Word: americas
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Dates: during 2010-2019
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...employees for ill-gotten gains, more firms are adding provisions to reclaim pay not just for illegal behavior, but poor decisions. And they are expanding those provisions to more employees. A few months ago, Morgan Stanley extended its clawbacks to trades that end up being losers. Bank of America is planning to extend its clawback provision to its top executives. And Goldman Sachs recently said bonuses for its top executives will be paid in restricted stock, making it easier to recoup pay down the road. (See pictures of the downfall of Bernie Madoff...
...Bank of America, the clawback covers all the employees of the bank that are involved in investment banking and trading, or roughly 9,000 employees. Top executives, for now, are excluded. Only the employees' deferred compensation is subject to the clawback, which is about three-quarters of pay for most executives. And once employees have received the pay, which vests over three years, it is theirs to keep for good...
Toyota Motor Corp., struggling to contain the damage from the continuing controversy over unintended acceleration in some of its cars, has elected to indefinitely halt sales of eight models, including the Camry, America's best-selling automobile, and the Corolla, the practical compact model on which the Japanese automaker built its reputation for quality and durability. As part of its effort to address sticking accelerators, it will also recall 2.3 million vehicles...
...clear that all of the deals, including those with SocGen or UBS, could have been completed. French regulators pressured SocGen and Calyon not to negotiate with AIG. What's more, BlackRock said that investment bank Merrill Lynch, which had recently agreed to be purchased by Bank of America, was not willing to strike a deal. If AIG had then paid off only Merrill's bond insurance in full, the other banks may have balked on their less-than-full deals. (See the top 10 financial collapses...
...mean, seriously. The other day I was sitting on an airplane, watching the usual slice of America attempt to squeeze derrières far too large into seats far too small. In the age of the seat belt extender, this is hardly an unusual sight. But just before takeoff, there was a rotund man rolling a wheelie suitcase down the aisle in way-too-tight pants. What was he wearing? You guessed it—sheaths of spandexy “denim” someone told him counted as jeans...