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THURSDAY, NOVEMBER 26, 2009
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NEWS ABOUT: bonuses

bonuses stories: 121 news summaries

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(Newser) - AIG CEO Edward Liddy faced the music today, telling a House subcommittee he has asked employees who received generous bonuses to give at least half of the money up, and some have already agreed to do so. Liddy jousted with Barney Frank, who threatened to subpoena the company after Liddy... More »

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AIG • bonuses • Barney Frank • Edward Liddy

OPINION

White House Foists Bonus Blame on Dodd

Guilty Obama officials seek to shift AIG fault, press plays along

Mar 18, 09 9:31 AM CDT
(Newser) - The White House is trying to pass the AIG bonus blame to Sen. Chris Dodd, pointing to his hand in an executive-compensation clause inserted into the stimulus bill—and journalists are letting it happen, writes Glenn Greenwald in Salon. Actually, the bonuses were only possible because the Obama administration insisted... More »

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New York Times • Chris Dodd • AIG • bonuses • economic stimulus package • Larry Summers • Timothy Geithner

 AIG Bonuses By the Numbers 

NY AG releases breakdown of bonus figures; plans to press AIG for names

Mar 18, 09 8:37 AM CDT
(Newser) - AIG's $165 million in bonuses went 418 different ways, according to one angry attorney general. Other figures released by New York Attorney General Andrew Cuomo, who subpoenaed the firm on Monday:
  • 73 employees received bonuses of $1 million or more
  • 11 of those people no longer work for AIG
... More »

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executive compensation • Andrew Cuomo • AIG • bonuses • bailout • Wall Street bailout

OPINION

 AIG CEO: Bonuses 
 'Distasteful,' Necessary 

Liddy says paying employees will help taxpayer in long run

Mar 18, 09 6:23 AM CDT
(Newser) - AIG's $165 million bonus payout has produced "a palpable wave of anger," admits Edward Liddy, the insurance giant's government-appointed CEO. But in an op-ed for the Washington Post, Liddy says that paying employees now will prevent "undue risk" and help AIG wind down the most dangerous positions... More »

MORE ABOUT:
executive compensation • AIG • bonuses • bailout • Edward Liddy • financial crisis • credit default swap

 Geithner: We'll 
 Deduct AIG 
 Bonuses From 
 Next Bailout 

Insurer will be forced to return $165 million, treasury boss says in letter

Mar 18, 09 4:43 AM CDT
(Newser) - Treasury Secretary Tim Geithner promised last night that taxpayers wouldn't be paying a penny toward AIG's massive executive bonuses, Bloomberg reports. He explained in a letter to lawmakers that the government would require the insurer to pay back the $165 million from company operations and that an equal amount would... More »

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executive compensation • AIG • bonuses • bailout • Wall Street bailout • Timothy Geithner

(Newser) - AIG chief Edward Liddy has the not-so-distinct pleasure of testifying before Congress tomorrow just as rage at his company is reaching a full-throated roar. The House and Senate seem to be in a race to see who can recover the $165 million in bonuses faster, the Hill reports. If AIG... More »

MORE ABOUT:
Wall Street • insurance companies • AIG • bonuses • bailout • Edward Liddy

(Newser) - The AIG fury grows. The White House today found itself defending Treasury chief Tim Geithner's handling of the bonus mess as congressional anger rose. Under siege by reporters about why the Obama administration didn't act sooner, spokesman Robert Gibbs said the president retains full confidence in Geithner, the Los Angeles ... More »

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Wall Street • AIG • bonuses • Robert Gibbs • President Obama • Timothy Geithner

updated

 73 AIG Execs Got 
 $1M Bonuses: Cuomo   

'08 contracts guaranteed full '07 pay: Cuomo

Mar 17, 09 1:16 PM CDT
(AP) - AIG paid bonuses of $1 million or more to each of 73 employees, including 11 who no longer work for the company, said New York Attorney General Andrew Cuomo. He subpoenaed information from AIG yesterday saying he wanted to determine whether the payments constitute fraud under state law. In a... More »

MORE ABOUT:
Andrew Cuomo • AIG • bonuses

(AP) - Outraged lawmakers threatened today to impose new taxes to recoup at least some of the $165 million in bonuses that insurance giant AIG awarded executives and traders after getting billions in federal bailout money. "What is the highest excise tax we can impose that will stand up in court?"... More »

MORE ABOUT:
Congress • taxes • executive compensation • AIG • bonuses • Max Baucus • bailout • Steve Israel • Tim Ryan • grandstanding

OPINION

 Suck It Up and 
 Pay Those Bonuses 

Keeping employees at AIG is paramount, says Sorkin

Mar 17, 09 9:30 AM CDT
(Newser) - Everyone from President Obama down has been stung by the unfairness of AIG's planned $165 million in bonuses. But as Andrew Ross Sorkin writes in the New York Times, the best thing to do is shut up and pay. "As unpalatable as it seems," he writes, "taxpayers... More »

MORE ABOUT:
Wall Street • executive compensation • AIG • bonuses • financial crisis

Wall St. Looks to Skirt Bonus Limits With Padded Salaries

Attempt to skirt new rules could anger shareholders

Mar 17, 09 8:14 AM CDT
(Newser) - In a move to skirt government restrictions on executive pay for recipients of bailout cash, some Wall Street companies are discussing raising base salaries, the Journal reports. Citigroup and Morgan Stanley are considering the idea, which is gaining currency as regulators keep a watchful eye on bonuses, say industry insiders.... More »

