|US: Big Banks Paid Billions in Bonuses Amid Wall St. Crisis|
by Louise Story and Eric Dash, New York Times
July 30th, 2009
Nine of the financial firms that were recipients of federal bailout money paid about 5,000 of their traders and bankers bonuses of more than $1 million apiece for 2008, according to a report released Thursday by the New York attorney general. The report is certain to intensify the growing debate over how, and how much, Wall Street bankers should be paid.
|UK: Shell at risk of investor pay revolt|
by Kate Burgess and Ed Crooks, Financial Times
May 5th, 2009
Royal Dutch Shell is facing the risk of a shareholder rebellion over pay for the second successive year after two influential investor advisory groups raised concerns about discretionary pay awards made to board-level executives.
|UK: Shareholders vote against RBS pay|
April 3rd, 2009
More than 90% of Royal Bank of Scotland shareholders voted against the bank's pay and pensions policy at its annual general meeting in Edinburgh. RBS does not have to make any changes as a result, saying it was a "substantive" protest at Sir Fred Goodwin's £703,000 a year pension. Sir Philip blamed RBS's difficulties on its acquisition of the Dutch bank ABN Amro in 2007.
|US: Bonus Money at Troubled A.I.G. Draws Heavy Criticism|
by EDMUND L. ANDREWS and PETER BAKER, New York Times
March 15th, 2009
American International Group, which has received more than $170 billion in taxpayer bailout money, is to pay executives in the business unit that brought the company to the brink of collapse last year $165 million in bonuses. The bonuses will go forward because lawyers say the firm is contractually obligated to pay them.
|US: Undisclosed Losses at Merrill Lynch Lead to a Trading Inquiry|
by Louise Story and Eric Dash, New York Times
March 6th, 2009
Bank of America chief executive, Kenneth D. Lewis, is trying to bridle Merrill Lynch traders, whose rush into risky investments nearly brought down the brokerage firm. But questions over the Merrill losses — in particular, who knew about them, and when — keep swirling.
|UGANDA/IRAQ: Why 10,000 Ugandans are eagerly serving in Iraq|
by Max Delany, Christian Science Monitor
March 6th, 2009
Hired out to multibillion-dollar companies for hundreds of dollars a month, 10,000 Ugandans risk their lives seeking fortunes protecting US Army bases, airports, and oil firms in Iraq for as little as $600 per month. Many are looking to go to Afghanistan as the Obama administration increases contracts there.
|US: Ex-Leaders at Countrywide Start Firm to Buy Bad Loans|
by Eric Lipton, New York Times
March 3rd, 2009
Countrywide Financial made risky loans to tens of thousands of Americans, helping set off a chain of events that has the economy staggering. So it may come as a surprise that a dozen former top Countrywide executives now stand to make millions from the home mortgage mess, buying up delinquent home mortgages that the government took over, sometimes for pennies on the dollar, at newly-formed PennyMac.
|CHINA: Morgan Stanley’s Chinese Land Scandal|
by David Barboza , New York Times
March 1st, 2009
In a Securities and Exchange Commission filing, Morgan Stanley said it had fired an executive in its China real estate division after uncovering evidence that he might have violated the United States Foreign Corrupt Practices Act, which bars American business people from bribing foreign officials.
|SWITZERLAND: UBS Names Grübel as New CEO|
by Carrick Mollenkamp, Wall Street Journal
February 26th, 2009
UBS AG, the Swiss bank battered by massive write-downs and its role in a U.S. tax-evasion scheme, announced the surprise departure of chief executive Marcel Rohner. Mr. Rohner's sudden departure comes after UBS agreed earlier this month to a $780 million settlement with the U.S. Justice Department of a criminal inquiry into the bank's role in the tax evasion.
|US: Bank of America Board Under Gun From Critics|
by Louise Story and Julie Creswell, New York Times
January 27th, 2009
As Bank of America's board meets next week, shareholders have turned up the pressure on CEO Kenneth D. Lewis. Their scrutiny has also turned an unusual spotlight on the oversight role played by the bank's board members.
|US: Rubin Leaving Citigroup; Smith Barney for Sale|
by Eric Dash and Louise Story, New York Times
January 9th, 2009
Robert Rubin will resign from the beleaguered Citigroup. As Treasury secretary during the Clinton administration, Mr. Rubin helped loosen Depression-era banking regulations that made Citigroup's creation possible. He also helped beat back tighter oversight of exotic financial products during that time.
|US: On Wall Street, Bonuses, Not Profits, Were Real
by LOUISE STORY, The New York Times
December 17th, 2008
As regulators and shareholders sift through the rubble of the financial crisis, questions are being asked about what role lavish bonuses played in the debacle. Scrutiny over pay is intensifying as banks like Merrill prepare to dole out bonuses even after they have had to be propped up with billions of dollars of taxpayers’ money.
|US: In Factory Sit-In, an Anger Spread Wide|
by MONICA DAVEY, New York Times
December 7th, 2008
In a glimpse at how the nation’s loss of more than 600,000 manufacturing jobs this year is boiling over, workers laid off from Republic Windows and Doors, said they would not leave, after company officials announced that the factory was closing. The workers were owed vacation and severance pay and were not given the 60 days of notice generally required by federal law in lay-offs.
|US: U.S. May Take Ownership Stake in Banks|
by Edmund L. Andrews and Mark Landler, New York Times
October 8th, 2008
In fresh efforts to stem persisting turmoil in the credit markets, the US Treasury Department is considering partial nationalization of numerous U.S. banks. Insurance giant A.I.G. will also receive a further injection of $37.8 billion.
|US: Fannie Mae, Freddie Mac Takeovers Cost U.S. Banks Billions|
by John Hechinger, Wall Street Journal
September 23rd, 2008
About a quarter of the nation's banks lost a combined $10 to $15 billion in the wake of the federal government's takeover of Fannie Mae and Freddie Mac. The losses are galling to small bankers because they took pains to avoid the exotic loans and loose underwriting standards that have hobbled Wall Street titans and some huge banks.