Feeds
Federal regulators voted Wednesday to require companies to reveal more information about how they pay their executives amid a public outcry over compensation.
The government's "pay czar" expects compensation plans for additional employees at the seven companies getting the biggest bailouts to be in place by year's end, while the Federal Reserve will soon start its own work on banks' pay practices.
The Obama administration's "pay czar" who reduced pay for executives at seven major corporations doesn't want broader powers over the rest of the financial sector.
The government zeroed in on corporate excess and recklessness Thursday with deep, unprecedented cuts in executive compensation at companies living on taxpayer money and a move to wield veto power over pay policy at thousands of banks to limit risk-taking.
The government unleashed efforts on two fronts Thursday to rein in outsized executive pay packages and limit the excessive risk-taking that fueled the financial crisis.
The Obama administration's decision to cut the pay of top executives at companies on taxpayer life support will help quiet the popular outrage over excessive compensation. But it introduces a new concern: brain drain.
The Treasury Department on Thursday ordered seven companies that received billions of dollars in government bailouts to halve total compensation for their top executives. But the big reductions will not apply to pay earned before November.
The Treasury Department is ordering companies that received billions of dollars in government bailouts to halve total compensation for their top executives. But the big reductions will not apply to pay earned before November.
President Barack Obama says Americans' values are offended by excessive paychecks for executives whose companies were bailed out by taxpayers.
The chairman of the panel that oversees the $700 billion federal bailout fund said Thursday the Obama administration is insisting on slashing the salaries of executives of companies that took money from the government.
India's richest man announced he will voluntarily cap his compensation at 150 million rupees ($3.3 million) this year, saying he will get by on about a third of his take-home pay from the previous year.
The Obama administration's "pay czar" is embarking on a review of proposed compensation packages for the top employees at seven companies that are on government life support, marking the first time a federal official will have veto power over how much private-sector executives are compensated.
The Obama administration says excessive executive compensation must be better managed to prevent the sort of risk-taking that jeopardizes the economy.
The Obama administration struck a delicate balance on executive pay Thursday, blaming flawed compensation packages for encouraging disastrous risk-taking but insisting it doesn't want to dictate how corporations reward their top people.
Financial sector executives should not fear government imposed caps on their salaries even as the Obama administration moves to influence how firms pay their employees. Treasury Secretary Timothy Geithner said Monday that government should place "broad constraints" on the incentives that huge pay packages create for executives to take short-term risks. But he drew the line at government determining levels of pay.
The Obama administration wants government to have a say in how financial institutions pay their employees and is working to change Wall Street practices so that compensation is more closely tied to performance over time.
France will limit or ban bonuses and stock options for executives at companies bailed out with taxpayer money, an official announced Thursday, as the government scrambled to calm public outrage at what some see as the greed that caused the global financial crisis.
A growing number of companies are freezing salaries, reducing bonus pools and making other major changes to their executive pay programs, a consulting firm reported Tuesday.
Facing a stricter approach to limiting executive bonuses than it had favored, the Obama administration wants to revise that part of the stimulus package even after it becomes law, White House officials said Sunday.
The squeeze on big paydays for executives of bailed-out banks will probably leave Wall Street plenty of wiggle room. Consultants on executive pay say the caps imposed by President Barack Obama on Wednesday will probably apply only to a few executives — not star traders, brokers and salespeople who routinely earn whopping pay packages.
Assailing out-of-touch corporate pay and perks, President Barack Obama on Wednesday slammed a salary cap on top executives from companies that want bailouts — but it's a limit that could end up thinning the wallets of only a small number of people.
Former U.S. Treasury Secretary Lawrence Summers on Tuesday said government restrictions on executive pay don't make sense except in instances when the government is propping up a company that would otherwise fail.
The board of Verizon Communications Inc. on Thursday decided to give shareholders an annual advisory vote on executive pay, becoming one of the first major companies to do so.
New York Governor David Paterson was on CNBC this morning discussing his state's budget problems. Until recently, the state of New York has annually paid tens of billions of dollars in federal tax more than it has taken from the federal government.
Dan Collins: Wall Street Makes Merry With Other People's MoneyThere's a good deal of jolliness on Wall Street this holiday season, thanks to the billions of dollars in bonuses that will be stuffed into the stockings of your favorite bankers.
