Posts Tagged ‘Government bailout’

Pay Czar Collects Firms’ Proposals

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Published in The Washington Post August 15, 2009 by Tomoeh Murakami Tse

For years, the question of what constitutes fair and appropriate compensation for top business executives has been debated by legislators, corporate directors and activist shareholders.

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What is fair executive pay?

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Published on Google by The Associated Press columnist Rachel Beck

The scrutiny of executive pay in Washington isn’t knocking down the compensation of banks’ head honchos. It’s just changing what form the money comes in.

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Pelosi, Frank urge for control of CEO pay at TARP banks

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Published in Market Watch August 12, 2009 by Ronald D. Orol

Key U.S. lawmakers on Wednesday urged the Treasury Department to ensure that financial institutions that have received more than $200 billion in bailout funds have compensation plans that don’t disproportionately reward top employees and executives at the expense of taxpayers.

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Citi in $100 Million Pay Clash

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http://online.wsj.com/article/SB124848894204180877.html#mod=testMod

Published in The Wall Street Journal, July 27, 2009 by Michael Sionolfi and Ann Davis

A Citigroup Inc. trader is pressing the financial giant to honor a 2009 pay package that could total $100 million, setting the stage for a potential showdown between Citi and the government’s new pay czar.

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Commentary: What Wall Street owes you

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Published in CNN.com July 15, 2009 by Janet Tavakoli, president of Chicago-based Tavakoli Structured Finance

Goldman Sachs Group Inc. announced record earnings Tuesday of $3.44 billion for the second quarter of 2009.

Goldman’s stock price leapt 77 percent for the first half of 2009, and closed Tuesday at $149.66 a share.

Without an ongoing series of front- and backdoor bailouts financed by U.S. taxpayers, most of Goldman’s record profits would not have been possible.

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Goldman’s Gain, America’s Risk

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Published in The New York Time July 14, 2009 ”Room for Debate” by The Editors

Jeffrey A. Miron, an economist at Harvard, says this situation shows why governments should not be in the bailout business.

Having earned $3.44 billion in the second quarter, Goldman Sachs announced that it would be setting aside a compensation pool of $11.36 billion for the first half of 2009, or nearly $400,000 each, on average, for its roughly 29,400 employees and temporary workers. That level of per-worker compensation is close to what it was in mid-2007, when Wall Street was booming.

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Full of sound and fury, signifying nothing

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expert perspective telescopeExpert Perspective by Grahalls’ OmniMedia Editorial Board
 
It doesn’t take an idiot to tell this tale – or Macbeth – but we’ll take the role. Insignificant, despite the apparent sound and fury, is the issue of $500,000 annual pay increases, which the American Federation of State, County and Municipal Employees (AFSCME) asked Morgan Stanley to reverse. (Cari Tuna, “Union Calls on Morgan to Reverse Raises for Top Earners.” June 24, 2009.)
Continue reading “Full of sound and fury, signifying nothing” »

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SEC May Give Shareholders in TARP Banks a Vote on Pay

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Published in Bloomberg, July 1, 2009 by Jesse Westbrook

Bank of America Corp., Citigroup Inc. and other companies that haven’t repaid government aid may have to let shareholders weigh in on executive pay for top managers under rules proposed by U.S. regulators.

The Securities and Exchange Commission voted 5-0 today to seek feedback from investors and the banking industry on whether companies with outstanding debts should be required to give shareholders a vote on compensation. The rule would apply to banks that haven’t repaid funds received under the Troubled Asset Relief Program.

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U.S. to Propose Wider Oversight of Compensation

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Published in The New York Times, June 8, 2009 by Louise Story and Eric Dash

The Obama administration plans to require banks and corporations that have received two rounds of federal bailouts to submit any major executive pay changes for approval by a new federal official who will monitor compensation, according to two government officials.

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GM Finance Arm to Get Fresh Bailout

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Published in The Wall Street Journal May 21, 2009 by Neil King, Jr. and Deborah Solomon

The Treasury Department is poised to inject more than $7 billion into the first installment of a new government aid package that could reach $14 billion, according to people familiar with the matter. As a result of the move, the government within months could end up owning both GMAC and General Motors Corp.

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Read Grahall’s Michael Dennis Graham’s Expert Perspective on this subject.

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