Word: cuomo
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...stark contrast, Goldman Sachs has set aside some $11.36 billion so far in 2009 in total compensation and benefits for its 29,400 employees. That's about on pace with the record payout the firm made in 2007, at the height of the bubble. Thanks to Andrew Cuomo, the New York State attorney general, we know that in 2008, while Goldman earned $2.3 billion for the year, it paid out $4.82 billion in bonuses, giving 953 employees at least $1 million each and 78 executives $5 million or more (although Goldman's top five officers, including Blankfein, declined a bonus...
...made the rounds of the morning shows, appeared at a town hall meeting for National Teen Pregnancy Awareness Day and declared herself committed to discouraging behavior that would leave other girls in the same predicament she finds herself in. "Regardless of what I did personally," she told Chris Cuomo on Good Morning America, "abstinence is the only ... 100% foolproof way you can prevent pregnancy." (Read: A Brief History of Abstinence...
...case in point is the conversation that Ken Lewis, CEO of Bank of America (BAC), says that he had with former Treasury Secretary Henry Paulson. According to information released by NY State Attorney General and governor-in-waiting Andrew Cuomo, Lewis was threatened by Paulson who told him that the entire B of A board would be dumped if the bank backed out of a deal to buy Merrill Lynch. Passing the blame, Paulson claimed he was merely doing the dirty work of Fed chief Ben Bernanke. Bernanke has tried to distance himself from the event. The press has used...
...proposed as a viable solution—relying solely on a subscription service does not bring in enough revenue to allow rating agencies to innovate and keep up with increasingly complex financial products. Other officials have focused on fixing the mechanics of this structure. New York Attorney General Andrew Cuomo, for example, announced an agreement with rating agencies in June in which issuers simply pay for rating agencies to review the securities with no requirement to produce a rating. Relieving this pressure to produce could foster objectivity and minimize conflicts of interest. In that case, though, the problem of being...
...creating a central exchange, much like the New York Stock Exchange, where the bond insurance would trade. Some have proposed doing away with CDS all together. Those changes would significantly curtail, or wipe out, Cantor's profits in its CDS business. What's more, New York Attorney General Andrew Cuomo has subpoenaed Cantor and other traders of CDS contracts to see if the bond insurance was used to manipulate the market. Fears about changes in the CDS market have weighed on BGC's shares, which have fallen to a recent $2.90 from $12 a year...