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 [...]

Under Dodd-Frank, Regulators Could Rein In Executive Pay at Financial Firms

By: Thursday August 19, 2010 10:02 am

Zachary Goldfarb points to a little-noticed section of the Dodd-Frank financial reform law that regulators could use to set limits on executive pay packages at the largest financial firms. The section 956(a) rules would apply to any financial firm with over $1 billion in assets. “The financial crisis made patently clear that the direct regulation [...]

Pay Czar Doles Out More Cuts For Bailed-Out Execs

By: Wednesday March 24, 2010 8:38 am

The claim from companies receiving TARP money was that they couldn’t lower pay for their executives because they would lose them to other companies offering more competitive salaries, whether stateside or overseas. This was always bunk, but now we have the stats to prove it – just 16 executives changed companies after Kenneth Feinberg instituted [...]

Developed World Mimicks Britain’s Bank Bonus Tax, US Does Not

By: Friday December 11, 2009 8:45 am

France and Germany have signed on to a controversial one-time 50% tax on all banking industry bonuses. The momentum building up in Europe behind the clampdown on bonuses followed conversations between Treasury officials and those in G7 countries on Wednesday after the pre-budget report outlined the 50% tax on bankers’ bonuses of more than £25,000. [...]

Dodd Releases Financial Reform Draft

By: Tuesday November 10, 2009 10:32 am

Chris Dodd (D-CT), the chair of the Senate Banking Committee, has released a summary for his financial regulatory reform package. The 11-page draft, written in plain English, highlights a number of specific reforms, some of which differ from the companion legislation moving in the House. But there are also points of agreement.

Dan Burton Sympathizes With AIG and Citi CEOs, Thinks They’re Underpaid

By: Thursday October 29, 2009 2:44 pm

Here’s a fun video clip from Watermelon Dan Burton that gives you a pretty good insight into what Republicans think about the financial industry executives who brought our economy to its knees. In a word, they think they’re underpaid. I obtained this clip from a House Oversight and Government Affairs Committee hearing yesterday on White [...]

Wall Street’s Got Talent

By: Friday October 23, 2009 3:04 pm

A familiar theme in the aftermath of the White House slashing executive pay packages at bailed-out firms concerned “talent” – the idea that these companies would not be able to attract or keep top executives if constrained on compensation. The Washington Post said executives were already fleeing rather than have to live on a paltry [...]

Federal Reserve Guidelines On Executive Pay Could Have Teeth, If Used

By: Thursday October 22, 2009 2:48 pm

Here’s an FAQ from the Federal Reserve on executive compensation guidelines to all the banking organizations they supervise. This is in ADDITION to the Administration’s efforts to slash pay at firms that received massive federal aid. The “guidance” explains from the Fed to banking firms what they would like to see enacted with respect to [...]

No, Really, They’re Going After AIG’s Pay Structure

By: Thursday October 22, 2009 6:41 am

It’s a testament to the general belief in the corporatization of government that we need constant reassurance about any story that reduces corporate power. Such it was that Elizabeth Warren went on CBS’ The Early Show this morning and was asked, “No, seriously, we really are cutting salaries at the bailed-out firms?” And she replied: [...]

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