bonuses

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Merrill's Thain Rues Picking Pricey Office Decor Over Ikea

Former Merrill Lynch CEO denies accelerating bonuses

(Newser) - Merrill Lynch's former CEO issued an apology of sorts for spending $1.2 million—including $35,000 for a commode—to redecorate his office as the firm bottomed out, Bloomberg reports. “We decorated it in the style that Merrill Lynch offices were, which was very, very nice,” John...

Fed Plans to Oversee Bankers' Pay

Sweeping new rules will let central bank reject risky compensation plans

(Newser) - A wide-ranging plan by the Federal Reserve to limit executive pay would allow government regulators to probe private financial institution's pay practices—and let the Fed block any policy it thinks may encourage undue risk. The plan is still being formulated and won't be finished for weeks, but it requires...

Court Overturns Merrill-BofA Settlement With SEC

Bank's $33M fine doesn't do 'justice' to shareholders, public: judge

(Newser) - A federal judge today scrapped the $33 million settlement Bank of America and the SEC agreed on as punishment for the bank's not informing shareholders of bonuses paid to Merrill Lynch executives just before the bank bought Merrill, the New York Times reports. Saying BofA "materially lied, " Jed...

Goldman CEO: Populist Rage 'Appropriate'...

... For money-losing banks, not Blankfein's, which hiked pay 33%

(Newser) - The CEO of Goldman Sachs joined the debate over executive compensation yesterday, telling a conference in Frankfurt that public anger was "understandable and appropriate" for money-losing institutions who hand out fat bonuses. But, notes the Wall Street Journal, Lloyd Blankfein stopped short of criticizing his own firm, and...

Judge Slams 'Lying' BofA, Merrill Over $3.6B Bonuses

(Newser) - The judge who has refused to sign off on Bank of America's settlement with the SEC over $3.6 billion in bonuses paid to Merrill Lynch delivered a stinging rebuke to both parties in a hearing yesterday, the New York Times reports. The firms "effectively lied to their shareholders"...

FDIC Chief Seeks Limits on 'Eye-Popping' Banker Pay

(Newser) - The big banks should rein in the "eye-popping" salaries they pay top execs and shift to a more principles-based rewards system, FDIC chief Sheila Bair tells Bloomberg. Bair, along with House Democrats and New York's attorney general, says if the banks don't change their ways, regulators should set...

Judge Balks at BofA Bonus Settlement

$33M deal with SEC raises questions of fairness; hearing set

(Newser) - Bank of America won't be able to quietly settle the flap over bonuses for Merrill Lynch execs with a simple $33 million payout to the SEC, a federal judge ruled yesterday. Judge Jed Rakoff refused to sign off on the settlement, saying that doing so would leave the public in...

BofA Settles SEC Suit Over Merrill Bonuses for $33M

Commission says bank misled investors over Merrill payout

(Newser) - Bank of America will pay $33 million to settle a federal lawsuit, filed today, which says the bank misled its investors, Reuters reports. During its takeover of Merrill Lynch, the lawsuit charges, Bank of America told investors Merrill wouldn’t pay bonuses without BoA’s permission before the deal closed....

TARP-Funded Banks Kept Awarding Bonuses

Firms paid more than they made: Cuomo

(Newser) - The financial crisis and government bailouts did little to change Wall Street’s executive compensation habits, New York's attorney general says. All nine banks given assistance by TARP paid out bonuses in 2008—well before any paid back government loans, according to a survey ordered by Andrew Cuomo. Goldman Sachs,...

AIG Seeks US Approval for More Bonuses

(Newser) - Two of the least favorite words in the Wall Street lexicon are back in the news: AIG bonuses. The company is requesting the government's permission to dole out millions more to dozens of top executives, the Washington Post reports. Technically, AIG doesn't need the federal approval, but it's still gunshy...

Wall Street Pay Packages Roar Back, Led by Goldman

Goldman set to pay $700K per employee at current levels

(Newser) - It didn't take long: After a year of public apologies and vows to change, big pay packages are back on Wall Street. Goldman Sachs is set to pay about $700,000 per employee in 2009 based on current figures, nearly double last year's figure and even higher than before the...

In Lieu of Bonuses, Citi Gives I-Bankers 50% Raises

(Newser) - Citigroup will raise salaries for investment bankers and traders as much as 50% to offset a steep falloff in bonus pay and keep the company’s compensation package competitive, Bloomberg reports. Other employees, like those in the consumer banking section, will receive smaller raises. Citi, which took $45 billion in...

Goldman Readies Record Bonuses

Recession doesn't curb bank's bounty

(Newser) - A wildly successful first half is pointing to the best year ever for Goldman Sachs, and that means record staff bonuses in the midst of the recession, the Guardian reports. Revenues have soared at the bank, which now has little competition; it promised in April that half of its nearly...

White House Shifts Course on Wall St. Pay

Salary caps will be dropped, but bonus restrictions remain

(Newser) - The Obama administration has scrapped plans for salary caps at banks and other firms that receive government bailout money, reports the Wall Street Journal. But congressional limits on bonuses will remain in force, and the White House will still push for major changes to executive compensation. The double whammy of...

Geithner: Pay Changes Ahead for Bank Execs

(Newser) - The Obama administration intends to push for “very, very substantial change,” in the way Wall Street pays executives, Treasury Secretary Tim Geithner tells Bloomberg. “I don’t think we can go back to the way it was,” he said, arguing that the current big-bonus status quo...

Banks Use Worker Life Insurance to Pay Exec Bonuses

Dead employees keep on giving

(Newser) - Former employees of the big banks often end up handing the bosses a final reward when the workers die, the Wall Street Journal reports. The banks have taken out life insurance policies on hundreds of thousands of workers, and the tax-free death benefits are used to finance executive compensation and...

US Weighs Shaving Bankers' Pay
US Weighs Shaving Bankers' Pay
May 13, 2009 5:17 AM CDT

US Weighs Shaving Bankers' Pay

Planned rules may apply to banks that weren't bailed out

(Newser) - The Obama administration has begun an ambitious project to overhaul compensation practices across the financial  sector, including at firms that received no bailout, reports the Wall Street Journal. The government may use the powers of the Fed or the SEC, as well as congressional legislation, to prevent banks from rewarding...

AIG's 2008 Bonus Pool Rises to $454M

Company gives congressman the biggest figure yet

(Newser) - Lawmakers and journalists keep pressing AIG about how much it paid out in bonuses in 2008, and the number keeps getting bigger, reports Politico. In response to a query from Rep. Elijah Cummings, the company now says it paid $454 million, about 4 times the figure it told Politico in...

Let Us Pay Out Bonuses, Citi Begs Geithner

Execs worry employees will bolt as bank chafes under pay restrictions

(Newser) - Citigroup is asking the Treasury for permission to pay special bonuses to many key employees it worries will leave the company—despite the fact that taxpayers will soon become the largest shareholder in the bank. Citi is chafing under Treasury restrictions on executive pay, particularly in its lucrative energy trading...

Thain Accuses BofA of Lying About Bonuses

Fired Merill CEO tries to 'set the record straight' about $3.6B payout

(Newser) - In his first lengthy interview since being pushed out as CEO of Merrill Lynch, John Thain tells the Wall Street Journal that Bank of America—which acquired Merrill in September—is lying about its involvement in the $3.6 billion in bonus payouts that made Thain the poster boy for...

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