|WORLD: Top Hedge Fund Managers Took Home $13 billion In 2011|
by Sam Forgione, Reuters
March 1st, 2012
The top 40 highest-earning hedge fund managers took home a combined $13.2 billion, according to a Forbes magazine survey. The top 10 hedge fund managers made more than $200 million each, while the lowest earning managers made $40 million each.
|US: Banks Set for Record Pay|
by STEPHEN GROCER, Wall Street Journal
January 14th, 2010
Major U.S. banks and securities firms are on pace to pay their people about $145 billion for 2009, a record sum that indicates how compensation is climbing despite fury over Wall Street's pay culture.
|US: So You Squandered Billions --- Take Another Whack At It|
by Steven Perlstein, Washington Post
September 2nd, 2009
During the heyday of the credit bubble, they were the financiers who earned huge bonuses for creating, trading and investing other people's money in those complex securities that resulted in trillions of dollars in losses and brought global financial markets to their knees. Now they're out there again hustling for investors and hoping to make another score buying and trading the same securities.
|US: House votes to rein in ‘excessive pay’ for company execs|
by Gail Russell Chaddock, Christian Science Monitor
July 31st, 2009
On Friday the U.S. House of Representativs passed a high-visibility bill to give shareholders and federal regulators a stronger hand in curbing excessive or risky executive compensation. Industry groups such as the National Association of Manufacturers opposed the bill as an overreach into private business decisions.
|US: Big Banks Paid Billions in Bonuses Amid Wall St. Crisis|
by Louise Story and Eric Dash, New York Times
July 30th, 2009
Nine of the financial firms that were recipients of federal bailout money paid about 5,000 of their traders and bankers bonuses of more than $1 million apiece for 2008, according to a report released Thursday by the New York attorney general. The report is certain to intensify the growing debate over how, and how much, Wall Street bankers should be paid.
|UK: Shell at risk of investor pay revolt|
by Kate Burgess and Ed Crooks, Financial Times
May 5th, 2009
Royal Dutch Shell is facing the risk of a shareholder rebellion over pay for the second successive year after two influential investor advisory groups raised concerns about discretionary pay awards made to board-level executives.
|UK: Shareholders vote against RBS pay|
April 3rd, 2009
More than 90% of Royal Bank of Scotland shareholders voted against the bank's pay and pensions policy at its annual general meeting in Edinburgh. RBS does not have to make any changes as a result, saying it was a "substantive" protest at Sir Fred Goodwin's £703,000 a year pension. Sir Philip blamed RBS's difficulties on its acquisition of the Dutch bank ABN Amro in 2007.
|US: Bonus Money at Troubled A.I.G. Draws Heavy Criticism|
by EDMUND L. ANDREWS and PETER BAKER, New York Times
March 15th, 2009
American International Group, which has received more than $170 billion in taxpayer bailout money, is to pay executives in the business unit that brought the company to the brink of collapse last year $165 million in bonuses. The bonuses will go forward because lawyers say the firm is contractually obligated to pay them.
|US: Undisclosed Losses at Merrill Lynch Lead to a Trading Inquiry|
by Louise Story and Eric Dash, New York Times
March 6th, 2009
Bank of America chief executive, Kenneth D. Lewis, is trying to bridle Merrill Lynch traders, whose rush into risky investments nearly brought down the brokerage firm. But questions over the Merrill losses — in particular, who knew about them, and when — keep swirling.
|UGANDA/IRAQ: Why 10,000 Ugandans are eagerly serving in Iraq|
by Max Delany, Christian Science Monitor
March 6th, 2009
Hired out to multibillion-dollar companies for hundreds of dollars a month, 10,000 Ugandans risk their lives seeking fortunes protecting US Army bases, airports, and oil firms in Iraq for as little as $600 per month. Many are looking to go to Afghanistan as the Obama administration increases contracts there.
