Word: returns
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While compensation consultants say clawbacks are a nice idea, they are very hard to execute. Getting employees to return paychecks that they have already cashed, spent and paid taxes on can be tricky. And most policies are not specific enough as to when pay can be recovered. That, employment lawyers say, can lead to abuse of the policies by the companies. "No question this is going to lead to a lot of litigation," says Michael Deutsch of law firm Singer Deutsch. "Clawbacks are unwieldy and can subject employees to abuse...
Citigroup's clawback only applies to its top executives, or about 200 of the company's 250,000 employees. And it only requires employees to return pay in instances when they have broken either the law or firm policies. Bad trades are exempt. But unlike other firms, Citigroup's clawback covers all types of pay, including cash or vested stock...
...Messori explained that if a Pope decided he was no longer capable of leading the church, he would convoke a Consistory of all the world's Cardinals at the Vatican. After they accept his resignation, the Cardinals would elect a successor, and the ex-Pope would "return to the status of simple priest in some hospital or monastery...
...Nazi-occupied Poland from their home on the Italian-occupied island of Rhodes in the Mediterranean - a 14-day journey by boat and by train in a stifling cattle car. "We knew it was an abattoir when we arrived. We could smell the melting flesh," he recalls during a return visit to the death camp 65 years later, his eyes welling up with tears. "We got there at 10 in the morning, and by 2 in the afternoon, my mother and father had been gassed...
...When he recovered, Israel didn't want to return to Rhodes. Before the war, the island - now part of Greece - had a vibrant, 1,700-strong Sephardic Jewish community, but afterward, only 151 remained. So he found work as a trader in the Belgian Congo instead and then moved to Brussels, where he has remained ever since. (Read "Murder Trial Puts Focus on French Anti-Semitism...