Swiss Banks Concede Data Sharing
March 13, 2009 by Joseph McCafferty
Bowed but by no means broken, Switzerland has agreed to cooperate with the Organization for Economic Cooperation and Development (OECD) in abiding by international rules for the sharing of banking data.
March 13, 2009 by Joseph McCafferty
Bowed but by no means broken, Switzerland has agreed to cooperate with the Organization for Economic Cooperation and Development (OECD) in abiding by international rules for the sharing of banking data.
Cuomo, Frank Team Up on Comp
March 13, 2009 by Joseph McCafferty
New York State Attorney General Andrew Cuomo is in discussions with Rep. Barney Frank and other lawmakers on a plan to tie Wall Street pay to the long-term performance of the firms.
March 13, 2009 by Joseph McCafferty
New York State Attorney General Andrew Cuomo is in discussions with Rep. Barney Frank and other lawmakers on a plan to tie Wall Street pay to the long-term performance of the firms.
Millstein on the Recurrent Crisis: ‘Boards and Shareholders Have Ducked on Compensation’
March 12, 2009 by Joseph McCafferty
Our individual savings generate the entire capital market. Together “we”, the whole investment chain, are the owners of corporate America and we should act like it. “We” have ducked our responsibility to halt compensation excesses in the financial sector and, to a certain extent, sections of the rest of corporate America. Now that compensation has come front and center in the wake of a crisis which has not only exposed its flaws, but did so on national network television, activation is essential. Not just because compensation at excessive levels is unacceptable to most of the beneficiaries—us—(which is reason enough), but because compensation is a politically attractive ground for regulation.
March 12, 2009 by Joseph McCafferty
Our individual savings generate the entire capital market. Together “we”, the whole investment chain, are the owners of corporate America and we should act like it. “We” have ducked our responsibility to halt compensation excesses in the financial sector and, to a certain extent, sections of the rest of corporate America. Now that compensation has come front and center in the wake of a crisis which has not only exposed its flaws, but did so on national network television, activation is essential. Not just because compensation at excessive levels is unacceptable to most of the beneficiaries—us—(which is reason enough), but because compensation is a politically attractive ground for regulation.
Dimon Calls for Unity Behind Obama
March 12, 2009 by Joseph McCafferty
Jamie Dimon, CEO of JPMorgan Chase, is pushing lawmakers to unite behind President Barack Obama and not behave like a “dysfunctional family” as the country battles economic crisis.
March 12, 2009 by Joseph McCafferty
Jamie Dimon, CEO of JPMorgan Chase, is pushing lawmakers to unite behind President Barack Obama and not behave like a “dysfunctional family” as the country battles economic crisis.
Merrill’s Letter to Congress ‘Misleading’
March 12, 2009 by Joseph McCafferty
Testimony from a Merrill director filed by New York Attorney General Andrew Cuomo states that the firm’s November 24 letter, in which the company told the head of the House committee that “incentive compensation decisions for 2008 have not yet been made,” was misleading.
March 12, 2009 by Joseph McCafferty
Testimony from a Merrill director filed by New York Attorney General Andrew Cuomo states that the firm’s November 24 letter, in which the company told the head of the House committee that “incentive compensation decisions for 2008 have not yet been made,” was misleading.
Were Merrill Bonuses Linked to Markdowns?
March 11, 2009 by Joseph McCafferty
New York prosecutors are questioning whether the early payment of bonuses at Merrill Lynch last year gave the bank’s traders an incentive to mark downt he value of their trading positions at the end of December.
March 11, 2009 by Joseph McCafferty
New York prosecutors are questioning whether the early payment of bonuses at Merrill Lynch last year gave the bank’s traders an incentive to mark downt he value of their trading positions at the end of December.
Critics Warn TARP Won’t Stop Excessive Pay
March 10, 2009 by Joseph McCafferty
Companies receiving funding from the Troubled Assets Relief Program (TARP) are experiencing a ban on golden parachutes and other incentives that encourage overly risky behavior. New commentary raises the question if further limitations would "undo any good" the performance condition does.
March 10, 2009 by Joseph McCafferty
Companies receiving funding from the Troubled Assets Relief Program (TARP) are experiencing a ban on golden parachutes and other incentives that encourage overly risky behavior. New commentary raises the question if further limitations would "undo any good" the performance condition does.
AIG Warned of “Catastrophic Collapse”
March 9, 2009 by Joseph McCafferty
American International Group had warned of turmoil around the globe if the government allowed the insurer to fail when it appealed to U.S. regulators for its latest rescue.
March 9, 2009 by Joseph McCafferty
American International Group had warned of turmoil around the globe if the government allowed the insurer to fail when it appealed to U.S. regulators for its latest rescue.
Senator Levin Taking Aim at Compensation
March 9, 2009 by Joseph McCafferty
With the public and media up in arms against executive compensation, the legislative branch is following suit, with one senator planning to reintroduce a 2007 bill that would end tax favors related to stock options.
