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...past few months, a number of financial firms have instituted or beefed up rules that would allow them to force employees to return year-end bonuses. So-called clawbacks would be triggered by subsequently discovered misconduct and some firms say they may even apply in cases where employees made trades that looked profitable at first, but go sour. (See the financial crisis after one year...
...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...
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...
...there is violence on polling day, voters may stay home in fear, CaFFE's Thenakoon warns. That's a big risk for the opposition, as Fonseka supporters say that the higher the voter turnout, the better his chance of ousting Rajapaksa. "They want to keep us away from the booths," Fonseka told the crowd at his final election rally on Jan. 23. "We should not get scared, we should go and vote." (See pictures of life in the territories previously controlled by the Tamil Tigers...
...lucky few diners, one should say. Eight thousand people get reservations at elBulli each year, a mere fraction of the million who request them. (The restaurant is open only about half the year.) Indeed, despite its 230-euro price tag, dinner at every table for the six months that the restaurant is open is assigned in a single day. And now that it's clear that this year's reservations lottery may well be elBulli's penultimate, the number of gourmands clamoring to get in will surely grow. (Is elBulli's creation food...