Word: stanleys
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...heart of that effort. While companies have always had the right to sue employees for ill-gotten gains, more firms are adding provisions to reclaim pay not just for illegal behavior, but poor decisions. And they are expanding those provisions to more employees. A few 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...
Anger over the financial crisis got perhaps its most prominent outlet yet as a federally appointed panel grilled top bankers about their firms' roles in the economic downturn. On Jan. 13, the panel questioned the chiefs of Goldman Sachs, JPMorgan Chase, Morgan Stanley and Bank of America. The 10-member bipartisan Financial Crisis Inquiry Commission, created by Congress last year, is tasked with reporting on issues ranging from mortgage fraud to regulatory lapses by Dec. 15. Some analysts say the hearings are an important step toward reform; others call them a distraction, saying the causes of the crisis are clear...
...next two years was probably the toughest decision that I've made this year among a lot of very tough decisions, because it involved the lives of young men and women in uniform. We are monitoring very carefully how it's being executed. And I think that General [Stanley] McChrystal, General [David] Petraeus, [U.S. ambassador to Afghanistan] Karl Eikenberry and others are working double time to successfully implement this. I know that you've written, Joe, that there may be some questions in terms of pace of getting troops in. I can assure you that a fire is lit under...
...words: not good. Citigroup and Bank of America lost roughly $8 billion and $5 billion, respectively. The credit-card and mortgage businesses of JPMorgan Chase, which reported their earnings last week, were a disappointment. Wells Fargo posted a profit, but nonperforming loans and related charge-offs both jumped. Morgan Stanley turned a profit in the fourth quarter, but it was less than what analysts expected. Even earnings growth at Wall Street powerhouse Goldman Sachs somewhat slowed. (See the best business deals...
...assault was also likely intended to be a signal to the U.S. that its plan to increase its troop levels this year could have violent consequences. Just days ago, Gen. Stanley McChrystal, the U.S. commander in Afghanistan, gave an interview with ABC News in which he praised the progress that an earlier troop surge has made in securing Helmand province and taking momentum away from the Taliban. U.S. military officials have noted in the past, however, that dramatic attacks will still occur in the country despite the extra troops on the ground. Monday's commando raid seemed to prove...