Word: recoups
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...First President Obama proposed new taxes on big banks, blasting the "twisted logic" of Wall Street executives who keep awarding themselves giant bonuses while resisting government efforts to recoup the cost of their industry's bailouts. "Instead of sending a phalanx of lobbyists to fight this proposal or employing an army of lawyers and accountants to help evade the fee, I suggest you might want to consider simply meeting your responsibilities," the President warned...
...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 recently said bonuses for its top executives will be paid in restricted stock, making it easier to recoup pay down the road. (See pictures of the downfall of Bernie Madoff...
Obama outlined his plan for $117 billion worth of bank taxes to recoup the costs of bailouts even before Scott Brown's Massachusetts victory gave Republicans the 41st vote they need to filibuster the Senate. The newest proposals - further limits on the size and risk profiles of financial firms, plus bans on commercial banks playing the markets with their own cash or owning hedge funds or private-equity funds - had also been debated internally for months. But no matter what the White House spinners say, the heightened emphasis on taming Wall Street is a direct response to Obama's political...
Really, though, this shift is more about politics than substantive differences in policy. Geithner strongly supports a stand-alone consumer agency, and he devised the plan to impose taxes on liabilities of the biggest banks, not only to recoup the bailout money but to discourage excessive risk-taking and excessive size. He just happens to be allergic to populism, and Obama political adviser David Axelrod wants to strike a much more populist are-you-with-us-or-the-banks tone in 2010. Axelrod and Obama aide Valerie Jarrett met at the White House on Wednesday with Harvard law professor...
...Monday, New York Attorney General Andrew Cuomo asked eight large banks to turn over data on their expected 2009 bonus payouts. President Barack Obama is considering leveling a fee on financial firms to help the government recoup the costs of last year's bank and auto bailouts. FDIC officials, too, are considering charging banks that pay a large portion of their executive compensation in bonuses a higher fee for its deposit insurance. The U.K. recently adopted a 50% tax on bank bonuses.(See the worst business deals...