|US: Ex-Leaders at Countrywide Start Firm to Buy Bad Loans|
by Eric Lipton, New York Times
March 3rd, 2009
Countrywide Financial made risky loans to tens of thousands of Americans, helping set off a chain of events that has the economy staggering. So it may come as a surprise that a dozen former top Countrywide executives now stand to make millions from the home mortgage mess, buying up delinquent home mortgages that the government took over, sometimes for pennies on the dollar, at newly-formed PennyMac.
|CHINA: Morgan Stanley’s Chinese Land Scandal|
by David Barboza , New York Times
March 1st, 2009
In a Securities and Exchange Commission filing, Morgan Stanley said it had fired an executive in its China real estate division after uncovering evidence that he might have violated the United States Foreign Corrupt Practices Act, which bars American business people from bribing foreign officials.
|SWITZERLAND: UBS Names Grübel as New CEO|
by Carrick Mollenkamp, Wall Street Journal
February 26th, 2009
UBS AG, the Swiss bank battered by massive write-downs and its role in a U.S. tax-evasion scheme, announced the surprise departure of chief executive Marcel Rohner. Mr. Rohner's sudden departure comes after UBS agreed earlier this month to a $780 million settlement with the U.S. Justice Department of a criminal inquiry into the bank's role in the tax evasion.
|US: Bank of America Board Under Gun From Critics|
by Louise Story and Julie Creswell, New York Times
January 27th, 2009
As Bank of America's board meets next week, shareholders have turned up the pressure on CEO Kenneth D. Lewis. Their scrutiny has also turned an unusual spotlight on the oversight role played by the bank's board members.
|US: Rubin Leaving Citigroup; Smith Barney for Sale|
by Eric Dash and Louise Story, New York Times
January 9th, 2009
Robert Rubin will resign from the beleaguered Citigroup. As Treasury secretary during the Clinton administration, Mr. Rubin helped loosen Depression-era banking regulations that made Citigroup's creation possible. He also helped beat back tighter oversight of exotic financial products during that time.
|US: On Wall Street, Bonuses, Not Profits, Were Real
by LOUISE STORY, The New York Times
December 17th, 2008
As regulators and shareholders sift through the rubble of the financial crisis, questions are being asked about what role lavish bonuses played in the debacle. Scrutiny over pay is intensifying as banks like Merrill prepare to dole out bonuses even after they have had to be propped up with billions of dollars of taxpayers’ money.
|US: In Factory Sit-In, an Anger Spread Wide|
by MONICA DAVEY, New York Times
December 7th, 2008
In a glimpse at how the nation’s loss of more than 600,000 manufacturing jobs this year is boiling over, workers laid off from Republic Windows and Doors, said they would not leave, after company officials announced that the factory was closing. The workers were owed vacation and severance pay and were not given the 60 days of notice generally required by federal law in lay-offs.
|US: U.S. May Take Ownership Stake in Banks|
by Edmund L. Andrews and Mark Landler, New York Times
October 8th, 2008
In fresh efforts to stem persisting turmoil in the credit markets, the US Treasury Department is considering partial nationalization of numerous U.S. banks. Insurance giant A.I.G. will also receive a further injection of $37.8 billion.
|US: Fannie Mae, Freddie Mac Takeovers Cost U.S. Banks Billions|
by John Hechinger, Wall Street Journal
September 23rd, 2008
About a quarter of the nation's banks lost a combined $10 to $15 billion in the wake of the federal government's takeover of Fannie Mae and Freddie Mac. The losses are galling to small bankers because they took pains to avoid the exotic loans and loose underwriting standards that have hobbled Wall Street titans and some huge banks.
|US: Regulator Plans to Bar Big Severance
by JAMES R. HAGERTY, Wall Street Journal
September 15th, 2008
The regulator of Fannie Mae and Freddie Mac said Sunday that it won't allow the companies to make "golden parachute" severance payments to the mortgage companies' ousted chief executive officers.
|US: UnitedHealth Ex-CEO Settles Pay Case
by VANESSA FUHRMANS , Wall Street Journal
September 11th, 2008
Former UnitedHealth Group Inc. Chief Executive William McGuire agreed to pay $30 million and forfeit 3.7 million stock options to settle shareholder claims related to options backdating, adding to what was already one of the largest executive-pay givebacks in history.
