compensation

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Fed Rolls Out Plan to Limit Bank Pay

It works in tandem with pay czar's new compensation rules

(Newser) - The Federal Reserve today officially announced a plan to regulate pay structures at banks, the same day the pay czar rolled out his plan to cap salaries at bailed-out firms. The administration’s double-whammy on compensation marks an unprecedented level of government involvement in the private sector, and the policies...

Pay Czar Slashes Top Salaries at 7 Bailed-Out Firms

175 top earners will see pay cuts averaging 50%

(Newser) - President Obama’s pay czar will cut compensation for the 25 highest-paid employees at seven companies that took large amounts of government aid. The 175 executives will face salary reductions of 90%, but with other compensation elements added in, the total reductions average 50%. Ken Feinberg also will require the...

Fed Plans to Oversee Bankers' Pay

Sweeping new rules will let central bank reject risky compensation plans

(Newser) - A wide-ranging plan by the Federal Reserve to limit executive pay would allow government regulators to probe private financial institution's pay practices—and let the Fed block any policy it thinks may encourage undue risk. The plan is still being formulated and won't be finished for weeks, but it requires...

Highest-Paid Men in America
 Highest-Paid 
 Men in America 
Sep 15, 2009 1:16 PM CDT

Highest-Paid Men in America

Chesapeake CEO tops list, but Goldman grabs 3 slots

(Newser) - Fortune’s just released its annual list of the country’s highest-paid men and women. The men come out on top, with the top-paid man making two and a half times what the top woman makes. The top 10 men are below, along with total 2008 compensation.
  1. Aubrey McClendon, Chairman
...

Shadowy Citi Trader Demands $100M Payout

(Newser) - Andrew J. Hall, the man who runs Citi’s shadowy energy-trading unit, is demanding the company pay him up to $100 million to honor a previously agreed-upon 2009 pay package, the Wall Street Journal reports. If Citi doesn’t pay up, Hall could walk and sue, but paying could be...

Unabomber Battles Auction
 Unabomber 
 Battles Auction 

Jun 10, 2009 3:36 AM CDT

Unabomber Battles Auction

(Newser) - Unabomber Ted Kacynski is battling plans by the federal government to auction his belongings, including diaries, typewriters, a hatchet, and his trademark sunglasses and hooded jacket, reports CNN. Proceeds of the sales will go to four wounded survivors of his  mail bomb attacks who are owed $15 million awarded to...

US Weighs Shaving Bankers' Pay
US Weighs Shaving Bankers' Pay
May 13, 2009 5:17 AM CDT

US Weighs Shaving Bankers' Pay

Planned rules may apply to banks that weren't bailed out

(Newser) - The Obama administration has begun an ambitious project to overhaul compensation practices across the financial  sector, including at firms that received no bailout, reports the Wall Street Journal. The government may use the powers of the Fed or the SEC, as well as congressional legislation, to prevent banks from rewarding...

State AGs Probe AIG Bonuses
 State AGs Probe AIG Bonuses 
Mar 20, 2009 2:01 PM CDT

State AGs Probe AIG Bonuses

Coalition of 19 state officials demands list of AIG bonus recipients

(Newser) - The attorneys general of 19 states have joined forces to investigate the bonus payments made to AIG employees, the Wall Street Journal reports. In a letter to the firm, the coalition demands a list of all employees of the financial products unit who received bonuses after the government started providing...

Obama Goes After AIG Bonuses

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

(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...

Autoworkers, Bankers Have a Lot in Common
Autoworkers, Bankers Have a Lot in Common
OPINION
Feb 18, 2009 9:11 AM CST

Autoworkers, Bankers Have a Lot in Common

Exorbitant pay of both brought down their respective industries

(Newser) - They may not seem all that similar, but Detroit’s autoworkers and Wall Street’s bankers have the same story, writes Steven Pearlstein in the Washington Post. From the 1950s up until, say, yesterday, "autoworkers were the aristocrats of the blue-collar world, (and) Wall Street traders and investment bankers...

