Lucian A. Bebchuk, a professor at Harvard Law School and expert on executive compensation, called the 2008 bonus figure “disconcerting.” Bonuses, he said, are meant to reward good performance and retain employees. But Wall Street disbursed billions despite staggering losses and a shrinking job market. Full Story »
Posted by Peter L. Combs
A well researched story concerning issues with Wall Street bonuses and new calls for transparency and accountability, especially with the Troubled Assets Relief Program (aka "Traitorous American Robbery Program"), which uses taxpayer money without disclosure and may have been used for executive bonuses.
Reference is made in this piece to Andrew Cuomo investigating Lehman's John Thain and other CEOs. See my review, "Deal of the Decade," with comments by others that no law was broken. What's being investigated here is what brought down Enron--whether actions were coordinated by those receiving bonuses (a) to mannipulate the market and/or (b) to get bonuses or self-enrichment in advance of impending bad news when executives knew that news would cause stock prices to plummet.
Bonuses paid by one troubled Wall Street firm, Merrill Lynch, have come under particular scrutiny during the last week. Andrew M. Cuomo, the New York attorney ... More »
Well researched, well written article about the shameful behavior of Wall Street which seems to be on planet Mars, Earth to Wall Street: It's all over.
Rewarding those on Wall Street who had huge roles in the economic debacle is like thanking the captain of the Titanic for steaming full speed through the iceberg field, Explain please: rewarding them to prevent their leaving for other employment--what other employment in this economy of no jobs? God! Does Wall Street think we Amricans are as stupid as Republicans think us to be?
A brief article about Executive compensation, the impotentancy and implicit failure of ther NY Comptroller. Good data and puts todays bonus situation on Wall Street in context with other years.
Just another defective link in the logic chain of why little will change despite the latest Un-Debated, Un-Read Bailout Package that is viewed nearly unanimously by economists as being all wrong, misguided and too small. . Its starting to look as though if the Fed doesn't squander it, Wall Street will. Watch the market plunge today...nothing will change until it all does..
“The issue of transparency is a significant one, and there needs to be an accounting about whether there was any taxpayer money used to pay bonuses or to pay for ... More »
The pigs were at the trough, and effectively stealing shareholder money is just par for the course in America in the 21st Century. This article is detailed, but too kind to the pigs.
Rampant corruption on the Street was the norm under the Bush administration, and the pervasive dishonesty was reinforced at every level. The arrogant ignoramus in the White House gutted the FBI, to chase Islamic charities that Israel saw as aiding Hamas and Hezbollah, both of which are highly effective social-service organizations as well as political parties and militia. Protecting Israel has come at the cost of nearly bankrupting the American Republic.
As usual greed knows no boundaries. With the Times and other papers, more and more worms or coming out of the woodwork. Before it's over you'll have more people turning in their colleagues than cockroaches can breed.
Most of these cockroaches probably have to have off-shore accounts. If not, how was Maddoff writing 75 million in checks to his family and friends. I know he just didn't call his local bank (and get a new toaster) and have them send him more checks.
Many corporate governance experts, investors and lawmakers question why financial companies that have accepted taxpayer money paid any bonuses at all. Financial industry ... More »
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