After months of whining, a resignation letter delivered on the op-ed page of The New York Times and warnings of a massive corporate brain drain, only 16 executives have left bailed-out companies amid pay caps in the past two years. Pay Czar Kenneth Feinberg set pay More…
Now that there are only a few banks left that haven’t repaid their TARP funds — and many did so to get out from under Pay Czar Ken Feinberg’s pay-restricting thumb — and bonus season has passed, Feinberg has just a little time on his hands. The Wall Street Journal More…
Yesterday, everyone got worked up over President Obama’s comments to Business Week that he didn’t begrudge Chase CEO Jamie Dimon or Goldman Sach CEO Lloyd Blankfein their bonuses — despite the many reasons those bonuses aren’t as out-of-line as the headlines would have Americans believe. But are they More…
The Swiss bank UBS — last seen by The New York Times supposedly donating to Republicans to avoid regulation — is doing something more in line with President Obama’s calls to limit executive bonuses when companies fare poorly. UBS, which posted a $2.56 billion loss in 2009, is More…
In an interview with Business Week, Obama said that he didn’t “begrudge” J.P. Morgan Chase CEO Jamie Dimon or Goldman Sachs CEO Lloyd Blankfein their bonuses for 2009, which amounted to $17 million and $9 million in stocks. While this has spurred outrage and unfavorable comparisons to More…
As Wall Street prepares to dole out billions of dollars in 2009 bonuses, Sen. Charles Grassley (R-Iowa) has his eyes on one particular payment of $2.8 million. That’s the amount reportedly paid to Anastasia Kelly, AIG’s general council, who resigned abruptly on Dec. 30 More…
The Federal Reserve on Thursday proposed a new program of monitoring executive compensation at the nation’s largest financial institutions, a move designed to prevent banks from using pay incentives that encourage risky transactions like those that recently toppled the global economy.
Well, at least one banking executive is personally feeling the pain of the foreclosure crisis: Wells Fargo has fired a top employee who moved into a foreclosed Malibu beach house and threw lavish parties all summer there, the Los Angeles Times reports.
Cheronda Guyton, a senior vice president responsible
President Obama called on Wall Street today to stop fighting financial regulation and to instead embrace reform, Bloomberg reported. Speaking at Federal Hall in New York City on the first anniversary of the fall of Lehman Brothers, Obama used plain language to explain to all the financial wizards More…
Here’s the money quote from Treasury Secretary Tim Geithner, interviewed Monday by CNN about the role of government in regulating Wall Street:
The financial markets are too important to the economy to be left to the markets alone. You need a strong framework of regulations, a much stronger
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