Bank Reform Bill Passed by HouseThe House passed legislation Friday aimed at preventing the next big financial crisis, ushering in the most sweeping set of changes to the banking regulatory system since the New Deal. More Articles
Five AIG Execs May Quit over Pay: Report - CNBCjust one phrase comes to mind when reading this: "Cry me a river"!
Obama Orders Deep Pay Cuts For Execs of Bailed Out Banks and Car CompaniesUnder the plan, which will be announced in the next few days by the Treasury Department, the seven companies that received the most assistance will have to cut the cash payouts to their 25 best-paid executives by an average of about 90 percent from last year.
Insurance Executive Pay Curbed in Health Bill Democrats on the Senate Finance Committee voted Thursday to encourage limits on the compensation of insurance executives, responding to charges that expanding health insurance coverage would enrich insurance companies.
Highest Paid Worst Performers of 2008--5 Most Overpaid CEOsThe Corporate Library, a corporate governance research firm, reviewed regulatory filings from 2,000 publicly traded companies and came up with a list of five chief executives they're calling the "Highest Paid Worst Performers" of 2008.
G20 Leaders to curb bonuses, keep stimulusBRUSSELS (Reuters) - World leaders are likely to agree to curb bank bonuses at next week's G20 summit and want evidence recession is over before they stop spending to prop up their economies, European heads of government said on Thursday.
The Reality of Economic Recovery........ if you're among the vast majority of Americans who do not reside at the top, chances are that you don't measure economic recovery by Wall Street profitability, stock prices and executive bonanzas.
Two House Democrats Seek Information From InsurersTwo powerful House Democrats have sent a letter to insurance companies asking them to provide detailed information about their conferences and retreats, executive pay, and other business practices.
100 million dollar bonus to Citigroup exec contractually owed: Your taxes will pay for itIn a few weeks, the Treasury Department's czar of executive pay will have to answer this $100 million question: Should Andrew J. Hall get his bonus?
American Express Exec's Thomas Schick $1.8 Million Sale How do you still feel about American Express? Feel like your fees just bought someone a big house or a few luxury cars?
Executives receive one-third of all pay in the U.S. According to a Wall Street Journal analysis of Social Security Administration data, more than one-third of all pay in the U.S. now goes to executives and other highly-paid employees:
Citigroup Is Said to Be Raising Pay for Workers as much as 50%After all those losses and bailouts, rank-and-file employees of Citigroup are getting some good news: their salaries are going up.
Every HR Professional's Nightmare: Anxiety' hitting British workers' Someone chuckled when I said, "I have felt like 2.5 million since I have been away from that toxic cesspool. Stress kills."
Credit Cards: An Exchange of Messages from ReadersFelix Salmon takes an interesting look into credit cards and interacts with his audience. It explains the dynamics of the higher-end consumer that pays their bill in full monthly and why the credit card markets will be a matter of convenience as opposed to necessity.
SEC Issues New Trading Rules for EmployeesSEC Chairwoman Mary Schapiro unveiled new rules that would prohibit employees from trading stocks of companies that are under investigation by the agency. The rule pertains even if the SEC employees are not personally involved in the investigation.
Scottsdale AZ Man Rearrested In $80 Million Ponzi SchemeYou can run... but you cannot hide. This is almost comical. Original arrest was on April 15th, proving Danny isn't so wise after federal authorities deepened the multi-state investigation.
How Not to Lose Your AmEx Black Card: Staying a Step Ahead of OutplacementA witty article on the uber-mystique of a credit card product called the Centurion Card tangled with the current state of the economy.
Kevin Johnson - Businessman Stung by AmEx Now Helps Young ConsumersThere was a lot of video and written press about this successful Atlanta businessman at the time of his tangle with American Express. Now he's investing his time wisely with consumer advocacy and helping the youth understand financial literacy.
American Express CEO Whines: Card Law May Reduce CreditChenault said "a new law that would impose sweeping limits on credit card issuers will likely hurt his company and reduce the flow of credit to consumers."
AZ Republican Kyl Voted Against Credit Card ReformKyl was onsite at American Express a few years ago and horrified the mixed-culture crowd about certain nationalities being terrorists. This geezer has GOT to go. He's a nutbag.
Buffett's Berkshire Scales Back Stock Purchases as Cash Erodes Even The Oracle is trimming back on purchases these days. Although he and his firm is in a league of their own, it was noted that some of the largest equity holdings in Berkshire's U.S. portfolio have plunged in the past year. American Express Co.
Log In | Register
