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News Articles : Displaying 12-31 of 71


US: Undisclosed Losses at Merrill Lynch Lead to a Trading Inquiry
by Louise Story and Eric DashNew 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 DelanyChristian 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 LiptonNew 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 MollenkampWall 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.

UK: Politicians pile pressure on bailed-out RBS to abandon plans for a £1bn bonus for staff
by Allegra StrattonThe Guardian (UK)
February 9th, 2009
Politicians from all sides rounded on the state-supported Royal Bank of Scotland yesterday as the row intensified over the failed bank's apparent determination to share £1bn of bonuses among staff.

US, CANADA: Business aircraft makers face severe test
by Kevin DoneFinancial Times
February 8th, 2009
Business jet makers reeling from the US political attack on some of their highest profile corporate high fliers are being forced to make drastic cuts in production and jobs in the face of the deepening global recession.

US: Bank of America Board Under Gun From Critics
by Louise Story and Julie CreswellNew 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 StoryNew 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 STORYThe 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 DAVEYNew 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: No Bonuses for 7 Senior Executives at Goldman
by BEN WHITEThe New York Times
November 16th, 2008
As public scrutiny of Wall Street pay intensifies, one bank has already decided what it will award in bonuses to its top seven executives this year: nothing.

US: U.S. May Take Ownership Stake in Banks
by Edmund L. Andrews and Mark LandlerNew 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 HechingerWall 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: Companies Cut Holes in CEOs' Golden Parachutes
by PHRED DVORAKWall Street Journal
September 15th, 2008
Top executives at Double Eagle Petroleum Co. signed employment agreements this month that curtailed a time-honored executive perquisite: the executives don't get severance in cases of "poor performance."

US: Regulator Plans to Bar Big Severance
by JAMES R. HAGERTYWall 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 FRANCISThe 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. HAGERTYWall 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.

GERMANY: Germans sour on capitalism amid corporate scandals
by Jeffrey WhiteChristian Science Monitor
March 25th, 2008
Recent scandals, involving such titans as Siemens, Volkswagen and Deutsche Poste, have undermined public trust in the integrity of German corporations, bolstering a growing shift to the left and its social welfare ideals.