bonuses

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SEC Probes BofA for Being Mum on Merrill Bonuses

Bank may have illegally misled investors over pre-takeover Merrill payouts

(Newser) - The SEC is looking into whether Bank of America violated federal law by failing to let investors know Merrill Lynch planned to pay its execs $3.62 billion in bonuses before it was taken over by BofA last year, the Financial Times reports. The regulator is reviewing the bank's disclosure...

Kids to AIG: 'Not All of USA Hates You'

(Newser) - It seems fourth-graders have a greater store of empathy than the rest of this crisis-wracked nation. When a Houston teacher asked students how they felt about the AIG bonus scandal, it provoked the usual boos and hisses. But when she put the kids in an AIG employee’s shoes, they...

Fannie, Freddie to Pay $210M in Bonuses

(Newser) - Fannie Mae and Freddie Mac expect to pay roughly $210 million in retention bonuses over the next 18 months, reports the Wall Street Journal. Some 7,600 employees are slated to get bonuses, in some cases totaling as much as $1.5 million, in a program that has drawn sharp...

Lawmakers Spent Taxpayer Money on $9.1M in Bonuses

Aides rewarded with surplus cash from lawmakers' expenses

(Newser) - The lawmakers blustering about corporate bonuses haven't shied away from using government funds to reward their own staffers, a Wall Street Journal look at the records reveals. More than 200 House lawmakers from both parties paid $9.1 million in bonuses to 2,000-plus staff members in 2008—one of...

AIG Employee Tells Liddy: You Betrayed Us
AIG Employee Tells Liddy:
You Betrayed Us
OPINION
Mar 25, 2009 9:27 AM CDT

AIG Employee Tells Liddy: You Betrayed Us

VP's resignation letter rips cowardly CEO, grandstanding pols

(Newser) - Though he says he’s blameless for the mess that brought down AIG, and worked 14-hour days at $1 a year to help dismantle the insurer, executive Jake DeSantis feels “betrayed” by CEO Edward Liddy—and lets him know in a resignation letter published by the New York Times....

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 Bonus Tax Is Stalled, Likely to Die in Senate

Lawmakers likely to let special tax die, with the nod from Obama

(Newser) - With populist outrage cooling and the White House even cooler, the 90% AIG bonus tax that sailed through the House last week is stalled in the Senate, where it's likely to die, reports Bloomberg. Majority Leader Harry Reid said yesterday this week will be devoted to debating national service and...

White House Aides: AIG Bonus Tax 'Dangerous'

(Newser) - The White House might not be onboard with bills sprinting through Congress to tax away AIG’s outrage-inducing bonuses. Top White House financial advisers are reacting coolly to the suggestion, the Washington Post reports. “The president has been clear we don’t want to govern out of anger,”...

Old Gray Lady Grabs Obama by the Ear

Krugman, Friedman, Dowd, Rich, editorial board all pile on prez

(Newser) - The Obama administration bore an avalanche of criticism this weekend from the usually friendly New York Times. Influential columnists Paul Krugman, Frank Rich, Thomas Friedman, and Maureen Dowd—plus the paper’s editorial board—all piled on a president who “is increasingly overwhelmed, and not fully appreciative of the...

AIG Bonuses Higher Than Thought: $218M

Five at firm got more than $4M: Blumenthal

(Newser) - AIG documents show the firm paid out $218 million in bonuses—higher than the $165 million that had been disclosed, says Connecticut’s attorney general. The papers show five at the firm scored bonuses of more than $4 million, said Richard Blumenthal, whose office received the papers last night after...

If I Knew, I Would Have 'Rejected' Legislation: Dodd

(Newser) - Sen. Chris Dodd says that if he had known the purpose of changes to legislation he drafted for the stimulus package, he “would have flatly rejected it,” CNN reports. Dodd’s rewrite, at the behest of unnamed Treasury officials, allowed AIG and others receiving federal assistance to dole...

Frank Targets Fannie, Freddie Execs' Bonuses

(Newser) - Executives at government-owned mortgage giants Fannie Mae and Freddie Mac are scheduled to receive six-figure retention bonuses, but Barney Frank wants the payments canceled, MarketWatch reports. “In this troubled economy, and in this job market, it is difficult to imagine that the companies would not be able to find...

State AGs Probe AIG Bonuses
 State AGs Probe AIG Bonuses 
Mar 20, 2009 2:01 PM CDT

State AGs Probe AIG Bonuses

Coalition of 19 state officials demands list of AIG bonus recipients

(Newser) - The attorneys general of 19 states have joined forces to investigate the bonus payments made to AIG employees, the Wall Street Journal reports. In a letter to the firm, the coalition demands a list of all employees of the financial products unit who received bonuses after the government started providing...

AIG Bonus Vote Splits GOP Honchos
 AIG Bonus Vote 
 Splits GOP Honchos 
ANALYSIS
Mar 20, 2009 11:25 AM CDT

AIG Bonus Vote Splits GOP Honchos

Insider Boehner and publicity-hungry Cantor go opposite ways

(Newser) - The vote to tax AIG bonuses split the House’s top two Republicans, and illustrates the differences in their strategies, reports Politico. Minority Leader John Boehner voted against, calling it “a bad bill with bad consequences.” Boehner’s No. 2, rising star Eric Cantor, supported it, calling it...

AIG Execs Face Fury of Angry Public

Amid death threats, some are returning hefty bonuses

(Newser) - The AIG scandal has turned company execs from pillars of their communities into dastardly villains, reports the New York Times. Witness James Haas—or Jackpot Jimmy as the New York Post calls him. "I didn’t have anything to do with those credit problems,” says Haas, who fought...

Ex AIG Boss: It's Not My Fault

Says he doesn't back retention bonuses

(Newser) - AIG’s former CEO tells CBS that the bonuses now sparking national outrage would not have happened under his watch. Hank Greenberg, ousted in 2005, said he doesn’t back such retention bonuses, blamed the firm's collapse on the "stupidity" of his successors, and thinks the current CEO should...

Let's Downsize Our Outrage
 Let's Downsize Our Outrage 
OPINION
Mar 20, 2009 7:56 AM CDT

Let's Downsize Our Outrage

(Newser) - It’s time to put down the pitchforks, writes Steven Pearlstein in the Washington Post. Public outrage is getting so hot that it’s actually undermining government efforts to contain the financial crisis. Right now, the Treasury is desperately trying to lure private capital back into the so-called shadow banking...

Dodd Weakened by Outcry Over AIG Bonuses

Confusion over Conn. senator's role adds to mounting woes

(Newser) - The financial crisis has exacted a political toll on Sen. Chris Dodd few would have seen coming. The veteran senator, elected in 1980, now trails his challenger by 1%, reports the Hill. Resentment of VIP mortgages he received was already hurting him. Dodd’s fumbled explanations of his role in...

Geithner: I Take Full Responsibility

(Newser) - Treasury chief Tim Geithner said today that he asked Chris Dodd to add a stimulus loophole allowing AIG to dole out bonuses. Geithner told CNN he felt he had no choice because the government would have been vulnerable to lawsuits if it tried to stop them. "But we also...

Wal-Mart Gives Workers $2B in Bonuses, Rewards

(Newser) - The recession has been kind to Wal-Mart, and it’s decided to share the wealth with the wage slaves. The mega-discounter will dole out about $2 billion in financial incentives to its hourly workers, Reuters reports, including $933.6 million in bonuses and $788.8 million in profit-sharing and 401(k)...

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