Word: spent
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...executive compensation are firm, with opportunities for additional compensation only through the unpalatable option of restricted stock. The total savings to taxpayers, however, cannot be immense, mostly because the Treasury provisions have a narrow application. First, the provisions will not apply to the $350 billion of bailout funds already spent or allocated. Second, the provisions bypass large-time traders, brokers, and consultants, whose salary and bonuses often surpass the half-million-dollar limit. Third, healthier banks receiving funds through the Troubled Asset Relief Program will be effectively exempted from the provisions. Finally, the Treasury’s directives for increased...
...declaration is both welcome and warranted. In a time of financial crisis, it is important for Americans to have greater faith in the banking system. When the government is doling out large numbers of taxpayer dollars, it matters that individuals feel that their tax money is being spent wisely. We can also hope that the message to corporate executives will be clear: Taxpayers expect discipline, especially from a sector that has come to be seen by many as inept or irresponsible. Otherwise, the distribution of public funds becomes, in the president’s words, “unfair...
...financial industry’s titans yields nothing but front-page scandals—from Bernard Madoff, the mysterious asset manager “extraordinaire” who was revealed to be the mastermind behind a wealth-draining Ponzi scheme, to John Thain, the former Merrill Lynch CEO who spent a reported $1.2 million redecorating his office suite (complete with a $35,000 commode) at the expense of the U.S. taxpayer while his company posted incredible losses...
...threat to the mother’s life. Counselors were even permitted to discuss elective abortion if the woman asked. Moreover, the move aligned our foreign policy with the reasoning behind the Hyde Amendment to Medicaid appropriations bills, first passed in 1976, which prohibited federal funds from being spent on abortion in the United States. The policy bore immediate fruit: In 1985, the UN Population Fund repudiated the funding and advocacy of abortion as a means of family planning. Though the policy was reversed by Bill Clinton, George W. Bush restored...
...time, the Obama Administration had hoped to draw as many as 80 votes in the Senate but several spending provisions that would not have kicked in until after 2011 drew fire from both sides of the aisle. Collins and Senator Ben Nelson, a Nebraska Democrat, spent most of the week closeted with 18 centrists, including six Republicans, hammering out the deal reached late Friday. In the end only Collins, her fellow Senator from Maine, Olympia Snowe, and Arlen Specter of Pennsylvania signed on. Collins said she will continue to lobby her GOP colleagues...