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...past few months, a number of financial firms have instituted or beefed up rules that would allow them to force employees to return year-end bonuses. So-called clawbacks would be triggered by subsequently discovered misconduct and some firms say they may even apply in cases where employees made trades that looked profitable at first, but go sour. (See the financial crisis after one year...
...order to get around the repayment problem, a number of firms say their clawbacks will only apply to deferred compensation and not immediate cash payments. At Morgan Stanley, for instance, the firm's clawback provision only applies to the portion of their employees' compensation that is paid in deferred cash, which for most employees is only about a third of their pay. The other two-thirds of the firm's employees' compensation, paid out in cash and restricted stock, are not subject to the clawback provision. But in limiting the repayment provisions, Morgan Stanley might actually be promoting risky behavior...
Toyota officials note that since the fall, the company has been conducting an exhaustive review of factors that might have contributed to the growing number of unintended-acceleration cases filed with the National Highway Traffic Safety Administration. Pinning down the cause of unintended acceleration is extremely difficult, automotive-engineering experts say, because laboratory tests may not be able to replicate unusual situations that arise in real-world driving...
...could have saved the giant troubled insurer, and taxpayers, billions of dollars. Instead, after a few days of harried discussions, the Federal Reserve Bank of New York - which was orchestrating the government's bailout of AIG - instructed the insurer to pay its counterparties, which included Goldman Sachs and a number of European banks, in full. The BlackRock report is one of many documents recently unearthed by a congressional investigation into the controversial bailout of AIG, which could still cost taxpayers as much as $180 billion...
...height of the financial crisis, BlackRock believed AIG could have struck deals with the big banks that would have saved the company money. At issue were the credit-default swaps - essentially bond insurance that would pay out if borrowers didn't - that AIG had sold to a number of large banks and financial firms. Lawyers say there would have been nothing legally wrong with AIG's negotiating to pay some banks less than others on the CDS insurance they had bought from AIG. In fact, since the CDS contracts insured different bonds, it would have been normal for those insurance...