Word: panelings
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...House Committee on Financial Services held a hearing on executive compensation. Harvard professor Lucian Bebchuk, who recently consulted pay czar Kenneth Feinberg in setting compensation limits at bailed-out firms, said Congress should regulate and "place limits" on Wall Street pay. Nobel Prize-winning economist Joseph Stiglitz told the panel that bank pay incentivized traders and other employees to take the excessive risks that contributed to the financial crisis. And corporate-governance expert Nell Minow asserted that Wall Street firms had done little to change the pay practices that she believes were a "symptom and cause" of the financial crisis...
...devil [of clawbacks] is in the details," Harvard's Bebchuck told the House panel on compensation. "Firms have not provided sufficient information for outsiders to be able to assess whether the adopted clawbacks are meaningful or merely cosmetic...
...mistakes the government made when it rescued the insurer. At the center of the hearing, which was held by the House Committee on Oversight and Government Reform, were the payments that AIG made to banks that bought credit-default-swap (CDS) bond insurance from the firm. Members of the panel grilled Treasury Secretary Timothy Geithner, head of the Federal Reserve Bank of New York in late 2008, as to why he allowed AIG to pay the banks the starting value of the CDS contracts when the bonds had fallen significantly in price. Other mortgage-bond insurers at the time were...
Anger over the financial crisis got perhaps its most prominent outlet yet as a federally appointed panel grilled top bankers about their firms' roles in the economic downturn. On Jan. 13, the panel questioned the chiefs of Goldman Sachs, JPMorgan Chase, Morgan Stanley and Bank of America. The 10-member bipartisan Financial Crisis Inquiry Commission, created by Congress last year, is tasked with reporting on issues ranging from mortgage fraud to regulatory lapses by Dec. 15. Some analysts say the hearings are an important step toward reform; others call them a distraction, saying the causes of the crisis are clear...
After an eight-month investigation, a U.N. agency concluded that Guatemalan President Alvaro Colom played no role in the shooting death of lawyer Rodrigo Rosenberg in May 2009--despite a video left by Rosenberg saying Colom was planning to kill him. The panel said that evidence indicated Rosenberg had orchestrated his own murder to try to frame Colom, whom he blamed for involvement in the earlier slaying of his girlfriend and her father, a prominent businessman...