March 9, 2009 by Joseph McCafferty
With the public and media up in arms against executive compensation, the legislative branch is following suit, with one senator planning to reintroduce a 2007 bill that would end tax favors related to stock options.
Bank of America Fears Bonus Disclosure
March 6, 2009 by Joseph McCafferty
Bank of America will suffer “grave and irreparable harm” if the Merrill Lynch & Co. employees paid $3.6 billion in bonuses just before the firm’s acquisition by the bank are publicly identified, its lawyers said.
March 6, 2009 by Joseph McCafferty
Bank of America will suffer “grave and irreparable harm” if the Merrill Lynch & Co. employees paid $3.6 billion in bonuses just before the firm’s acquisition by the bank are publicly identified, its lawyers said.
Cuomo to Question 7 Merrill Executives
March 5, 2009 by Joseph McCafferty
The New York attorney general’s office yesterday subpoenaed seven former Merrill Lynch & Co. executives as part of its ongoing investigation into the timing of year-end bonuses the investment bank made.
March 5, 2009 by Joseph McCafferty
The New York attorney general’s office yesterday subpoenaed seven former Merrill Lynch & Co. executives as part of its ongoing investigation into the timing of year-end bonuses the investment bank made.
UBS Shuts Out the IRS
March 5, 2009 by Joseph McCafferty
UBS AG said yesterday that it will not turn over any more of the 52,000 customer identities being sought by the U.S. in a lawsuit that seeks to close in on tax evaders.
March 5, 2009 by Joseph McCafferty
UBS AG said yesterday that it will not turn over any more of the 52,000 customer identities being sought by the U.S. in a lawsuit that seeks to close in on tax evaders.
More Companies Cutting Down Pay
March 3, 2009 by Ira Millstein
Companies are moving more aggressively to freeze executive salaries and to significantly reduce bonuses and stock-based awards.
March 3, 2009 by Ira Millstein
Companies are moving more aggressively to freeze executive salaries and to significantly reduce bonuses and stock-based awards.
US Extends AIG Bailout by Up to $30M
March 2, 2009 by Joseph McCafferty
The federal government is boosting its investment in embattled insurer American International Group, providing the company with an additional $30 billion in capital on an as needed basis, but also exposing U.S. taxpayers to additional risk.
March 2, 2009 by Joseph McCafferty
The federal government is boosting its investment in embattled insurer American International Group, providing the company with an additional $30 billion in capital on an as needed basis, but also exposing U.S. taxpayers to additional risk.
Buffett’s Annual Letter Warns of Inflation
March 2, 2009 by Joseph McCafferty
Warren Buffett’s annual letter to shareholders included his views of the economy and government policy.
March 2, 2009 by Joseph McCafferty
Warren Buffett’s annual letter to shareholders included his views of the economy and government policy.
Uncle Sam to Take Big Stake in Citi
February 27, 2009 by Joseph McCafferty
Struggling banking giant Citigroup, moving aggressively to shore up its equity base, announced a stock swap today that if successful will leave the government owning more than a third of the company and wipe out nearly three-quarters of existing shareholders' stake.
February 27, 2009 by Joseph McCafferty
Struggling banking giant Citigroup, moving aggressively to shore up its equity base, announced a stock swap today that if successful will leave the government owning more than a third of the company and wipe out nearly three-quarters of existing shareholders' stake.
Obama Makes Pledge to Fix Financial System
February 25, 2009 by Joseph McCafferty
US President Barack Obama promised yesterday to act with the “full force of the federal government” to shore up the financial system and acknowledged that more taxpayer money would be required to bail out banks.
February 25, 2009 by Joseph McCafferty
US President Barack Obama promised yesterday to act with the “full force of the federal government” to shore up the financial system and acknowledged that more taxpayer money would be required to bail out banks.
FINRA’s New Chief Vows Tougher Action
February 25, 2009 by Joseph McCafferty
Veteran regulator Richard Ketchum, the new CEO of the brokerage industry's self-policing organization, yesterday promised tough action against financial fraud as regulatory institutions have been criticized for lack of oversight.
February 25, 2009 by Joseph McCafferty
Veteran regulator Richard Ketchum, the new CEO of the brokerage industry's self-policing organization, yesterday promised tough action against financial fraud as regulatory institutions have been criticized for lack of oversight.
Pandit to Government: ‘Don’t Give Up on Us’
February 25, 2009 by Joseph McCafferty
Citigroup CEO Vikram Pandit pleaded with top management, “Give us a chance to execute,” as he stands on the verge of ceding more control to the U.S. government.
February 25, 2009 by Joseph McCafferty
Citigroup CEO Vikram Pandit pleaded with top management, “Give us a chance to execute,” as he stands on the verge of ceding more control to the U.S. government.
S&P 500 Is Still Expensive
February 24, 2009 by Joseph McCafferty
The fastest reduction in U.S. dividends since 1955 is depriving investors of the only thing that gave stocks an advantage over government bonds in the last century.
February 24, 2009 by Joseph McCafferty
The fastest reduction in U.S. dividends since 1955 is depriving investors of the only thing that gave stocks an advantage over government bonds in the last century.