Word: banke
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...Financial Services held a hearing on executive compensation. Harvard professor Lucian Bebchuk, who recently consulted pay czar Kenneth Feinberg in setting compensation limits at bailed-out firms, said Congress should regulate and "place limits" on Wall Street pay. Nobel Prize-winning economist Joseph Stiglitz told the panel that bank pay incentivized traders and other employees to take the excessive risks that contributed to the financial crisis. And corporate-governance expert Nell Minow asserted that Wall Street firms had done little to change the pay practices that she believes were a "symptom and cause" of the financial crisis. "In the postmeltdown...
Fearing regulation, financial firms are eager to prove they can police their own pay policies. At a recent Washington hearing into the causes of the financial crisis, executives from four top banks all cited recently instituted clawback provisions as evidence the firms had reformed the pay practices that many believe were at the root of the financial crisis. Clawback provisions are at the heart of that effort. While companies have always had the right to sue employees for ill-gotten gains, more firms are adding provisions to reclaim pay not just for illegal behavior, but poor decisions. And they...
...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...
Stiglitz, a former World Bank Chief Economist who is known for his critical views of modern globalization, lambasted “market fundamentalists” for their devout adherence to capitalism, which resulted in loosened regulations and increased risk-taking...
Stiglitz came to Cambridge after stopping in New York and speaking at the Smithsonian Institute and the World Bank in Washington, D.C., according to Rachel Salzman, a publicist for W.W. Norton, Stiglitz’s publisher...