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THURSDAY, NOVEMBER 26, 2009
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NEWS ABOUT: bonuses

bonuses stories: 122 news summaries

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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 »

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Bank of America • Merrill Lynch • Andrew Cuomo • bonuses • banking industry

 Battered Merrill's 
 Top 10 Pocketed $209M 

Compensation for top execs higher than in '07, despite firm's massive losses

Mar 4, 09 4:55 AM CST
(Newser) - Merrill Lynch's top 10 earners raked in more than $200 million last year as their company lost $27.6 billion, a Wall Street Journal investigation finds. Eleven execs were each paid at least $10 million in cash and shares, which have now dived in value. A further 149 execs made... More »

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executive compensation • Bank of America • Merrill Lynch • bonuses • banking

Bailed-Out
UBS Rewards Bankers With Pay Hike

Swiss bank to boost salaries up to 200%

Mar 2, 09 4:35 AM CST
(Newser) - UBS has been one of the most stricken banks of the last two years, receiving government aid and slashing bonuses. But now the Swiss giant is doing something few would expect in this market: offering pay raises. Senior bankers who complete a performance review will see their salaries spike... More »

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UBS • bank • salary • bonuses • Swiss bank

 Markets Dive as HSBC Shuts 
 US Business, Axes 6,100 

Banking giant sells record $17.8B in new stock

Mar 2, 09 3:47 AM CST
(Newser) - European and Asian markets took a nosedive today, and HSBC announced it will sell $17.8 billion in new stock in the largest rights issue in British corporate history. Europe's largest bank ended last year in the black, posting a $9.3 billion profit. But HSBC wrote off $10.6... More »

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earnings reports • bank • HSBC • bonuses • writedowns • subprime lender

Cuomo Orders BofA
to Name Bonus Takers

Subpoena issued after CEO's grilleing by Merrill bonus probe

Feb 27, 09 7:26 AM CST
(Newser) - Bank of America CEO Kenneth Lewis has been ordered to hand over a full list of Merrill Lynch execs who received bonuses just before the bank took over the company, reports Reuters. Lewis was grilled for hours yesterday in the offices of New York AG Andrew Cuomo, who's looking into... More »

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executive compensation • Bank of America • Merrill Lynch • subpoena • Andrew Cuomo • bonuses • Ken Lewis

BofA Boss Ordered to Testify in $3.6B Bonus Probe

Massive perks paid out before pricey bailout

Feb 20, 09 2:36 AM CST
(Newser) - Bank of America chairman Kenneth Lewis has been subpoenaed to testify in the investigation into possible deception of investors over the Merrill Lynch takeover, sources tell the Wall Street Journal. New York Attorney General Andrew Cuomo is exploring whether the bank broke the law by failing to inform investors of... More »

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Bank of America • Merrill Lynch • Andrew Cuomo • bonuses • John Thain • Kenneth Lewis • Wall Street bailout

GE CEO Scraps His $12M Bonus

Immelt cites 56% stock decline in '08, but says the company isn't actually doing too bad

Feb 18, 09 10:14 AM CST
(Newser) - Jeffrey Immelt has recommended to GE's board of directors that he not get a planned $12 million bonus for 2008, the Wall Street Journal reports. The CEO noted that earnings were "below where we expected," but stressed that even those numbers represent success in the midst of a... More »

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CEO • General Electric • bonuses • Jeffrey Immelt • economy

Limits on Exec Bonuses May Backfire

Stimulus cuts are too strict, will actually hurt economy, say experts

Feb 15, 09 11:53 AM CST
(Newser) - An 11th-hour limit on Wall Street bonuses in the stimulus bill could ultimately hurt the economy, experts say. In a surprise move, they curb not only senior executives’ pay but also traders, investment bankers, and others, the Los Angeles Times reports. “This will make it difficult to attract and... More »

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executive compensation • Chris Dodd • bonuses • economic stimulus package • Obama administration • financial crisis

 Stimulus Slashes 
 Bank Bonuses 

Package bans cash bonuses for bailed-out firms' high earners

Feb 14, 09 7:56 AM CST
(Newser) - A late addition to the stimulus package puts tougher restrictions on executive pay at bailed-out financial institutions, reports the Wall Street Journal. The rules go further than the Obama administration proposed, affect more employees, and could seriously crimp the culture of gargantuan bonuses. The big one: Bonuses can't exceed one-third... More »

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Barack Obama • executive compensation • Chris Dodd • bonuses • economic stimulus package • Obama administration • financial crisis • Wall Street bailout • President Obama • TARP

Bank Execs
to Congress:
We Are Lending

CEOs defend compensation,
call for new regulation

Feb 11, 09 9:35 AM CST
(Newser) - “We’re lending,” bank executives told Congress this morning, as CEOs including Jamie Dimon, Ken Lewis, and Vikram Pandit testified before the House Financial Services Committee. They also defended the outrage-inducing (but, they stressed, much reduced) bonuses they handed out, according to their prepared testimony. “Our employees... More »

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executive compensation • House Financial Services Committee • testimony • bonuses • Vikram Pandit • banking industry • Jamie Dimon • Ken Lewis

analysis

Watch Wall Street Pay Swing Down From Stratosphere

Finance bigwigs' income to match doctors, lawyers

Feb 5, 09 10:32 AM CST
(Newser) - President Obama’s $500,000 salary cap may herald a new era on Wall Street, in which pay for financial executives is aligned with doctors’ and lawyers’ compensation. Wall Street income is cyclical, it turns out, and a recent study found that it only surged—relative to that of peers... More »

