Hostess Liquidation Approved, Along With $1.8 Million in Executive Bonuses

By: Friday November 30, 2012 7:00 am

A federal judge has blessed the Hostess liquidation, after labor and management failed to reach agreement on an equitable solution. This isn’t surprising at all; management was basically set up to liquidate the company and strip the assets. Twinkies and Ding Dongs will survive; the company has solicited several offers for the brands. It’s just [...]

Ring the Register: Another $15.4 Million for Disgraced ex-Citi CEO Vikram Pandit

By: Monday November 12, 2012 9:15 am

If anyone deserves a $6.7 million bonus, it’s the CEO who squandered 88% of his company’s stock value: Vikram Pandit isn’t getting a golden parachute, but he’s still not doing too badly. Citigroup said Friday that the former CEO, who resigned last month in a management shakeup, will receive an “incentive award” of $6.7 million [...]

Break Up the Banks for a Faster Economy

By: Saturday October 27, 2012 9:39 am

This week, ex-banker Charles Morris, who was featured in the documentary Inside Job, brings us compelling evidence that countries with a large financial sector create lesser economic growth than countries that have restrained that sector. While a well-functioning financial system is key to growth, there’s a balance that needs to be struck, Morris writes: Once [...]

Citigroup’s Pandit Resigns as CEO

By: Tuesday October 16, 2012 7:13 am

Vikram Pandit, the CEO of Citigroup, who presided over some of the worst years in the history of the bank, abruptly stepped downtoday. He will be replaced by longtime Citi executive Michael Corbat. Here’s Pandit’s statement.

Morgan Stanley Says the Bankers’ Salaries Are Too Damn High

By: Friday October 5, 2012 12:56 pm

What you hear from bankers to justify their enormous profits is that they must be obscenely overpaid to ensure the retaining of key talent in the organization. It’s worth pointing out that their own bosses think that’s garbage. The chief executive of the US investment bank Morgan Stanley has said Wall Street pay is still [...]

How Marginal Tax Rates Play a Big Role in Income Inequality

By: Wednesday July 11, 2012 9:35 am

I had the opportunity to see Tim Noah speak last night about his new book The Great Divergence. It’s a book-length version of his Slate series on the rise of income inequality since 1979, and I’m not sure that there’s a whole lot different in the book, other than it’s in print rather than on [...]

CEO Pay Climbs in 2011

By: Monday June 18, 2012 6:19 am

All the talk of tax reform, to get a more progressive tax code, obscures the fact that income distribution on a pre-tax basis is already so unequal that no amount of taxation could possibly bring that into line. It’s true that the near-flat tax structure invites such pre-tax distribution, but we do very little in [...]

JPMorgan Chase Faces FBI Probe; Shareholder Meeting Goes Well, However

By: Tuesday May 15, 2012 11:44 am

The Justice Department and the FBI have now joined the fray in investigating JPMorgan Chase and its Fail Whale trade that has so far cost the firm $2 billion. The report added that “it isn’t clear what possible legal violation federal investigators may be focusing on,” and I can’t add any insight into that. The [...]

Shareholders Reject Citi CEO Vikram Pandit’s $15 Million Compensation Package in Non-Binding Vote

By: Tuesday April 17, 2012 12:56 pm

I have mentioned that we will see a wave of shareholder activism this spring, with direct action challenges to the biggest corporations in America. This outcome at the Citigroup meeting in Dallas is one of the first fruits of that plan. Citigroup‘s shareholders rejected the bank’s plan to award its chief executive, Vikram S. Pandit, [...]

One Family, Six Heirs, $69.7 Billion

By: Friday December 9, 2011 9:35 am

The Walton family, the heirs to the Wal-Mart fortune, provide an object lesson on income inequality. The math is pretty stark. This one family holds as much wealth as the bottom 30% of all Americans. The triennial Survey of Consumer Finances (SCF) is one of the best sources for data on wealth in the U.S. [...]

Report: 25 CEOs Made More than Their Company Paid in Taxes

By: Wednesday August 31, 2011 6:52 am

A report by the Institute for Policy Studies on high CEO pay and the low effective corporate tax rate is really just an amalgam of two pieces of data we already knew about. But it’s getting a lot of media attention because it presents the data in a new and interesting way. According to the [...]

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