bonuses
(afagen)
(jclarson)
(Photo: Joe+Jeanette Archie)
—>If you have $80 and a lust for video games, Amazon has a deal for you, which was spotted by Joystiq. Spend the money on pre-selected video games and you get a $40 credit. More »
—>Departing Bank of America CEO Ken Lewis will get no 2009 pay or bonus. But won't this serve as a disincentive to future executives who are thinking about totally cocking up their company and bringing down the US economy? [WSJ] (Thanks to Snarkysnake!) More »
—>Not content with just one Worst Company in America victory, AIG is going for back-to-back titles by trying to give out $198 million in bonuses in March. More »
—>New York Attorney General Andrew Cuomo's office is gathering information in order to file fraud charges against some BoA executives over what they knew, and what they hid, when they acquired Merrill Lynch & Co. a year ago. Earlier this week, his office subpoenaed 5 board members to find out "what they knew regarding the mounting losses and bonus payments at Merrill before the deal closed on Jan. 1 and what role they played in deciding whether to disclose that information to shareholders," according to the Associated Press. More »
—>Judge Jed Rakoff, our favorite crusading curmudgeon of the court, is at it again. And once again, he's turned his ire to the backroom deal that Bank of America tried to cut with the Securities and Exchange Commission to settle a complaint about outsize bonuses paid at Merrill Lynch before BofA took it over last year. The $33 million settlement, Rakoff wrote in his decision, "does not comport with the most elementary notions of justice and morality." More »
—>New York Attorney General Andrew Cuomo's report on the bonus structures of the banking industry is out and — oh my— it's damning. The AG says that 3 banks, Goldman Sachs, Morgan Stanley, and JP. Morgan Chase, paid out bonuses that " were substantially greater than the banks' net income." More »
—>A hush fell over the AIG conference room on the day that their Worst Company in America 2009 trophy was unveiled. The eyes of every executive in the room sparkled with just a bit of pride. "Well done, everyone," said the man at the head of the table. "But we mustn't rest on our gilded-feces laurels. It's time to begin our work for next year's competition." More »
—>Here's a morbid bit of creative accounting, courtesy of the Wall Street Journal: if you work for Bank of America, J.P. Morgan Chase, or Wells Fargo, your employer may have taken out a life insurance policy on you. More »
—>So, remember those bonuses everyone was so mad about? Well, it turns out that they were bigger than originally disclosed. A lot bigger. More »
—>Let's pause a moment to consider this sentence from Crain's Chicago Business. "On the same day the Chicago Tribune cut 53 jobs from its newsroom, its parent Tribune Co. asked a Bankruptcy Court to approve of $13.3 million in bonuses and other incentive payments to 703 employees." More »
—>Fannie Mae and Freddie Mac are preparing to hand out $210 million in taxpayer-funded retention bonuses to 7,600 employees. No bonus will exceed $1.5 million, but more than half of all Freddie and Fannie employees will receive an average bonus exceeding $24,000. More »
—>Here is a resignation letter sent on Tuesday by Jake DeSantis, an executive vice president of the American International Group's financial products unit, to Edward M. Liddy, the chief executive of A.I.G. It was published in the New York Times. More »
—>You can put down your pitchforks, NY AG Cuomo told reporters this afternoon that most of the AIG big bonus receivers had agreed to return their bonuses. 9 of the top 10 bonus recipients, and 10 of the 15 bonus recipients in the infamous financial products services division, will return their monies. The holdouts were mainly overseas workers and those outside NY jurisdiction. The total remittance comes to about $30 million. Great, can we get back to fixing the economy now? Thanks. More »
—>AIG has complied with Andrew Cuomo's subpoena and turned over the names of the bonus recipients. The NY AG has released a statement about the issue, which you can read inside. More »
