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NEWS ABOUT: executive bonuses

RNC's Steele to Reid: Step Down

Romer on Wall Street bonuses: 'For heaven's sake, people'

(Newser) - Harry Reid has put his foot squarely in his mouth with quotes about President Obama's lack of "Negro dialect," and Michael Steele would like him to take it out long enough to say, "I quit." "Remember this is a leader who only a few weeks... More »

Wall Street Weighs Huge Bonuses Vs. Public Wrath

Small signs of restraint as bonus season begins with record profits

(Newser) - Wall Street this week enters that cash free-for-all known as bonus season with quite the dilemma hanging overhead: How to distribute the billions in record-breaking profits reaped this year without incurring public wrath? Goldman Sachs expects to give out an average of $595,000, the New York Times reports, and... More »

Fund Sues Goldman Sachs Over Bonuses

Cop, firefighter pension group seeks to halt $22B payout

(Newser) - A pension fund investor is taking Goldman Sachs to court over bonuses it says has nothing to do with employee merit. The suit filed by the Security Police and Fire Professionals of America Retirement Fund accuses the company of preparing to "blindly" hand out $22 billion in bonuses, Reuters ... More »

Obama Unloads on 'Fat Cat Bankers' Who 'Still Don't Get It'

Prez comes out firing in 60 Minutes interview

(Newser) - Ordinary Americans astonished by the gall of Wall Street banks that accepted federal bailout funds and awarded huge bonuses have a friend in a very high place: the White House. "I did not run for office to be helping out a bunch of fat cat bankers on Wall Street,... More »

Goldman Won't Dole Out Cash Bonuses

Top execs will get stock that can't be cashed for five years

(Newser) - No cash bonuses for top Goldman Sachs executives this year. Instead, the Wall Street giant will pay its 30 top execs bonuses in the form of restricted stock that can't be cashed for five years. And the company can get the shares back if the performances they were based on... More »

Pay Czar to Cap More Executive Salaries

Banks scramble to repay feds, free themselves from pay curbs

(Newser) - Treasury Department "pay czar" Kenneth Feinberg plans to start capping the salaries of second-tier execs at firms that received government assistance, according to company and government officials. The $500,000 cap, already imposed on top exec salaries, may now be applied to hundreds of other employees. The move has... More »

Goldman Hustles Investors on Soaring Bonuses

Bank privately meeting with large shareholders to shore up support

(Newser) - Goldman Sachs has been holding private meetings with its top shareholders in an effort to stave off proposals that would reign in its ginormous bonuses. It’s a first for Goldman, which normally doesn’t feel compelled to justify its pay, no matter the public outcry. But shareholders have the... More »

UK Weighs Super-Tough Bank Bonus Laws

Banks to be ordered to reveal numbers of millionaire staff

(Newser) - British bankers will soon face the toughest bonus rules in the world, according to the author of a report the government is pushing to implement. Bonus payments will be delayed for up to 5 years under the planned legislation, and banks will have the power to "claw back" bonuses... More »

Goldman Bonuses Irk Investors, Too

Shareholders question need for $20B in bonuses

(Newser) - With Goldman Sachs on course to hand out the highest bonuses in its history, it's not only furious populists who are complaining; investors, too, are getting into the act. Major shareholders, who have stayed out of the executive compensation controversy until now, are calling for the bank to cut back... More »

Rage Against Privilege Seeps Into Left, Right

Anger at betrayal runs deep

(Newser) - It takes a lot for the folks in middle America to "look upon concentrated wealth as anything except a virtue," writes Timothy Egan for the New York Times, but that line has finally been crossed. Hearing of tens of billions in holiday bonuses at Wall Street firms bailed... More »

Wall Street Bonuses to Jump 40%

Expect political storm as recovery juices incentive pay

(Newser) - The good times are back for much of Wall Street, with overall incentive pay set to jump 40% according to one key survey being released today. In businesses rebounding especially well, like fixed income and equities, the boost will likely be around 60%. That won’t quite bring them back... More »

Exec Pensions Soared as Stocks Tanked

Multi-million-dollar payouts escape pay watchdog scrutiny

(Newser) - Steep increases in the pensions of top execs passed largely unnoticed amid the recent uproar about pay and bonuses. The average pension for a top executive rose 19% last year even as share prices fell by an average of 37%. More than 200 execs saw pensions boosted by over 50%... More »

Pay Czar Cuts Bonuses, But Boosts Salaries

Feinberg beefs up base base to help firms retain talent

(Newser) - Base pay will increase for the majority of top execs in the finance and auto firms supervised by federal pay czar Kenneth Feinberg. Salaries are being bumped up—by hundreds of thousands of dollars in some cases—as bonuses and other perks are slashed. Despite the salary hikes, all 136... More »

Goldman Exec: Pay Inequality Is Good for All

Soaring Wall Street bonuses should be tolerated for economy's sake

(Newser) - Believe it or not, lavish Goldman Sachs bonuses are good news for everybody, a company official told a discussion panel yesterday. The out-of-whack pay inequality will give the economy a kick in the pants, insisted the vice chairman of Goldman Sachs International. "We have to tolerate the inequality to... More »

Once-Reserved Goldman Turns on the Charm

Ahead of record result, normally reticent bank puts on a smile

(Newser) - Today's the day: Goldman Sachs is set to announce record profits in the third quarter, projected at $2.17 billion, and with it a compensation pool larger than Wall Street has ever seen. But the golden bank knows a PR disaster when it sees one—and has been mounting a... More »

Pay Czar Going After AIG Bonuses—Again

But legal hurdles loom for pre-bailout deals

(Newser) - Pay czar Kenneth Feinberg is making another run at AIG’s bonus payouts—or trying to, with the help of a little arm twisting. Feinberg doesn’t have authority over the$198 million in bonuses promised to employees at the infamous trading unit because the contracts were created before the bailout.... More »

Wall Street Forking Out Record Pay

Pay at top firms expected to hit $140B as markets rebound

(Newser) - Major financial firms have bounced back from the brink of meltdown and are on course to hand out their biggest-ever pay packages this year. The total payout at the big banks and securities firms will hit $140 billion this year, according to Wall Street Journal projections based on revenue figures... More »

Stop Whining, Let Goldman Have Bonuses

$23B is galling, but at least the bank is sensible: Sorkin

(Newser) - On Thursday Goldman Sachs is set to announce its third-quarter results, but the talk of Wall Street is the size of this year's bonus pool—predicted to be more than $23 billion. That's the largest figure in the company's history and twice as much as it paid out in 2008,... More »

Fed Shows Backbone, but Obama Cowers Before Banks

Reining in pay is good politics, good economics: Krugman

(Newser) - Just as the recession wanes and the financial system shows signs of the health, banks are returning to their worst habits, says Paul Krugman. Not only are paychecks soaring to pre-Lehman levels, but the financial sector is using its muscle to block "even the most minimal reforms." While... More »

Obama Vows to End 'Fat' Exec Bonuses

Summers sees 'death panel' tactics from reform foes

(Newser) - President Obama used his weekly radio address today to promise a continued crackdown on risky investment schemes that result in "fat executive bonuses" on Wall Street, reports Reuters. Obama pledged to use next week's G20 summit in Pittsburgh to push for sweeping reform of the world's financial markets. "... More »

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