Word: paid
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Dates: during 2010-2019
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While compensation consultants say clawbacks are a nice idea, they are very hard to execute. Getting employees to return paychecks that they have already cashed, spent and paid taxes on can be tricky. And most policies are not specific enough as to when pay can be recovered. That, employment lawyers say, can lead to abuse of the policies by the companies. "No question this is going to lead to a lot of litigation," says Michael Deutsch of law firm Singer Deutsch. "Clawbacks are unwieldy and can subject employees to abuse...
...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...
...strike deals to tear up similar contracts and pay reduced prices. Some called the AIG payments, funded by the government, a backdoor bailout of Wall Street, in particular Goldman Sachs. Also at issue were the moves the Federal Reserve made to cover up the fact that AIG had paid out the contracts at par, which was the contract's full original amount. "Why shouldn't we ask for your resignation as Secretary of Treasury?" said John Mica, a Republican Representative from Florida...
Geithner replied that he believes that the way he and the Fed devised to get AIG out of its CDS contracts will prove to be the least costly for taxpayers. He said he had no role in hiding facts about what AIG had paid its counterparties or who those counterparties were. Former Treasury Secretary Henry Paulson, who also testified at the hearing, said he was broadly supportive of the AIG bailout but had no knowledge of any payments that AIG made to particular banks. (See the worst business deals...
...sold to the Swiss bank. For the remaining 45%, UBS was willing to allow AIG to pay 10% less than what it had originally promised. Those deals would have saved AIG about $1 billion. AIG later broke off those negotiations, and as with all of its other counterparties, paid UBS in full. BlackRock, in the report, said Goldman Sachs, French bank Calyon and German financial giant Deutsche Bank were also willing to strike deals...