Wall Street

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Summers Reaped Millions From Bailout Recipients

Earned $2.7M in speakers fees last year

(Newser) - Lawrence Summers, President Obama's top economic adviser, received hefty speaking fees last year from Wall Street giants that later got bailout cash, Bloomberg reports. Summers received a total of $2.7 million from firms like Goldman Sachs and Citigroup on top of the $5.2 million salary he got from...

AIG Bonus Recipients in Europe Cry Blackmail

(Newser) - Some AIG executives in Europe think the demands that they return their bonuses are tantamount to "blackmail," Reuters reports. In fact, a compliance officer for Banque AIG unit in London asked UK authorities to determine whether the demands for repayment constitute extortion. He encouraged others in an email...

Hedge Fund Managers Profit in Bear Market

Top 25 took home total of $11.6 billion in pay last year

(Newser) - Hedge funds lost an average of 18% last year, but as markets fell to earth, the top 25 hedge fund managers each earned more than $75 million in pay, reports the New York Times. The most successful, James Simons of Renaissance Technologies, pulled in $2.5 billion, while George Soros...

AIG Execs Repaying $50M in Bonuses: Cuomo

(Newser) - New York Attorney General Andrew Cuomo said today that most of the top bonus recipients at AIG have agreed to return the money, amounting to more than $50 million, the Wall Street Journal reports. Fifteen of the top 20 beneficiaries of $165 million at AIG's Financial Products unit—which played...

Time to Forget AIG and Nab Offshore Cash
Time to Forget AIG and Nab Offshore Cash
OPINION
Mar 23, 2009 11:40 AM CDT

Time to Forget AIG and Nab Offshore Cash

We're fretting about millions in bonuses, while firms hide billions

(Newser) - Everyone’s aflutter about the AIG bonuses—but there’s a much more lucrative way to take Wall Street to task than obsessing over $165 million, writes Joe Conason in Salon. The government should instead focus on the billions that financial firms are putting in offshore tax havens. Corporate tax...

Hey, Barack: Get Tough Like Michelle
 Hey, Barack: 
 Get Tough 
 Like Michelle 
OPINION
Mar 22, 2009 11:04 AM CDT

Hey, Barack: Get Tough Like Michelle

Prez, Geithner must quit 'coddling' Wall Street: Dowd

(Newser) - Michelle Obama said her husband would be pulling garden weeds whether he “liked it or not”—and the president could take a page from her book, writes Maureen Dowd in the New York Times. Obama and the Treasury secretary “have been coddling the Wall Street elite,”...

New Obama Plan Aims to Control Exec Pay

(Newser) - The White House will roll out a plan next week to oversee executive pay and more deeply regulate Wall Street, the New York Times reports. Officials are still debating the details, but under the proposal, the Fed will supervise compensation at financial firms, banks, and other companies—even ones that...

Cuomo Could Capitalize on Wall St. Crisis

Will he reveal AIG names?

(Newser) - Andrew Cuomo’s political career has hit a crossroads, the New York Times reports. The New York attorney general has found his moment, slinging subpoenas at Wall Street like a populist avenger. He’s forced concessions from the rating agencies and student loan lenders, and pried the names of bonus...

Stewart 'Incredibly Unfair,' Says NBC Chief

(Newser) - NBC CEO Jeff Zucker said today that Jon Stewart’s Daily Show attacks are “incredibly unfair to CNBC and the business media,” Broadcasting & Cable reports. “CNBC is a spectacular organization and in particular Jim Cramer,” Zucker continued. “What is going on now is absurd....

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

(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 ...

Suck It Up and Pay Those Bonuses
 Suck It Up and 
 Pay Those Bonuses 
OPINION
Mar 17, 2009 9:30 AM CDT

Suck It Up and Pay Those Bonuses

Keeping employees at AIG is paramount, says Sorkin

(Newser) - Everyone from President Obama down has been stung by the unfairness of AIG's planned $165 million in bonuses. But as Andrew Ross Sorkin writes in the New York Times, the best thing to do is shut up and pay. "As unpalatable as it seems," he writes, "taxpayers...

Wall St. Looks to Skirt Bonus Limits With Padded Salaries

Attempt to skirt new rules could anger shareholders

(Newser) - In a move to skirt government restrictions on executive pay for recipients of bailout cash, some Wall Street companies are discussing raising base salaries, the Journal reports. Citigroup and Morgan Stanley are considering the idea, which is gaining currency as regulators keep a watchful eye on bonuses, say industry insiders....

Cuomo Wants to Link Wall St. Pay to Performance

'Heads I win, tails I break even' must stop

(Newser) - New York’s attorney general is teaming with Washington lawmakers to develop a plan to link Wall Street pay to long-term company performance, the Wall Street Journal reports. Details are skimpy, but Andrew Cuomo is looking into spreading cash and stock payments over several years so that if firms do...

Smokes, Beer Worth More Than Stock

Whole Foods shares worth less than a pound of scallops in their stores

(Newser) - Why settle for the goods when you can get the factory—or a piece of it—instead? Gawker finds more companies whose shares are worth less than products they sell:
  • Have dreams of owning a brewery? Scoop up an Anheuser-Busch share ($20.16) for less than one Bud Light case.
...

Cuomo: Merrill Misled Congress on Bonuses

Bank decided on bonuses earlier than claimed, he says

(Newser) - Andrew Cuomo is turning the screws a little tighter in his investigation of bonuses paid to Merrill Lynch executives. In a court filing today, the New York attorney general accused the bank of "misleading" Congress about when it decided to dole out $3.6 billion, the Wall Street Journal...

Obama Can't Blame Bush for His Economic Recklessness

President has raised taxes when business needs a break

(Newser) - Everyone loves a scapegoat. The American people have Wall Street fat cats, and President Obama has George W. Bush, writes David Harsanyi for the Denver Post. While Obama, "in a superbly eloquent and inspirational pitch, always reminds us that nothing is his fault," Harsanyi gripes, "nearly every...

Market Bounces 300+ on Bernanke, Citi News

Citi leads way as Bernanke comments give boost

(Newser) - The Dow surged more than 300 points this morning, as investors welcomed news from Citigroup CEO Vikram Pandit that his bank had shown a profit the first two months of this year, and optimistic comments from Fed chairman Ben Bernanke. The Dow had risen 312 points by noon, led by...

Madoff Aide Generated Fake Papers for Scam: Workers

Feds continue to hunt for cohorts

(Newser) - A longtime Bernie Madoff aide generated fake trading tickets for the accused swindler to use to document trades that never took place, workers have told federal authorities. The employees were instructed to research stock trade prices, then create bogus tickets showing purported trades and fake profits in line with made-up...

Protesters Rip Manhattan Foreclosure Auction

They demand moratorium on evictions

(Newser) - New Yorkers protested an auction yesterday of hundreds of foreclosed homes, claiming the forced evictions plaguing the nation in this economic downturn are illegal, and demanding a moratorium. "Banks get bailout out, people get thrown out," read signs held aloft by demonstrators." Their rage was not directed...

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