Word: payout
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Dates: during 2000-2009
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...physically unhealthy—in other words, the “subprime”—candidates is to actually back the interests of bankers interested in making a quick return on their investment. For banks to buy out policies from candidates near death is a sure payout. Just as loans were once urged on subprime candidates in the drive to expand the base of mortgages for securitization, nothing now stops Wall Street from engineering a way to encourage the sick and elderly to take out life insurance plans—before buying out these plans for repackaging...
...financial regulation and health-care reform—have shown, the two industries are alike in their greed, ambition, and self-interest. Collusion is in the best interest of both sides: Insurance companies are encouraged to drop health care, and policyholders know that mortality ensures an even bigger payout for Wall Street. And so who better than health insurance companies to invest in these new asset-backed securities? More than merely “killing Grandma,” now someone’s getting a fat check when she croaks...
...unemployment rate has risen too, nearing 10%. In 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...
...exceedingly wealthy. In 2007, the year of Goldman's record profit, the board paid him $68.5 million, a record payout for a Wall Street CEO. His 3.4 million shares of Goldman are worth about $540 million. He bought a tony $27 million Manhattan apartment at "Wall Street's new power address," as the New York Times called it, 15 Central Park West. He also owns a 6,500-sq.-ft. (600 sq m) home in Sagaponack, N.Y., near the ocean. (See pictures of expensive things that money...
...Libya formally accepted responsibility for the Lockerbie bombing, paying $2.7 billion in compensation to relatives of the 259 people on board and 11 town residents who died in the attack. Since then, however, Libyan officials have denied culpability and suggested that the payout was made as part of its recent efforts to normalize relations with the West...