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Wall Street • income • bonuses • banking industry

 BofA Knew 
 of Merrill's 
 $4B Bonuses 

Private bonus agreement backs up Thain's claim that Bank of America was aware of payouts

Feb 3, 09 7:02 AM CST
(Newser) - Ousted Merrill Lynch boss John Thain appears to have been speaking the truth when he said Bank of America knew all about Merrill's controversial December bonuses, the Wall Street Journal reports. A copy of a private bonus agreement obtained by the Journal shows that the two firms agreed on a... More »

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executive compensation • Bank of America • Merrill Lynch • bonuses • John Thain • bailout • financial crisis

 NY AG May 
 Claw Back 
 $4B Merrill 
 Bonuses 

Cuomo expands probe into Merrill's handling of pre-takeover handouts

Jan 30, 09 4:52 AM CST
(Newser) - New York Attorney General Andrew Cuomo is considering action ordering the return of $4 billion in early bonuses Merrill Lynch handed out to staff just before its bailout-backed takeover by Bank of America, an insider tells Bloomberg. Cuomo has widened his probe into the bonuses and aims to find out... More »

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executive compensation • Bank of America • Merrill Lynch • Andrew Cuomo • bonuses • Troubled Asset Relief Program

Obama: $18B in Wall Street Bonuses 'Shameful'

President says he, Geithner will press executives on issue

Jan 29, 09 3:43 PM CST
(Newser) - President Obama denounced huge bonuses to Wall Street executives as “the height of irresponsibility” given the country’s economic hardship, the AP reports. Responding to news that financial firms paid out $18 billion in bonuses last year, Obama described the firms’ actions as “shameful” and vowed that he... More »

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Wall Street • executive compensation • CEO • Treasury Department • bonuses • Obama administration • President Obama • Timothy Geithner

 Wall Street Bonuses Fall 44% 

State may lose $1B in tax revenue

Jan 28, 09 4:58 PM CST
(Newser) - Wall Street firms still dished out end-of-year bonuses in 2008, but they were a lot smaller. Cash bonuses fell 44% from the year prior, from a total of $33 billion to $18 billion, Reuters reports. That drop may take $1 billion in tax revenue from New York state, which is... More »

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Wall Street • New York City • unemployment • bonuses • budget deficit • tax revenue • employee • financial crisis • state budgets

 Bailed-Out Bank Execs 
 Made $1.6B Last Year 

Execs made average of $2.6 million; Merrill Lynch CEO made $83 million

Dec 21, 08 3:45 PM CST
(AP) - Banks that are getting taxpayer bailouts awarded their top executives nearly $1.6 billion in salaries, bonuses, and other benefits last year, an AP analysis reveals. Benefits at bailed-out institutions like Goldman Sachs, Merrill Lynch, and JPMorgan Chase included cash bonuses, stock options, personal use of company jets and chauffeurs,... More »

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executive compensation • Goldman Sachs • Merrill Lynch • bonuses • John Thain • benefits • JPMorgan Chase • financial crisis • Wall Street bailout • TARP

ANALYSIS

Exec Pay Likely to Stay
in Stratosphere

Gov't measures to curb cash have backfired with strategies to win execs even more

Dec 21, 08 7:13 AM CST
(Newser) - Will the financial crisis slash the pay of executives who helped get us into the mess? Probably not, if past trends continue, writes David S. Hilzenrath in the Washington Post. When government in the past has fought to curb bosses’ cash flow, corporate boards have generally found a way to... More »

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executive compensation • CEO • corporations • bonuses • regulation • financial crisis

Profits Were Fake, Bonuses All Too Real

How risky schemes
left bankers flush, banks broke

Dec 18, 08 8:36 AM CST
(Newser) - Dow Kim was one of the leading bond traders at Merrill Lynch, and in 2006 he bundled together $500 million in loans into a huge CDO with the charming name Costa Bella. Since the subprime collapse, Costa Bella has cost Merrill millions—but Kim had already cashed out, awarded a... More »

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executive compensation • Merrill Lynch • CDO • bonuses • mortgage backed securities • compensation • collateralized debt obligations • financial crisis

Morgan Stanley to Withhold Bonuses Until Bets Pay Off

Wall Street showing bonus season restraint

Dec 9, 08 8:00 AM CST
(Newser) - Attempting to curb criticism after taking billions in government bailout cash, Morgan Stanley has attached a “claw-back” provision to employee bonuses this year that allows the bank to withhold payouts if employees don’t manage risk properly. The Wall Street behemoth will hold onto a portion of employees’ bonuses... More »

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executive compensation • Goldman Sachs • Morgan Stanley • Merrill Lynch • bonuses • financial crisis • Wall Street bailout

Merrill CEO Backs Off $10M Bonus Request

Wall Street climate pressures Thain to
forgo year-end check

Dec 8, 08 5:40 PM CST
(Newser) - Under a wave of criticism, Merrill Lynch CEO John Thain today gave up asking for a $5-to-$10 million bonus, the Wall Street Journal reports. New York Attorney General Andrew Cuomo called the request "nothing less than shocking" during an "abysmal year" in which Merrill lost $11 billion.... More »

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Wall Street • executive compensation • Morgan Stanley • Merrill Lynch • John Mack • bonuses • John Thain • bailout

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