Word: sectoral
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...revelations about Citi's bonus plan come at a time when anger over executive pay, particularly in the troubled financial sector, is boiling over. On Thursday, the House overwhelmingly passed a bill that would impose a 90% income tax on all compensation over $250,000 earned by employees at banks that have received more than $5 billion in bailout funds. The Senate is working on its own bill to raise taxes on highly compensated bankers. President Barack Obama indicated he would sign legislation that curtails bonuses...
...brain drain of salespeople, rank and file and middle management to non-TARP companies," said Scott Talbott, vice president of the Financial Services Roundtable, which represents Wall Street's interests in Washington. "The loss of these employees will weaken TARP companies." The compensation crackdown already has other private sector players thinking twice about partnering with the Administration to help unload the banks' toxic assets and get the credit markets moving. (Read "Freddie Mac: Government's New Black Hole...
...what else is fueling the gossip? Russian daily Vremya Novostei this week reported that Medvedev had "criticized [Putin's] Cabinet for a certain slowness in supporting the real sector of the economy." Putin, the paper wrote, "immediately responded by criticizing [Medvedev...
...billion poured into business investment under the government's economic stimulus package and $468 billion in aid handed to French banks and finance groups. The protesters now have three main demands: that major funding be given to employees to increase purchasing power; that planned moves to cut public sector jobs be frozen for two years; and that Sarkozy roll back $595 million in tax cuts passed in July 2007, which critics denounce as a sweetheart deal that only 14,000 people - mainly the country's most affluent - benefited from...
...Were Sarkozy to raise taxes to avoid cutting back the public sector - even under pressure of the recession - he'd be admitting the left's policies were right all along, and surrendering his political raison d'être," says Dominique Reynié, director of Paris think tank Foundation for Political Development. "The anti-Sarkozy front has gotten so wide and even trendy that it's blinding people to hard realities. First, France's 74% debt to GNP level can't go higher without collapsing, so the margin for relief effort is tiny. Second, the recession is causing pain worldwide...