France Admits Guilt in WWII Deportations

(Newser) - A top judicial authority in France ruled today that the nation was guilty of deporting Jews in the Second World War, the Times of London reports. The landmark decision, confirming France's legal responsibility for the first time, left victims' families frustrated by refusing to give compensation. “The different measures...

'Vaccine Court' Denies Families' Autism Claim

MMR vaccine and thimerosal don't combine to cause autism, panel finds

(Newser) - A special court has ruled that a common vaccine did not cause autism in three children, CNN reports. Three test-case families who claimed the vaccine for measles, mumps, and rubella in combination with the preservative thimerosal caused their children’s autism were denied compensation by the panel, which ruled that...

Wall St. Braces for Lower Pay, Less Risk-Taking

Gov't, public pressure forces shift in expectations

(Newser) - With the new president joining the chorus of outrage against bonuses for bailed-out Wall Street firms, bankers are grappling with the notion that long-held pay expectations will have to change, the Wall Street Journal reports. Eager to avert government crackdown, firms are expected to shrink and perhaps defer bonuses, to...

Recession Hits Law Firms
 Recession Hits Law Firms 
Jan 26, 2009 2:18 PM CST

Recession Hits Law Firms

(Newser) - Law firms, once thought to be better able than most to weather sour economies, are finding themselves in a tough spot these days, the Wall Street Journal reports. While bankruptcy practices are holding steady, business in litigation has fallen off steeply as corporate clients settle instead of writing checks to...

Hubby Wants Kidney Back in Divorce
Hubby Wants Kidney Back
in Divorce
Jan 8, 2009 8:40 AM CST

Hubby Wants Kidney Back in Divorce

Doc wants cheating wife to return donation or pony up $1.5M

(Newser) - A doctor is demanding that his soon-to-be ex-wife return his donated kidney—or at least the $1.5 million he says the transplant is worth—as the pair divvy up their assets in a divorce, Newsday reports. Richard Batista says his wife jumped into bed with her physical therapist just...

Profits Were Fake, Bonuses All Too Real

How risky schemes left bankers flush, banks broke

(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...

Bush Helps Shield Iraq From Gulf War Legal Claims

Compensation could bankrupt country, it says; Americans hurt by Saddam differ

(Newser) - President Bush has wedged himself between Americans and Iraq by supporting a UN measure that stops financial claims against the fledgling democracy. Iraq faces bankruptcy if claims are added to $26 billion it already owes companies and individuals who suffered in the first Gulf war. But the temporary plug keeps...

Execs Were Paid $3B to Lay Credit Crisis Foundation

Wall Street chieftains were well rewarded for risks they took in 2003-07

(Newser) - More than $3 billion was paid to the chief executives of the five biggest financial firms on Wall Street in the run-up to the credit crisis, Bloomberg reports. While supervising bad mortgage-related credit bets that eventually brought the financial system to its knees, Merrill Lynch’s Stanley O’Neal took...

Bailout Talks Get Stuck on Executive Pay

Senate wants to rein in excesses, but lobbyists push back

(Newser) - As Washington continues to wrangle over the terms of the Wall Street bailout, one major sticking point has been executive pay packages, with many in Congress looking to punish CEOs seeking taxpayer aid. While lobbyists are pushing back hard, some kind of restraint on compensation seems unavoidable, reports the New ...

9/11 Fund Must Stand Alone to Mark Tragedy
9/11 Fund Must Stand Alone to Mark Tragedy
OPINION
Sep 11, 2008 12:50 PM CDT

9/11 Fund Must Stand Alone to Mark Tragedy

$7B victims' pool should not set a precedent for disasters

(Newser) - The fund set up to aid the injured and bereaved of 9/11 should not be a model for compensating those affected by disasters like Hurricane Katrina or even other terror attacks, Kenneth Feinberg writes in the Washington Post. The $7 billion September 11th Victim Compensation Fund was a unique "...

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