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...clear whether the bonuses, which Citigroup says are for 2008 but won't start paying out until 2010, will be allowed. Under compensation rules passed by Congress in mid-February, cash bonuses are barred for top executives at bailed-out banks. (See pictures of the global financial crisis...
...system of health care reform without a public option is not health care reform,” Dean said. Responding to a question about the political impact of the Hispanic community, Dean criticized Republicans for their stance on Latinos. “In the halls of Congress, the Republicans are pushing the fence against people whose names end with e, z, or another vowel,” he said. After the forum, Dean headed to the Kirkland Junior Common Room for the College Democrats event. Following an introduction by Events Coordinator Jason Q. Berkenfeld ’11, Dean spoke...
Barely a day goes by on Capitol Hill without some politician expressing a good measure of righteous indignation. It's less common for virtually every member of Congress, Democrat and Republican alike, to have the same target for his or her carefully calibrated anger. But when all that talk actually gets channeled into immediate action, then you know that something really historic is happening in Washington - and that Congress (and the public) may well come to regret...
...plethora of legally questionable bills caps a messy week of finger pointing as all of Washington tries to harness public anger, score political points and figure out how AIG managed to grant the bonuses even after all the legislation Congress has passed to limit compensation to executives of the companies taxpayers have spent trillions of dollars bailing out. The GOP blamed Democratic ineptitude in the rush to pass too many bailouts; Democrats and Republicans alike said the Treasury Secretary Geithner has been asleep at the wheel; and the Obama Administration tried to refocus attention on the consensus point that Wall...
...remedies Congress is in a fever pitch to approve may well end up hurting the rescue efforts. The bonus bills, which would apply to virtually every major bank - including Citigroup, Bank of America, Wells Fargo, Goldman Sachs, Morgan Stanley and JP Morgan Chase, as well as AIG, Fannie Mae and Freddie Mac - will probably cause many of them to simply give back the TARP money sooner than they probably should, to avoid losing their best people to foreign banks, boutique firms or hedge funds that can pay bigger bonuses. "The week's events will cause a brain drain of salespeople...