|US: Companies Tap Pension Plans
To Fund Executive Benefits
by ELLEN E. SCHULTZ and THEO FRANCIS, The Wall Street Journal
August 4th, 2008
In recent years, companies from Intel Corp. to CenturyTel Inc. collectively have moved hundreds of millions of dollars of obligations for executive benefits into rank-and-file pension plans. This lets companies capture tax breaks intended for pensions of regular workers and use them to pay for executives' supplemental benefits and compensation.
|US: Fannie Mae Ex-Officials Settle
by JAMES R. HAGERTY, Wall Street Journal
April 19th, 2008
The settlement, announced Friday, brings the government far less than it had originally sought over alleged violations of accounting rules. Fannie's regulator, the Office of Federal Housing Enterprise Oversight, in 2006 sought to require the three former executives to pay back more than $115 million of bonuses and pay fines that it said at the time could total more than $100 million.
|US: Chiefs’ Pay Under Fire at Capitol|
by JENNY ANDERSON, The New York Times
March 8th, 2008
In pointed exchanges with Congressional lawmakers Friday, three prominent financial executives defended the multimillion-dollar pay packages they received even as their companies were brought to their knees by the spreading credit crisis.
|UK: From $1 firm, Lord Ashcroft nets £132m|
by Simon Bowers, Guardian (UK)
October 9th, 2007
The UK's Lord Ashcroft, the Conservative party deputy chairman and major donor, has agreed to sell his loss-making US janitorial business in a deal that will bring him a £132m windfall.
|US: SEC Asks Firms to Detail Top Executives' Pay|
by Kara Scannell and Joann S. Lubli, The Wall Street Journal
August 31st, 2007
Stepping up its campaign to shed light on the mysteries of executive pay, the Securities and Exchange Commission has sent letters to nearly 300 companies across America critiquing disclosures in this year's proxy statements and demanding more information.
|US: Executive Pay: A Special Report. More Pieces. Still a Puzzle.|
by Eric Dash, New York Times
April 8th, 2007
In response to a barrage of criticism that regulators have not kept up with the complexities of swelling pay packages, the Securities and Exchange Commission now requires corporate America to disclose details of executive compensation more fully. As this year’s proxies pour in, they are packed with fresh information aimed at making pay more transparent. Of course, it also is a lot more confusing.
|US: Lockheed Stock and Two Smoking Barrels|
by Richard Cummings, Playboy.com
January 16th, 2007
If you think the Iraq war hasn't worked out very well for anyone, think again. Defense contractors such as Lockheed are thriving. And no wonder: Here's the story how Lockheed's interests- as opposed to those of the American citizenry- set the course of U.S. policy after 9/11.
|US: Pentagon Spends Billions to Outsource Torture|
by Joshua Holland, Alternet
September 14th, 2006
The thousands of mercenary security contractors employed in the Bush administration's "War on Terror" are billed to American taxpayers, but they've handed Osama Bin Laden his greatest victories -- public relations coups that have transformed him from just another face in a crowd of radical clerics to a hero of millions in the global South (posters of Bin Laden have been spotted in largely Catholic Latin America during protests against George W. Bush).
|US: Who Signed Off on Those Options? |
by Eric Dash, The New York Times
August 27th, 2006
As Silicon Valley companies competed for top talent during the heady days of the dot-com boom — luring stars with plump signing bonuses and the most highly prized manna of all, stock options — Mercury Interactive, a highflying software concern, joined the fray with gusto.
|US: Belated Apologies in Proxy Land|
by Gretchen Morgenson, The New York Times
August 20th, 2006
Let us now praise a mutual fund company that actually voted in its customers’ interests when casting annual proxy votes this spring. And let us now rebuke the corporate executives who didn’t bother responding to letters from the fund company’s chairman detailing its views.
|US: Many Executives' Paychecks Swelled|
by Terence O'Hara, The Washington Post
July 10th, 2006
An analysis of 282 local executives at 109 area companies who have had the same title from 2003 until the end of 2005 showed that merely sticking around gives an executive an excellent chance of getting a raise, sometimes a big one. In many cases, raises are dictated by employment contracts or other compensation practices that have nothing to do with an executive's job performance and are often divorced from the kind of market logic that dictates how most people are paid.
