As Weigel pointed out earlier, the GOP appears poised to make a strategy of blaming Democrats — notably Senate Banking Committee Chairman Chris Dodd (Conn.) — for allowing the AIG bonuses that have become so controversial this week.
We pointed out a few reasons earlier today why Dodd More…
As House leaders are debating a bill to apply a 90 percent tax on controversial bonuses paid by bailout recipients like AIG, at least one Democrat has already found a gaping loophole.
Rep. Brad Sherman (D-Calif.), a member of the House Financial Services Committee, said the bill might rein in More…
There’s a new argument coursing through Washington in the last 48 hours, which lays the blame for the AIG bonus scandal at the feet of Sen. Christopher Dodd (D-Conn.) for altering his recently-enacted executive pay proposal to exclude AIG.
The blame is misplaced. Here’s why.
Since the beginning of the financial meltdown last year, Mike Lillis, The Washington Independent’s congressional correspondent, has been documenting the failure of Congress and the Bush and Obama administrations to place tough restrictions on executive compensation as the More…
In an impromptu press conference today on the White House lawn, President Obama tried to channel anger about AIG multi-million dollar bonuses towards reform of the financial system to make sure this sort of situation doesn’t happen again.
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.
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
After a day of haggling, a provision to limit bonuses to top executives of bailed-out banks was tucked into the stimulus last night. But for bankers who might be sweating this morning, don’t fret — there are plenty of loopholes. The yacht is safe.
The finance industry might be floundering, it might be broke, and it might be ringing the tin cup for federal help. But don’t say Wall Street has lost its sway over lawmakers on Capitol Hill.
Congress agreed on a final stimulus plan yesterday, but not before stripping out a provision More…
It’s the morning after, so let’s see how bankers felt about being in the hot seat Wednesday before Congress. Top financial executives of banks that received federal bailout funds got a grilling from the members of the House Financial Services Committee, who gave them a hard time about their bonuses More…
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