Word: contract
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Dates: during 2000-2009
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...that these were retention bonuses, contractually guaranteed to employees who remained with the company. It has been further argued, on his behalf, that the bonuses are exempted by the American Recovery and Reinvestment Act, which provides that restrictions on bonuses do not apply to those made under an employment contract executed before February 11, 2009. The public seems unwilling to consider his arguments...
...Last year AIG admitted that the company's Financial Products division entered into credit default swap agreements with banks that bought and securitized loans. CDS are a financial instrument that mimics the characteristics of an insurance contract. These instruments were most exposed to risk when the securitization market blew up following the housing market collapse. Not only is the company almost entirely owned by the government, but many of the executives receiving the bonuses are the same executives that marketed the CDS agreements that caused its downfall. (Read "Treasury Learned of AIG Bonuses Earlier Than Claimed...
...Treasury has already given it. Congressman Barney Frank struck a strident tone when he proposed that the government enforce its right as owners of the company. In a briefing, Frank contended that the government should exercise this right as the majority shareholder and deny payment for breach of contract. In an appearance on Face the Nation, Frank proposed that in order to exercise these rights, "what we ought to be doing is suing as a shareholder, saying, 'look these are people who were paid bonuses that they weren't entitled...
...that a provision was inserted into the stimulus package that says the rules do not apply to any bonuses contained in employment contracts signed before Feb. 11. (It is this provision that AIG has cited in defending its controversial bonuses to top executives.) Citi finalized its plan for paying 2008 bonuses in January. But it's unclear whether Citi's deferred-payout plan would be considered a valid employment contract under the rules set out in the stimulus package. The law leaves that up to Treasury Secretary Tim Geithner to decide...
...Also known as "winter vomiting disease," the illness caused by norovirus comes on suddenly, with symptoms that include nausea, diarrhea and stomach cramping, and sometimes low-grade fevers, chills and muscle ache, all of which normally resolve within three days. People contract the virus by eating contaminated food, touching contaminated surfaces and then placing their hands in their mouths, or through casual contact with an infected person, suggesting the illness could have been brought to the restaurant by a customer carrying the virus. Regardless of who triggered the health scare, "it's affected the restaurant big time because...