|UK: Scottish Power Pays Former Executives 'Obscene' Â£11m|
by Ashley Seager, The Guardian (UK)
June 19th, 2006
Four executives of energy company Scottish Power cost the company Â£11m in severance pay when they left their jobs over the past year, the group's annual report revealed yesterday. The payouts were immediately condemned as "obscene" by the Scottish National party's energy spokesman, Richard Lochhead.
|US: Earning power
by Laura Smitherman, Baltimore Sun
June 18th, 2006
Although "pay for performance" has become the catchphrase in boardrooms, executive compensation continues to swell at companies thriving and not, large and small, through practices that have drawn scorn from investor groups and labor unions.
|US: Big Bonuses Still Flow, Even if Bosses Miss Goals|
by Gretchen Morgenson, The New York Times
May 31st, 2006
As executive pay packages have rocketed in recent years, their defenders have contended that because most are tied to company performance, they are both earned and deserved. But as the Las Vegas Sands example shows, investors who plow through company filings often find that executive compensation exceeds the amounts allowed under the performance targets set by the directors.
|US: Uh-oh, it's the shareholders|
by Bruce Meyerson, Chicago Sun-Times
May 21st, 2006
It happens only once a year, and yet so many headstrong corporate CEO's can't seem to cope with being in a room with shareholders for a few hours at the annual meeting.
|US: Chief's Pay Is Docked by Raytheon|
by Leslie Wayne, The New York Times
May 3rd, 2006
Raytheon directors punished the chief executive, William H. Swanson, by taking away almost $1 million from his 2006 compensation yesterday because he failed to give credit for material that was in a management book he wrote.
|US: AFL-CIO puts big CEO pensions under scope|
by Edward Iwata, USA Today
April 7th, 2006
Amid growing concern over a wave of cutbacks in corporate pension plans for employees, the CEOs of top U.S. companies would receive "golden pensions" that range from $2 million to $6.5 million a year, according to a study by the AFL-CIO union federation.
|US: Disney Paid Eisner $10.1 Million in '05|
January 12th, 2006
Michael D. Eisner, former chief executive of the Walt Disney Company, received $10.1 million in compensation last year, including a $9.1 million cash bonus, according to the company's annual proxy statement filed Wednesday.
|US: Wall $t. bonuses balloon to new record|
January 11th, 2006
Wall Street bonuses set a new record of $21.5 billion in 2005, surpassing the previous record of $19.5 billion set in 2000 during the peak of the last bull market, according to a report released Wednesday by New York State Comptroller Alan G. Hevesi.
|US: SEC to Propose Overhaul of Rules On Executive Pay
by Kara Scannell, Washington Post
January 10th, 2006
The Securities and Exchange Commission, responding to rising criticism of soaring -- and partially hidden -- executive pay, is poised to propose the most sweeping overhaul of pay disclosure rules in 14 years, seeking to push companies to divulge much more about their top executives' perquisites, retirement benefits and total compensation.
|US: Call It the Deal of a Lifetime|
by Landon Thomas, Jr., The New York Times
January 8th, 2006
It has been a wrenching professional and personal reversal for Michael Kopper, who three years ago became the first Enron executive to plead guilty to criminal charges and cut a deal with the government. Mr. Kopper was also the first high-ranking Enron employee to publicly admit to lying and stealing - in his case, more than $16 million - from the company.
|US: No, let me pay: Execs get tax help|
December 22nd, 2005
More than half the nation's largest companies are giving their top executives extra money to pay taxes due on corporate perks such as luxury cars and even on capital gains, according to a published report.
|US: A Record Year for Shareholder Activism|
by G. Jeffrey MacDonald, Christian Science Monitor
June 28th, 2004
Question: What single force can get Tyco International to strive for cleaner emissions, inspire PepsiCo to study the impact of AIDS in developing nations, and even get Merck & Co. to declare its intentions to not manufacture an abortion pill? Answer: shareholders.