Obama to slash pay and bonuses for bank executives.Summary: The Obama administration is set to slash the pay of top earners at banks and carmakers bailed out by the US government. The Obama administration is set to slash the pay of top earners at banks and carmakers bailed out by the US government. The plan calls for halving overall compensation, and cutting cash salary payouts by an average of 90 percent to try and address public outrage over the excessive amounts. The sweeping cuts, being negotiated by US pay czar Kenneth Feinberg, would mark a bold move for an administration that has railed against excessively high pay on Wall Street. Blockbuster earnings and bonuses at Goldman Sachs and other companies that received taxpayer assistance have stoked stoked adj. Slang 1. Exhilarated or excited. 2. Being or feeling high or intoxicated, especially from a drug. public anger over compensation as the US grapples with almost 10 per cent unemployment and little help for homeowners struggling to pay mortgages. The Wall Street Journal has reported that Feinberg is also planning to demand broader corporate governance Corporate Governance The relationship between all the stakeholders in a company. This includes the shareholders, directors, and management of a company, as defined by the corporate charter, bylaws, formal policy, and rule of law. changes, including splitting the roles of chairman and chief executive officer. The seven companies affected are: AIG AIG addressee indicator group (US DoD) AIG American International Group, Inc AiG Answers in Genesis (religious group in defense of Scripture) AIG Artificial Intelligence Group AIG Australian Industry Group , Bank of America
Bank of America (NYSE: BAC TYO: 8648 ) is the largest commercial bank in the United States in terms of deposits, and the largest company of its kind in the world. , Citigroup, General Motors, Chrysler, GMAC GMAC General Motors Acceptance Corporation GMAC Graduate Management Admission Council GMAC Give Me A Call GMAC Genetic Manipulation Advisory Committee GMAC Genetic Modification Advisory Committee (Singapore) GMAC Give Me A Chance and Chrysler Financial. Independent Television News Limited 2009. All rights reserved. Independent Television News Limited 2009. All rights reserved. Provided by Syndigate.info an Albawaba.com company |
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