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Pay Cuts, but Little Headway on Larger Goals
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Nocera points out that in a larger sense pay czar Feinberg hasn't accomplished his goal- to change the ethos of the pay culture at banks and companies. $200 million to be paid out at AIG is in contracts for March 2010, and 14 of the highest Citigroup executives still will make $5 million to $9 million each, and Ken Lewis wil still get $70 million in retirement pay, and nothing that Feinberg can do about it. A lot of it has been shoved under the rug. As far as shifting compensation to stock instead of salary, Goldman and Morgan Stanley have already done that and that is a change that is already happening at these banks. But executive compensation will nevertheless be out of proportion and the public angry. Nell Minnow, the co-founder of the Corporate Library, says the only way is to throw the bums out, meaning the board members on the compensation committees. But this is up to shareholders and the job maybe to make it possible for shareholders to do so easily.
The European Union leaders insistence on pay curbs to prevent reckless risk taking 2011-2012
02/04/2009
Sarkozy of France and Merkel of Germany insist that pay curbs for bankers be high on the agenda for the G20 meeting in Pittsburgh. They are particularly riled by the huge bonuses bankers are taking in the midst of the continuing financial crisis.
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New York Times 06/23/2015
Letters to the Editors of the Wall Street Journal on executive pay and compensation.
02/04/2009
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SEC Wants Boss-Employee Pay Gap on Display
Wall Street Journal 09/19/2013
S.E.C. Proposes Greater Disclosure on Pay for CEO's
New York Times 09/18/2013
Wall Street Bonuses Are an Outrage
Wall Street Journal 02/04/2009
It's Rich for Executives to Expect Sympathy on Pay
Wall Street Journal 10/17/2009
Fed Hits Banks With Sweeping Pay Limits
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Pay Cuts, but Little Headway on Larger Goals
New York Times 10/23/2009
Executive compensation on Wall Street: Assuaging public anger or the real thing
02/04/2009
Its not clear whether these controls on pay practices are adequate, or too little too late. With bills being watered down in Congress on derivatives trading and other risk prevention measures. The intense lobbying of the financial industry against prudent regulation. The voices of wiser minds like Volcker and Mervyn King of the Bank of England calling for strong action. And the jobless numbers going the other way. Most recently at the Barr Trucking Company in Indiana, where 500 resumes were received for a $13 an hour assistant position.
Grouped Articles
New York Times 12/27/2011
SEC Wants Boss-Employee Pay Gap on Display
Wall Street Journal 09/19/2013
S.E.C. Proposes Greater Disclosure on Pay for CEO's
New York Times 09/18/2013
A Better Way to Compare C.E.O. Pay
New York Times 09/21/2013
Wall Street Bonuses Are an Outrage
Wall Street Journal 02/04/2009
The Case Against the Bernanke-Obama Financial Rescue
New York Times 05/16/2014
Return to business as usual in the banking sector with pay and other practices..
08/23/2009
The administration's reluctance to back up the Fed's efforts to cap bonuses and compensation in banking.
Grouped Articles
SEC Wants Boss-Employee Pay Gap on Display
Wall Street Journal 09/19/2013
U.K. Bankers to Wait Seven Years for Bonuses
Wall Street Journal 06/24/2015
The U.K.'s New Bonus Claw Back Rules
Wall Street Journal 06/24/2015
British Regulators Extend Clawback Rules for Bankers’ Pay
New York Times 06/23/2015
Hatoyama Outlines Need for Regulation
Wall Street Journal 09/05/2009
Mozilo Filing Says SEC Distorts Charges in Suit
Wall Street Journal 09/05/2009
Government curbs on executive pay in the U.S.
02/04/2009
Obama pay czar Feinberg issues rules for executive compensation at government supported financial institutions.
Grouped Articles
SEC Wants Boss-Employee Pay Gap on Display
Wall Street Journal 09/19/2013
S.E.C. Proposes Greater Disclosure on Pay for CEO's
New York Times 09/18/2013
A Better Way to Compare C.E.O. Pay
New York Times 09/21/2013
Wall Street Bonuses Are an Outrage
Wall Street Journal 02/04/2009
U.S. to Order Pay Cuts at Firms That Got Most Aid
New York Times 10/22/2009
New York Times 10/22/2009
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