Word: maximum
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Dates: during 2000-2009
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...tiered program, with extra restrictions applied to basket cases like AIG, Citigroup and Bank of America, all of which tapped the federal till for hundreds of billions of dollars to recapitalize their broken balance sheets. In addition to the cash limit, the "maximum wage" plan allows companies to reward "senior management" - a complement of no fixed definition - with restricted stock, but it can only be cashed in after the government is paid back. There are also prohibitions against golden parachutes as well as a clawback provision - the company may reclaim that stock if its results subsequently tank - that can extend...
...maximum-wage plan is not retroactive, applying only to companies that tap TARP in the future. The restrictions will apply until a bank pays off its TARP tab and starts behaving. According to an Administration source, "If a bank has restored viability, has paid back the United States government with interest, and is now a completely private-sector bank ... then we can return to a time when this is between them and their shareholders...
...President Obama recognized the real risk here: some very good bankers might not want to work for maximum-wage pay and could bolt their TARP-constrained companies. Why, for instance, would JPMorgan Chase CEO Jamie Dimon, perhaps the most astute operator in banking, want to labor for a measly 500 large to run a company with $2.2 trillion in assets...
...seeking for years. But he added that while the funding meets short-term needs and would help clear the clogged pipeline of NIH projects, the Collaborative wants to ensure that there would be adequate long-term funding as well. The bill also allocates billions of dollars to increase the maximum award levels for Pell Grants and Stafford loans that go toward undergraduate financial aid. While Harvard’s comparatively generous aid program may dampen the need for such federal funding, Casey said that Harvard has tried to “raise [its] voice in the national interest...
...Warner asked the SEC nominee if "we needed prohibition of some financial instruments?, she answered cautiously: "We will explore prohibiting some instruments." She added that one big problem was turf wars among regulatory agencies. "Regulators need to cooperate," she said. "We haven't shared in past, we need a maximum number of eyes" to stop fraud...