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Wall Street • Citigroup • executive compensation • Morgan Stanley • bonuses • bailout • banks • financial crisis • TARP • salaries

ANALYSIS

 AIG Uproar 
 Squanders 
 Obama Capital 

Anger over AIG creates more obstacles for president's agenda

Mar 17, 09 4:47 AM CDT
(Newser) - Mounting outrage over the bonuses paid to AIG execs is threatening to bring Barack Obama's presidential honeymoon to a bitter end, the Washington Post reports. Lawmakers from both parties are demanding answers the administration is struggling to provide, and the uproar is threatening to sap both public and congressional support... More »

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Barack Obama • executive compensation • AIG • bonuses • bailout • Obama administration • President Obama

AIG Execs Should Quit or Commit Suicide: GOP Senator

Grassley urges bosses to follow 'Japanese model' and fall on their swords

Mar 17, 09 2:40 AM CDT
(Newser) - AIG's bigwigs should follow the "Japanese example" for shamed executives and fall on their swords, Iowa Sen. Charles Grassley believes. The Republican lawmaker told a local radio program that  the bosses responsible for running the business into the ground should bow before the American people and apologize, reports ABC.... More »

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executive compensation • Charles Grassley • AIG • bonuses • bailout • executives

 Obama 
 Goes After 
 AIG Bonuses 

President instructs Geithner to use "every legal avenue" to reclaim funds

Mar 16, 09 12:16 PM CDT
(Newser) - President Obama has asked Tim Geithner to use “every legal avenue” to prevent AIG from paying out $165 million in bonuses to top employees who had a hand in the company's near-collapse, the Wall Street Journal reports. "This isn't just a matter of dollars and cents. It's about... More »

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Barack Obama • derivatives market • AIG • bonuses • compensation • bailout • financial crisis • Timothy Geithner

TALK SHOW ROUNDUP

 Cheney: Obama 
 Making US Less Safe 

Former VP slams prez for quashing 'essential' Bush policies

Mar 15, 09 9:57 AM CDT
(Newser) - President Obama "is making some choices that will in fact raise the risk to the American people of an attack," former VP Dick Cheney charged today. Appearing relaxed and slimmer on CNN’s State of the Union, Cheney upbraided Obama for revising the Bush administration’s counterterrorism... More »

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Barack Obama • Dick Cheney • Lewis Scooter Libby • counterterrorism • bonuses • Barney Frank • Lawrence Summers

(Newser) - Record-breaking losses and $170 billion in federal loans haven't curbed AIG's plan to pay out $165 million in executive bonuses, the New York Times reports. Treasury Secretary Timothy Geithner called up AIG chief Edward M. Liddy to halt the payments, and the company agreed to alter some—but Liddy said... More »

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AIG • bonuses • bailout • Edward Liddy • Timothy Geithner

Merrill Bonus Beneficiaries May Be Revealed Within Week

BoA argues that disclosure will give competitors an unfair advantage

Mar 13, 09 2:15 PM CDT
(Newser) - A decision could come next week on disclosure of the names of Merrill Lynch employees who received $3.6 billion in bonuses last year, despite the firm posting a $15.8 billion fourth-quarter loss, Bloomberg reports. Bank of America argued today against release, saying its compensation scheme would be a... More »

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Attorney General • New York • Merrill Lynch • Andrew Cuomo • bonuses • John Thain • Ken Lewis

 Cuomo: Merrill 
 Misled Congress 
 on Bonuses 

Bank decided on bonuses earlier than claimed, he says

Mar 11, 09 5:25 PM CDT
(Newser) - Andrew Cuomo is turning the screws a little tighter in his investigation of bonuses paid to Merrill Lynch executives. In a court filing today, the New York attorney general accused the bank of "misleading" Congress about when it decided to dole out $3.6 billion, the Wall Street Journal... More »

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Wall Street • executive compensation • Bank of America • Merrill Lynch • Andrew Cuomo • bonuses

 Citigroup Paid Employees 
 $13M for Scrapped Resort Trip 

Bahamas trip for top performers was nixed after spotlight put on bank's spending

Mar 10, 09 5:07 AM CDT
(Newser) - Citigroup employees whose jaunts to the Bahamas were canceled amid scrutiny of the bailed-out bank's spending were paid $13 million in compensation for the scrapped getaway, insiders tell Bloomberg. Sales agents—all 1900 of them—who had been scheduled to stay at a swanky resort were paid $5,000 each,... More »

MORE ABOUT:
Citigroup • executive compensation • bonuses • Smith Barney • Wall Street bailout • TARP

Cuomo Subpoenas Merrill's
$10M Execs

Payouts may violate securities law

Mar 4, 09 8:45 PM CST
(Newser) - New York Attorney General Andrew Cuomo has subpoenaed top executives of Merrill Lynch who got at least $10 million each last year as the bank floundered, the Wall Street Journal reports. Cuomo is investigating whether the payouts violated securities law and wants to know why executives at Merrill and Bank... More »

MORE ABOUT:
Bank of America • Merrill Lynch • Andrew Cuomo • bonuses • banking industry

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