Word: compensationitis
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According to The Wall Street Journal, "Under the forthcoming rules, bonuses could come to no more than one-third of the total annual compensation paid to employees covered by the restrictions."
After the firestorm over bonuses at AIG (AIG), all programs to keep total compensation for bankers high are going to get a government rebuke. The AIG incident has made it almost impossible for the Administration to allow any Wall St compensation that appears excessive to be used to retain bankers...
Obama promised weeks ago to stop the excessive bonuses on Wall Street, at a time when the existence of the coming AIG bonuses had already been disclosed by the excellent reporting of Bloomberg News. Obama's staff vowed more recently that the further infusion of taxpayer money into AIG, a...
The framers of the Constitution were constantly worried that even in a republic fools could end up in control of the government. That might be the sort of elected officials who would chase issues that may be popular but are ultimately almost worthless in terms of helping the country, and...
Obama's focus at the White House was on bonuses for AIG's 370-person financial products division, the London-based unit largely responsible for the company's debacle involving bad bets insuring mortgage-backed securities. Overall, however, three separate, AIG-wide retention and bonus payments due to start later...