The Actual Problem With Income and Debt Has Nothing to Do With Wall Street

By: Wednesday February 29, 2012 8:55 am

I’m supposed to feel sorry for the banker who might have to pull his kids out of private school: Schiff, 46, is facing another kind of jam this year: Paid a lower bonus, he said the $350,000 he earns, enough to put him in the country’s top 1 percent by income, doesn’t cover his family’s [...]

Head of Royal Bank of Scotland Forced to Return His Bonus

By: Tuesday February 7, 2012 2:35 pm

Here’s a story that shows the power of pressure on even the loftiest of our financial overlords: Stephen Hester, head of the Royal Bank of Scotland, gave way to heavy political pressure last night to forego his £963,000 bonus. The final straw for the RBS chief executive appears to have been the looming threat of [...]

FDIC Advances Bonus Pay Curbs, But Execs Have a Work-Around

By: Tuesday February 8, 2011 7:42 am

Here’s the thing about the FDIC: They try. Almost alone among the major regulators, they have pressed for real limits on risk-taking activities at the major banks. Since they ultimately have to spend from their budget should banks fail, they have plenty of incentive. And they have a leader in Sheila Bair who takes her [...]

Wall Street Banks Shift Bonuses to 2010 Calendar Year to Save on Taxes

By: Tuesday October 5, 2010 9:29 am

The proposed increases to top marginal tax rates, as small as they are at a hike of just 4.6% on dollars above $250,000, really won’t have a major impact except at the very high numbers. Bank bonuses, for example, will end up costing the executives a fair amount more in taxes because of the dollar [...]

Banks Make Pre-Crisis Profits As They Prepare to Hand Out Bonuses Early

By: Wednesday September 1, 2010 8:14 am

Yesterday we got wind of an extended whine by the elites of the financial world, angered by the President… calling them mean names, or suggesting they might have had a role to play in the crashing of the economy, or something. Certainly, they could not be lamenting about the Administration hindering their profitability, because that’s [...]

The Movement to Tax Banks

By: Thursday July 8, 2010 7:08 am

Much like how the health care debate coincided with a last-minute failure on Medicare buy-in, the financial reform debate coincided with a last-minute failure on taxing the banks. Both of the policies were compromises – Medicare buy-in was the climb-down from the public option (and single-payer), and the bank tax inserted in the conference report [...]

Gillibrand “Underhanded” For Seeking Endorsements For Her Campaign, Ford Says

By: Monday February 8, 2010 11:41 am

Harold Ford is upset that Kirsten Gillibrand, the incumbent and announced candidate for the US Senate seat in New York, is doing what announced candidates do, by seeking endorsements. This is very underhanded, Ford says, and clearly Gillibrand should cease all campaign activities until her opponent decides whether or not to run. That would be [...]

Boxer-Webb: Tax Would Target Wall Street Bonuses

By: Thursday February 4, 2010 11:40 am

Jim Webb and Barbara Boxer have teamed up to introduce a bill that would tax the big bonuses paid out by Wall Street companies. However, it would only apply to firms that took $5 billion or more from the TARP. The Taxpayer Fairness Act would apply only to Wall Street firms and banks that received [...]

Blankfein’s Bonus – A Better Talking Point Than Luntz’ Regulation-Killers?

By: Monday February 1, 2010 10:34 am

The Times of London is not known for its journalistic acumen. Therefore, its report that Goldman Sachs CEO Lloyd Blankfein expects a $100 million dollar bonus this year, based mostly on hearsay from other bankers at the World Economic Forum in Davos, strains credulity. Felix Salmon’s take is much more in line with reality. Nevertheless, [...]

Now The FDIC Plans To Charge The Banks

By: Tuesday January 12, 2010 12:13 pm

This was rumored previously, but the FDIC is now forwarding a plan to essentially tax banks (it’s a fee, but same diff) and encourage them toward better compensation practices: The FDIC, which collects fees from all banks to repay depositors in failed banks, is considering a plan to impose higher fees on banks with compensation [...]

The Obama Bank Tax

By: Tuesday January 12, 2010 8:39 am

Change I can believe in: President Obama will try to recoup for taxpayers as much as $120 billion of the money spent to bail out the financial system, most likely through a tax on large banks, administration and Congressional officials said Monday. The president has yet to settle on the details, and his senior economic [...]

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