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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.
Senator Sherrod Brown wants hefty tax on bailout firms' bonusesColumbus Dispatch: " In another sign of the anti-Wall Street mood gripping Capitol Hill, Sen. Sherrod Brown wants to impose a 50 percent tax on bonuses paid to executives who work at banks and companies that accepted taxpayer money in the 2008 financial bailout.
The President is taking incoming fire from the liberal left on recent comments he made regarding the bonuses of a couple of Wall Street CEOs.
Call the Caterer! Bank Bonuses a Relief in Greenwich, Conn.After one of the leanest years in memory, life in this upper-crust enclave is slowly returning to normal. The Greenwich version of normal, anyway.
AIG to Pay About $100 Million More in First Round of New BonusesAmerican International Group plans to pay another round of employee bonuses worth about $100 million, said several people familiar with the matter, a year after similar payments at the bailed-out insurance giant infuriated many Americans and inflamed Washington.
UC approves $3.1 million in bonuses for senior medical executives - latimes.comThe payments are linked to improved patient care and stronger hospital finances, the regents say. But union activists are critical of the bonuses at a time of belt-tightening and job cuts.
What Did Harold Ford Do at Merrill Lynch?What did Harold Ford Jr. do at Merrill Lynch? The former Democratic congressman has been working for the giant investment firm ever since losing his 2006 Senate bid in Tennessee. Recently, Ford took a 30-day leave of absence to explore another Senate run—this tim
Seventy GOP Congressmen Call on Geithner to Cancel the Multi-Million-Dollar Bonuses Treasury Approved for CEOs at Government-Owned Fannie Mae and Freddie MacSeventy Republican members of Congress want Treasury Secretary Timothy Geithner to cancel up to $6 million in bonuses and deferred compensation -- approved before Christmas 2009 -- for the chief executive officers of the failed mortgage giants Fannie Mae and Freddie Mac.
Frank: Nothing Can Be Down About Fannie, Freddie BonusesThe Obama administration recently approved base salaries of $900,000, plus $3.1 million in deferred payments, and another $2 million in bonuses for the CEOs of the failed mortgage giants Fannie Mae and Freddie Mac.
Wall Street Bankers Make Stunning $145 Billion for 2009Big banks have decided that big pay trumps good PR. In a move that is sure to irritate an already outraged public, major U.S. banks paid out $145 billion in compensation in 2009, up 18% from 2008 according to a study by The Wall Street Journal.
Wall Street's payout for 2009: $145 billionThe 38 largest financial institutions on Wall Street will pay out a total of $145.85 billion in compensation for 2009, an 18 percent increase over 2008 and "slightly more than in the record year of 2007," the Wall Street Journal reports.
Dem Congressman Introduces 50% Tax on Corporate BonusesRep. Peter Welch (P-VT) will introduce legislation that would impose a 50% tax on excessive bonuses at firms that received bailout funds. The "Wall Street Bonus Tax Act" would apply only to bonuses over $50,000
Daily Show: Clusterf#@k to the Poor House - Wall Street Bonuses (VIDEO)Companies that American taxpayers had to bail out with billions of dollars use that money to reward their employees with bonuses.
Frank to hold Financial Services hearings on limiting executive payRep. Barney Frank (D-Mass.) is mounting a new effort to limit executive compensation as Wall Street prepares this month to pay out huge bonuses.
Giuliani: My 'Warped View' Is That Huge Wall Street Bonuses Are 'Wonderful'On Saturday, the New York Times reported that the "bank bonus season" that begins this week "will be one of the largest and most controversial blowouts the industry has ever seen." "Despite calls for restraint from Washington and a chafed public, resurgent banks are pre …
The stories of the bank bailouts and now the stories about how the taxation of their bonuses will make them raise fees to us. Waa waa waa they bailed out the banks with "our" money. Waa waa waa they going to make the bank charge "me" because they want to tax their bonus.
Large Wall Street bonuses spark talk of new levy on financial industryLawmakers hope to avert a public backlash over multimillion-dollar bonuses at a time when the nation suffers with 10% unemployment and the federal government ails from record budget deficits.
America the Traumatized: How 13 Events of the Decade Made Us the PTSD Nation I don't want to take away from this article so I would say just click and read.
Huge Bonuses for Failed Fannie, Freddie Mortgage ChiefsHuge Bonuses for Failed Fannie, Freddie Mortgage Chiefs AP/The Australian The two chief executives of Fannie Mae and Freddie Mac could get paid up to $6 million each for 2009, despite the companies' dismal performance this year, which cost US taxpayers more than $100 billion.
AIG executives' promises to return bonuses have gone largely unfulfilledWhen word spread earlier this year that American International Group had paid more than $165 million in retention bonuses at the division that had precipitated the company's downfall, outrage erupted, with employees getting death threats and President Obama urging that every lega …
SEIU: If We Had The Banks' $150 Billion Payday, We'd All Be Rich (Or At Least Financially Solvent)SEIU crunched the numbers, and according to the union's new report, the nation's largest banks are on track to pay out $150 billion in bonuses and compensation this year.
D.C. hands out $15M in bonuses despite recession, budget gapsThe economy has been in the dumps for years, but the good times keep on rolling for some favored D.C. employees.
Goldman's Curbs on Bonuses Aim to Quell Uproar Over PayIt's unclear if the move, which comes just ahead of new rulings by the government's compensation czar, will placate critics of Wall Street pay.
Great Britain Slaps 50% Tax on Bank BonusesIn a widely expected move, Britain's chancellor of the Exchequer, Alistair Darling, announced Wednesday a one-time tax on bank bonuses, The New York Times's Landon Thomas Jr. reported.
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