The federal government’s answer to the furor over AIG’s payments of ridiculous multi-million dollar bonuses to the same executives who helped drive the company into the ground seems to be “we can’t break a contract.”
But what about what the executives promised to do under those employment contracts? Surely those More…
More details on those AIG bonuses are coming out, courtesy of New York Attorney General Andrew Cuomo’s pestering of the company for more information, The New York Times reports.
The startling details are outlined in a letter to Rep. Barney Frank (D-Mass.), chairman of the House Committee on Financial More…
More news on the business ethics front: Some Wall Street firms receiving billions of dollars in taxpayer bailout funds are finding creative ways to get around executive compensation limits imposed by the government, The Wall Street Journal reports.
Congressional leaders from all walks are joining President Obama in berating AIG for doling out millions in bonuses after accepting $170 billion in federal help.
Senate Majority Leader Harry Reid (D-Nev.) took to the chamber floor today to decry the news as a “breach of public trust,” while Senate More…
The growing furor over AIG executive bonus payments has President Obama concerned enough that he’s even speaking out against them now, The New York Times reports. Obama told small business owners at the White House today that he’s directing Treasury Secretary Timothy Geithner to use every legal avenue possible More…
House Financial Services Committee Chairman Barney Frank (D-Mass.) is the latest lawmaker to weigh in on the astounding news that AIG — which remains alive only because of $170 billion in taxpayer help — has plans to pay $450 million in executive bonuses.
Interviewed on NBC’s “Today” show this More…
Bailed-out insurance giant AIG will no doubt be a heated topic of discussion today, with The Wall Street Journal and other news organizations reporting that the failed and essentially insolvent company is vowing to pay out $450 million in bonuses to its “top performers” — you know, the folks More…
Related to our story yesterday about Wall Street firms acting only in the interests of shareholders, Rep. Barney Frank (D-Mass.) last week asked eight bank executives appearing before his House Financial Services Committee why corporate CEOs require enormous bonuses to do their jobs well.
If, in good times, you
President Obama’s expected moves today to limit pay, bonuses and perks for executives of companies that get government bailouts, reflect a kind of populist anger not seen in decades, Bloomberg reports.
Thomas Mann, a scholar at the Brookings Institution in Washington, said the anger hasn’t been this pronounced
The New York Times took a stab at getting people who work on Wall Street to defend taking in more than $18 billion in bonuses — roughly the amount that was paid out in 2004, when the economy was just slightly different – and found that most aren’t owning More…
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