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WEDNESDAY, NOVEMBER 25, 2009
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NEWS ABOUT: executive compensation

executive compensation stories: 150 news summaries

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(Newser) - A rogue Merrill Lynch trader appears to have posted some $400 million in undisclosed losses in recent months, the Financial Times reports, covering his tracks with the “irregularity” the firm’s London branch is currently investigating. Alexis Stenfors, now suspended, reported $120 million in gains in 2008’s fourth... More »

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fraud • London • executive compensation • Bank of America • mergers and acquisitions • Merrill Lynch • trading • John Thain • Alexis Stenfors

 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

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

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

Geithner Wins Tug-of-War for Hands-Off Bailout

Treasury secretary resists calls for firmer government intervention

Feb 10, 09 1:49 AM CST
(Newser) - Treasury Secretary Timothy Geithner has prevailed over top administration officials who sought tougher restrictions on financial institutions in the revamped bailout plan to be unveiled today, reports the New York Times. Geithner, pointing to failures in countries that adopted more interventionist measures, successfully resisted calls to dictate how the cash... More »

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executive compensation • Treasury Department • bailout • Obama administration • financial crisis • Wall Street bailout • Timothy Geithner • TARP

Analysis

Banks Will Find Ways
Around Obama's Pay Cap


Feb 7, 09 12:57 PM CST
(Newser) - Barack Obama’s attempt to curb executive pay may please the outraged investing public, but banks will find the loopholes—and possibly create even more vexing problems in the future, writes Jason Zweig of the Wall Street Journal. To begin with, the rule won’t dent the pay... More »

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Barack Obama • Wall Street • executive compensation • financial sector

ANALYSIS

 Skirting Pay Cap 
 Will Be a Piece of Cake 

Obama proposal leaves wiggle room, and Wall St. usually good at finding it

Feb 5, 09 9:57 AM CST
(AP) - The squeeze on big paydays for executives of bailed-out banks will probably leave Wall Street plenty of wiggle room. Consultants on executive pay say the caps imposed by President Obama yesterday will probably apply only to a few executives—not star traders, brokers, and salespeople who routinely earn whopping pay... More »

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Wall Street • executive compensation • salary cap • bailout • Obama administration • banks • financial crisis • Wall Street bailout • President Obama

OPINION

C'mon, Mr Prez, Nobody Will Run Bank for $500K

Obama, after pledge
to be above the noise, falls prey to it instead

Feb 4, 09 12:34 PM CST
(Newser) - Sure, bankers make too much money, but President Obama’s ceiling “is just a misguided attempt to quiet the peanut gallery,” writes Megan Barnett in Portfolio. The $500,000-per-year executive cap will discourage banks from taking needed government cash, and drive away top talent. “Money is what... More »

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Barack Obama • executive compensation • Obama administration • banking industry • financial crisis • Wall Street bailout • President Obama • TARP

OPINION

 Populist Outrage 
 Makes Perfect 
 Sense 

Pay system at the heart of this whole mess

Feb 4, 09 11:44 AM CST
(Newser) - All it takes is $18.4 billion, and suddenly the mob is restless. Once, we were content to brush Wall Street’s gross inequities under the rug, but “we’re populists of a more fiery sort now,” writes Thomas Frank in the Wall Street Journal, “... More »

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executive compensation • populism • banking industry • financial crisis • economic disparity

(Newser) - Executives at companies that get “exceptional help” from the federal government are in for a big pay cut, President Obama announced today. Top-level executives will have salaries capped at $500,000, Obama said, “a fraction of the salaries that have been reported recently.” The only other compensation... More »

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Barack Obama • executive compensation • bailout • Obama administration • financial crisis • Timothy Geithner • TARP

Obama May Cap Pay of Bailed-Out Execs at $500K

Pay to be capped at $500,000, bonuses canceled

Feb 3, 09 11:31 PM CST
(Newser) - The Obama administration plans to announce sharp new limits today on how much executives of bailed-out companies can make, the New York Times reports. The rules, still being hammered out, would cap the pay of top executives at $500,000 and bar them from receiving any bonuses apart from normal... More »

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executive compensation • bailout • Obama administration • financial crisis • Wall Street bailout • President Obama • Timothy Geithner • TARP

 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

Feds May Curb Pay at Rescued Financial Firms

Administration hopes move will bolster flagging bailout support

Feb 2, 09 8:38 AM CST
(Newser) - Seeking to curry public favor, the Obama administration is weighing pay cuts for executives at financial institutions that receive government aid, the Wall Street Journal reports. The move would apply to firms receiving “exceptional” help—a term not clearly defined but seemingly along the lines of that given to... More »

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executive compensation • bail • Obama administration • financial crisis • Timothy Geithner • TARP

 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

Ousted Thain to Repay $1.2M Spent on Office

Lush renovation
was a 'mistake,'
says ex-Merrill CEO

Jan 26, 09 11:37 AM CST
(Newser) - Former Merrill Lynch CEO John Thain says he’ll repay the $1.2 million he spent on office renovations last year, Bloomberg reports. “The expenses were incurred over a year ago in a very different environment,” Thain wrote in a memo to Merrill execs. “They were a... More »

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executive compensation • Bank of America • merger • Merrill Lynch • resignation • office • John Thain • renovation • financial crisis • reimbursement

'Sneaky' Loophole Boosts Execs' Pensions

Through lump-sum payments, executives net millions extra

Jan 23, 09 11:55 AM CST
(Newser) - A change in federal disclosure requirements has revealed that some companies are inflating the value of retirement plans for—guess who?—top executives. By converting pensions, which generally pay out in installments over a retired employee’s lifetime, to a lump-sum payment, CEOs can increase the value by 10% to... More »

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taxes • executive compensation • pensions • retirement benefits • 401(k) plans • Hartford Insurance

Chrysler's Loan Arm Gets $1.5B Federal Loan

Attempt to unfreeze auto-loan market is on top of $17B coming to Detroit from TARP

Jan 16, 09 4:03 PM CST
(Newser) - The Treasury Department will lend Chrysler’s financing arm $1.5 billion to encourage the struggling auto-loan market, the Washington Post reports today. The 5-year loan comes at an interest rate of about 1.36%, and carries limits on executive compensation: Chrysler Financial will have to cut its bonus pool... More »

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Chrysler • executive compensation • Treasury Department • auto industry • auto loans • TARP • auto bailout

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