. Investors and taxpayers are being hit from all sides, and Wall Street needs to do the right thing when it comes to corporate leadership and responsibility. It's time for the rest of Wall Street to look in the mirror and follow the steps taken by UBS and Goldman Sachs."

Read the rest of this article with a Free Trial at HighBeam Research.
Newser gathers stories from across the web and packs what you need to know into about 120 words.
Check out these stories related to your search. Visit our grid for the latest news.

NY Probes AIG's Golden Parachutes, Spending

Posted Oct 15, 08 3:56 PM CDT in Crime & Courts,  Business 

NY Probes AIG's Golden Parachutes, Spending
Source: AP Photo

(Newser) – New York's attorney general today called on AIG's directors to recover millions in “outrageous expenditures,” including golden parachutes to executives even as it neared the collapse that brought an $85 billion federal intervention, the Wall Street Journal reports. Andrew Cuomo is investigating whether the insurer broke state law by making such decisions without consulting its creditor—the state, in this case.

AIG “had a party and the taxpayers have the hangover,” Cuomo said, adding that “even after the taxpayer-funded bailout of AIG, the company paid hundreds of thousands of dollars for luxurious retreats for its executives, including an overseas hunting party and a golf outing.”

More about:  Financial Crisis • bailout • AIG • executive compensation • Andrew Cuomo • golden parachutes • New York Attorney General

MORE RELATED NEWSER STORIES

AIG Agrees to Freeze Executive Bonuses 

NY takes tough action to limit payouts to curNewser Newsroom 1.15.0rent, former bigwigs

New York Times New York Times Oct 22, 08 4:55 PM CDT
(Newser) - AIG will suspend bonus payments to its executives after getting pressure from New York Attorney General Andrew Cuomo. The ailing insurance firm, which recently got billions of dollars in loans from the Federal Reserve, also will stop $19 million in payments to a former CEO fired in June. Cuomo said it made no sense to reward management under the circumstances. More »

More about:  Financial Crisis • bailout • AIG • executive compensation • Wall Street bailout • insurance • bonuses • insurance companies

 AIG Looks for $10B 
 More to Pay Bad Bets 

Struggling insurer gambled billions of its own money on risky derivative trades

Wall Street Journal Wall Street Journal Dec 10, 08 7:53 AM CST
(Newser) - Insurance giant AIG, already the recipient of a $150 billion government bailout to cover soured credit-default swaps, now admits it owes some $10 billion more for speculative trades it made with its own money, reports the Wall Street Journal . Those deals aren’t covered by the bailout, leaving the struggling insurer looking for ways to cover its losses. More »

More about:  Financial Crisis • bailout • subprime crisis • AIG • American International Group

 Merrill to Slash Bonuses 50% 

Still facing the fallout from the sub-prime meltdown, the firm slashes pay for 60,900 employees

Bloomberg Bloomberg Dec 3, 08 7:35 AM CST
(Newser) - Merrill Lynch, facing losses of $13.3 billion this year and with revenues off 96% from a year ago, will slash year-end bonuses at least 50%, Bloomberg reports. Some employees may face steeper cuts. Merrill and Bank of America, which agreed to acquire the failing investment bank earlier this year, received $25 billion from the federal rescue fund. More »

More about:  Financial Crisis • bailout • Merrill Lynch • executive compensation • John Thain

SPONSORED NEWS ARCHIVE

ATTORNEY GENERAL CUOMO ANNOUNCES NEW DEVELOPMENTS REGARDING AIG INVESTIGATION (US Fed News Service, Including US State News)

NEW YORK ATTORNEY GENERAL, AMERICAN INTERNATIONAL GROUP ISSUES JOINT STATEMENT... (US Fed News Service, Including US State News)

Attorney General tells AIG: 'The party's over' (The Independent - London)


Other Business Stories