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...employment lawyers and pay experts say more needs to be done to rein in Wall Street compensation. In practice, it is often hard to get employees to return pay. Moves to limit clawbacks only to deferred compensation (money that is earned but not paid out until a specified future date), which is the easiest to recover, may actually increase risky behavior. What's more, clawbacks vary widely from firm to firm. Some provisions only cover top executives; other firms exclude top executives from the plans...

Author: /time Magazine | Title: Can Financial Firms Get Executives to Give Back Pay? | 1/27/2010 | See Source »

...Wall Street pay was again in the spotlight in Washington. The 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...

Author: /time Magazine | Title: Can Financial Firms Get Executives to Give Back Pay? | 1/27/2010 | See Source »

Fearing regulation, financial firms are eager to prove they can police their own pay policies. At a recent Washington hearing into the causes of the financial crisis, executives from four top banks all cited recently instituted clawback provisions as evidence the firms had reformed the pay practices that many believe were at the root of the financial crisis. Clawback provisions are at the heart of that effort. While companies have always had the right to sue employees for ill-gotten gains, more firms are adding provisions to reclaim pay not just for illegal behavior, but poor decisions. And they...

Author: /time Magazine | Title: Can Financial Firms Get Executives to Give Back Pay? | 1/27/2010 | See Source »

...this morass, Democrats assert that their plan, which subsidizes about 30 million people so that they can afford coverage, will lower the deficit. Fears of higher taxes and bigger deficits, they sneer, are unfounded. Their reasoning? The Congressional Budget Office (CBO) says so. But they raise taxes to pay for the subsidies—a surcharge on the rich in the House of Representatives, a tax on “Cadillac plans” in the Senate—taxes that could have gone exclusively to reducing the deficit. And the CBO warns that the deficit will lessen only...

Author: By Brian J. Bolduc | Title: Kill Obamacare | 1/26/2010 | See Source »

...change will bring other sacrifices as well: Adrià and his team will have to relinquish their three Michelin stars, for example, and no one knows how they'll pay for the two years of inquiry without customers to finance them. But citing a desire to spend more time with his family, the chef says he needs a break from serving food to figure out what comes next. "We still want to be creating in 2020," he says, "but for that to be possible, we have to normalize our lives...

Author: /time Magazine | Title: World's Best Restaurant: Reservations Get Tougher | 1/26/2010 | See Source »

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