bonuses – News Stories About bonuses - Page 7

Mar 20, 2009 8:31 AM CDT

Ex AIG Boss: It's Not My Fault

Says he doesn't back retention bonuses

(Newser) - AIG’s former CEO tells CBS that the bonuses now sparking national outrage would not have happened under his watch. Hank Greenberg, ousted in 2005, said he doesn’t back such retention bonuses, blamed the firm's collapse on the "stupidity" of his successors, and thinks the current CEO should...

Let's Downsize Our Outrage

OPINION

Mar 20, 2009 7:56 AM CDT

Let's Downsize Our Outrage

(Newser) - It’s time to put down the pitchforks, writes Steven Pearlstein in the Washington Post. Public outrage is getting so hot that it’s actually undermining government efforts to contain the financial crisis. Right now, the Treasury is desperately trying to lure private capital back into the so-called shadow banking...

Dodd Weakened by Outcry Over AIG Bonuses

Mar 20, 2009 7:38 AM CDT

Dodd Weakened by Outcry Over AIG Bonuses

Confusion over Conn. senator's role adds to mounting woes

(Newser) - The financial crisis has exacted a political toll on Sen. Chris Dodd few would have seen coming. The veteran senator, elected in 1980, now trails his challenger by 1%, reports the Hill. Resentment of VIP mortgages he received was already hurting him. Dodd’s fumbled explanations of his role in...

Geithner:
I Take Full
Responsibility

Mar 19, 2009 6:26 PM CDT

Geithner: I Take Full Responsibility

(Newser) - Treasury chief Tim Geithner said today that he asked Chris Dodd to add a stimulus loophole allowing AIG to dole out bonuses. Geithner told CNN he felt he had no choice because the government would have been vulnerable to lawsuits if it tried to stop them. "But we also...

Wal-Mart Gives Workers $2B in Bonuses, Rewards

Mar 19, 2009 11:42 AM CDT

Wal-Mart Gives Workers $2B in Bonuses, Rewards

(Newser) - The recession has been kind to Wal-Mart, and it’s decided to share the wealth with the wage slaves. The mega-discounter will dole out about $2 billion in financial incentives to its hourly workers, Reuters reports, including $933.6 million in bonuses and $788.8 million in profit-sharing and 401(k)...

Welcome Back, Loudmouth

OPINION

Mar 19, 2009 9:20 AM CDT

Welcome Back, Loudmouth

Journal responds to Spitzer's sniping

(Newser) - Taking potshots from Eliot Spitzer yesterday felt just like old times to the Wall Street Journal editorial board. "The Journal editorial page has been wrong on just about every issue out there," Spitzer told interviewer Brian Lehrer after being reminded of the paper's criticism of his efforts...

Bank of America Must
Name Bonus Execs

Mar 19, 2009 4:30 AM CDT

Bank of America Must Name Bonus Execs

Court demands firm spills

(Newser) - This doesn’t bode well for AIG: A judge ruled yesterday that Bank of America must identify the Merrill Lynch executives who received $3.6 billion in bonuses ahead of the banks’ merger, reports the Wall Street Journal. New York Attorney General Andrew Cuomo sought disclosure as part of his...

House Votes Today
on Bonus Clawback

Mar 19, 2009 3:51 AM CDT

House Votes Today on Bonus Clawback

Bill being rushed through would slap 90% tax on bonuses at bailed-out firms

(Newser) - The House will vote today on a hastily crafted bill to claw back bonuses from executives at AIG and other bailed-out firms, reports the Hill. The bill, drawn up by Democratic tax experts, slaps a 90% tax on bonuses over $250,000 at firms that received $5 billion or more...

Dodd: 'I Saved
AIG Bonuses at
White House
Request'

Mar 19, 2009 2:32 AM CDT

Dodd: 'I Saved AIG Bonuses at White House Request'

He was follwoing White House orders, sayd Senate Banking Committee chair

(Newser) - The bonus loophole mystery has been solved. Banking Committee Chairman Sen. Chris Dodd added language to the stimulus bill that allowed the AIG bonuses to stand—at the request of the White House, he told CNN. The Connecticut Democrat said he did so reluctantly at the insistence of unnamed Obama...

Frank's House Panel to Grill Geithner Twice

Mar 18, 2009 4:17 PM CDT

Frank's House Panel to Grill Geithner Twice

Another Republican congressman calls for him to resign

(Newser) - As criticism of Treasury Secretary Timothy Geithner mounts, he is scheduled to take his place on the hot seat next week, the Wall Street Journal reports. Geithner will appear before Barney Frank's House panel—the same one grilling AIG chief Edward Lilly today—Tuesday and Thursday. Two Republican congressmen, Connie...

Just Quit,
Geithner:
GOP Rep.

Mar 18, 2009 1:35 PM CDT

Just Quit, Geithner: GOP Rep.

AIG bonuses is latest of Tim's failings: Mack

(Newser) - The AIG bonus flap is the last straw for Rep. Connie Mack, who today called for Treasury Secretary Timothy Geithner to resign or be fired, USA Today reports. “The scandal is but the latest fiasco under his watch,” said the Florida Republican, the first among GOP congressmen to...

AIG Mess Shows Why the Feds Should Quit Banking

OPINION

Mar 18, 2009 1:08 PM CDT

AIG Mess Shows Why the Feds Should Quit Banking

(Newser) - All the hubbub around AIG and its bonuses is “a complete farce,” Larry Kudlow writes in the National Review. No one should be surprised that those in charge have “completely bungled” the situation. “The government shouldn’t run anything, because it cannot run anything,” Kudlow...

AIG Chief Asks Execs
to Give Back Money

UPDATED

Mar 18, 2009 12:54 PM CDT

AIG Chief Asks Execs to Give Back Money

(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...

White House Foists Bonus Blame on Dodd

OPINION

Mar 18, 2009 9:31 AM CDT

White House Foists Bonus Blame on Dodd

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

(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...

AIG Bonuses By the Numbers

Mar 18, 2009 8:37 AM CDT

AIG Bonuses By the Numbers

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

(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
7

...

AIG CEO: Bonuses
'Distasteful,' Necessary

OPINION

Mar 18, 2009 6:23 AM CDT

AIG CEO: Bonuses 'Distasteful,' Necessary

Liddy says paying employees will help taxpayer in long run

(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...

Geithner: We'll
Deduct AIG
Bonuses From
Next Bailout

Mar 18, 2009 4:43 AM CDT

Geithner: We'll Deduct AIG Bonuses From Next Bailout

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

(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...

AIG Chief to Testify
Amid Rising Rage

Mar 17, 2009 9:33 PM CDT

AIG Chief to Testify Amid Rising Rage

(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...

White House on Defensive
as Schumer Warns AIG

Mar 17, 2009 7:04 PM CDT

White House on Defensive as Schumer Warns AIG

(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 ...

73 AIG Execs Got
$1M Bonuses: Cuomo

updated

Mar 17, 2009 1:16 PM CDT

73 AIG Execs Got $1M Bonuses: Cuomo

'08 contracts guaranteed full '07 pay: Cuomo

(Newser) - 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...