Bonus payments totaling $100 million to AIG employees from the same unit that prompted a massive taxpayer bailout are "outrageous" but allowed under the law, the Obama administration's pay czar said Wednesday.
Treasury Secretary Tim Geithner (GYT'-nur) says Congress can recoup "outrageous" bonuses for AIG employees through a new bank fee in President Barack Obama's proposed budget.
American International Group Inc. is set to pay out about $100 million in a fresh round of bonuses to employees of its financial products division, the unit whose risky bets helped sink the company leading to a $180 billion government bailout, according to reports published Tuesday.
Executives in AIG's financial products division are getting $100 million richer, and the White House pay czar calls the bonuses "outrageous."
Some state lawmakers are eyeing bonuses paid to employees of investment banks and insurers that received funds from the federal Troubled Asset Relief Program as a way to raise revenue to help small businesses.
Missouri's main government pension system will no longer give bonuses to staff members after coming under fire for $460,000 in bonuses paid out last year despite a $1.8 billion loss in its portfolio in 2008.
Big bonuses are back on Wall Street, but that doesn't mean everybody's driving a new Ferrari.
London Mayor Boris Johnson has warned that thousands of high earning bankers will flee London because of the government's tougher taxes on bonuses.
The fat cats were supposed to get their comeuppance.
After paying for a $700 billion bailout, taxpayers say they're in no mood to see another round of six-, seven- or even eight-figure bonuses paid out to Wall Street rain makers. Sorry, readers: You'd better get used to them.
New York Attorney General Andrew Cuomo on Monday pressed the nation's eight biggest banks to reveal how much they plan to pay out in employee bonuses for 2009.
A White House economic adviser says big year-end bonuses for bailed-out financial institutions would be "ridiculous" and "offensive."
Investment bankers at Bank of America Corp. will likely get bonuses close to what they got in 2007 as the bank tries to retain key employees following its takeover of Merrill Lynch, The Wall Street Journal reported Thursday.
Regional bank Marshall & Ilsley is cutting out cash bonuses for its executives in 2009 to comply with standards under the federal bailout program.
Zions Bancorp. is cutting out cash bonuses for its executives this year to comply with standards under the federal bailout program.
Goldman Sachs Group Inc.'s top executives will not receive cash bonuses this year, as the Wall Street giant bows to sharp criticism over its pay practices.
European leaders ganged up against fat bonuses to bailed-out bankers Thursday, hoping to create a groundswell of support from around the globe.
The Oneida Indian Nation has paid more than $5 million in bonuses split among almost all of its 4,800 employees.
A $500 bonus for about 250,000 retired educators, plus some retired state workers in Texas, won't happen because legislators improperly appropriated the funds.
A federal appeals court on Tuesday backed the judge who ruled against the NFL and let quarterback Michael Vick keep more than $16 million in roster bonuses from the Atlanta Falcons.
Big bonuses could be back in store for some top executives and traders on Wall Street as profitability returned to the investment banking industry in 2009, according to a new study released Thursday.
Treasury Secretary Timothy Geithner is "ultimately responsible" for regulators' failure to rein in massive bonus payments at American International Group because he led the agencies that provided AIG's lifelines, according to a bailout watchdog.
World leaders say bank executives should not be guaranteed multiyear bonuses because such compensation makes them less accountable for risky investments.
Lawmakers on Wednesday questioned whether millions of dollars in bonuses were appropriately awarded to employees at the Veterans Affairs Department.
European Union leaders said Wednesday they will call on the world's biggest economies to threaten sanctions on banks that pay excessive bonuses to executives and traders.