Word: reclaimation
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...first official State of the Union address, it was the third time that Obama had addressed a joint session of Congress in prime time. The first, in February 2009, was an introduction, a statement of goals and principles. The second, in September, was a defensive play, an attempt to reclaim the high ground on health care, which had begun to slip away. This third time was a declaration of his having survived his first serious setback and of his determination to keep trying...
...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 are expanding those provisions to more employees. A few months ago, Morgan Stanley extended its clawbacks to trades that end up being losers. Bank of America is planning to extend its clawback provision to its top executives. And Goldman Sachs...
What's more, the deals the banks wanted to strike with AIG would have involved the insurer and the government giving up their right to reclaim the underlying bonds. Some have argued that would have led to a worse deal for AIG. Instead, the Federal Reserve decided to give AIG the money to pay off the CDS contracts in exchange for the soured bonds. As credit markets have rebounded, those investments, most of which were risky mortgage bonds, have risen in value...
...cathedral when Russia's royal family was executed during the revolution. But the court upheld the Russian government's position that since the czarists had bought the land and built the church using state money, the cathedral remains the property of the Russian government, meaning that Moscow could legally reclaim it now that ACOR's lease has expired. Decades of Soviet uninterest in the property, the court decided, did not undermine Russia's entitlement to it today...
...bank UBS instituted such a plan. The executives, however, said forcing banks and other employees to hold on to products they were selling would cause conflicts of interest and limit their ability to do business. Instead, the executives said they instituted so-called clawback provisions, which allow banks to reclaim compensation from bankers who sell products that cause the firm losses down the road. Because of time constraints, the executives were asked to respond to the panel in writing whether clawback provisions have ever been used...