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The Death of the Liberal Class

By Chris Hedges
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Tag: Bonus


NYC: Where Bonuses Rise, and The Working Poor Still End Up Homeless

Bonuses on Wall Street jumped 15 percent in 2013, while record numbers of New Yorkers poured into homeless shelters.

Posted on Mar 14, 2014 READ MORE



AP / Paul Sancya

UAW Reaches Contract Agreement With GM

The United Auto Workers and GM announced late Friday that after more than seven weeks of negotiations the two had agreed on a four-year contract that included new jobs, improved profit-sharing and better health care benefits.

Posted on Sep 17, 2011 READ MORE



Flickr / Tracy O (CC-BY-SA)

Cash Bonuses Down, Compensation Up on Wall Street

Big banking execs on Wall Street might have noticed a slight pinch in their cash bonuses last year, but that doesn’t mean those clever business minds didn’t find a way to make up for it through other financial channels.

Posted on Feb 23, 2011 READ MORE



Flickr / kevindooley (CC-BY)

Banking Regulation Team Pitches New Payment Rules

An international panel of banking regulators from 27 nations is aiming to crack down on outlandish pay packages for industry executives by proposing a new set of rules that call for more transparency and, wonder of wonders, some correlation between ...

Posted on Dec 27, 2010 READ MORE



AP / Dolores Ochoa

Ecuador in State of Emergency

Add Ecuador to the list of countries whose people are letting their governments know that they’re not having the “austerity measures” officials are attempting to enact.

Posted on Sep 30, 2010 READ MORE


Rehm
AP / Virginia Mayo

EU Moves to Cap Bank Bonuses

Looks like banking executives in EU member nations will have to settle for slightly less ginormous bonuses in the coming year, once the European Parliament puts its official stamp on an agreement to limit banking bonuses and severance packages.

Posted on Jun 30, 2010 READ MORE


Krugman
Wikimedia Commons / Prolineserver

Krugman Says Obama Is ‘Clueless’ About Outrageous Bonuses

There are few things, we imagine, that could elicit a heartfelt OMG (make that O.M.G., rather) from certified economics whiz and evident adult Paul Krugman, but President Barack Obama’s latest take on the egregious and profane bonuses of Wall Street executives has clearly tripped that wire in Krugman’s mind.

Posted on Feb 10, 2010 READ MORE


Thain
U.S. Department of State

Former Merrill Lynch CEO Thain Tapped to Head CIT

John Thain is back. The ex-CEO of Merrill Lynch, who also once held top posts at Goldman Sachs and the New York Stock Exchange, has returned to the Wall Street fold, this time as chairman and CEO of the CIT Group. However, this time, one imagines, he won’t have a $35K commode at his disposal.

Posted on Feb 8, 2010 READ MORE


banking hearing
AP / Susan Walsh

Letting the Banking Rats Out of the Bag

“Was there some sort of ghost that performed these actions?” New York federal Judge Jed S. Rakoff demanded to know Monday in rejecting a deal that would let Bank of America off the hook in yet another banker bonus scandal.

Posted on Aug 11, 2009 READ MORE


GS building
taisha.org

Big Money for Goldman Sachs

Fresh off the bailout, Goldman Sachs raked in $3.44 billion in net profit this quarter, beating analysts’ already high expectations, and the firm’s success will pay off for employees in the form of generous bonuses. Not surprisingly, pro-Goldman types think this is all good news.

Posted on Jul 14, 2009 READ MORE


Obama and Geithner
White House / Pete Souza

Wouldn’t Let Geithner Quit Even if He Tried, Obama Says

Although Timothy Geithner is under fire from several directions, especially because he failed to stop the AIG executive bonus train from arriving at its destination, President Obama continues to actively support him. In fact, Obama says he wouldn’t let Geithner quit even if the treasury secretary tried to do so at this point.

Posted on Mar 21, 2009 READ MORE


AIG sign
visitbulgaria.info

AIG Claims It Overpaid Taxes, Sues Government

Having succeeded in dispensing tens of millions of dollars to company executives last week as the country—and Congress—cried foul, the insurance titan is now suing the government to reclaim millions in taxes. Apparently AIG officials believe they paid the IRS too much and now are demanding a huge tax rebate.

Posted on Mar 20, 2009 READ MORE


Obama

Obama Talks Banks, Bonuses and Basketball on Leno

The merger of the entertainment and political spheres is now complete. Witness this lengthy chatfest between President Barack Obama and Jay Leno on Thursday’s “Tonight Show.” During the broadcast Obama cracks jokes about the Secret Service, the Special Olympics (oops) and “American Idol” between more serious discussions about the economy and alternative energy.

Posted on Mar 20, 2009 READ MORE


Geithner and Obama
AP photo / Gerald Herbert

And Now, This Tepid Message From Our Treasury Chief

We’ve seen a lot of Timothy Geithner lately in the news—usually looking concerned yet purposeful as he stands behind the president in photos and press conferences—but we haven’t heard a great deal straight from the source. On Thursday, CNN’s Ali Velshi managed to get the treasury secretary talking, but what Geithner had to say is distinctly underwhelming.

Posted on Mar 19, 2009 READ MORE


Boehner
AP photo / Evan Vucci

House Passes Bonus Tax Bill

After the top brass at AIG couldn’t be stopped from dishing out $165 million in bonuses to executives who didn’t exactly deserve gold-star treatment, Congress is attempting to recoup most of the money by slapping a 90 percent tax on such executive windfalls.

Posted on Mar 19, 2009 READ MORE


Obama
AP photo / Ron Edmonds

Obama Aiming to Block AIG Bonuses

AIG’s dishing out $165 million in bonuses to executives who played a part in bringing their company to near ruin is an “outrage,” according to President Barack Obama, who pledged to do whatever he can to stop the payouts at the bailed-out insurance giant. Updated

Posted on Mar 16, 2009 READ MORE


AIG logo
listphile.com

AIG to Dish Out $165 Million in Post-Bailout Bonuses

The tug of war continues between corporate financial giants and the federal government, and certain members of the former seem to have some trouble adjusting to their post-bailout status. AIG, for example, is still planning to reward its top 400 executives with a whopping $165 million in bonuses this weekend, even after the company was given more than $170 billion from taxpayers to stay afloat. Updated

Posted on Mar 14, 2009 READ MORE


pigs
Flickr / treehouse1977

Bankers Took Home Billions While Wall Street Burned

If you’re in a good mood, you may just want to skip this bit of news from The New York Times: “Despite crippling losses, multibillion-dollar bailouts and the passing of some of the most prominent names in the business, employees at financial companies in New York ... collected an estimated $18.4 billion in bonuses for the year.” Update

Posted on Jan 29, 2009 READ MORE


Cummings

Fun With Bailout Hearings: Know Your Treasury Chumps

It’s clear from this monologue by Rep. Elijah Cummings that, when he wonders aloud if Neel Kashkari is a “chump” for enabling companies like AIG to hand out huge executive bonuses while seeking federal bailout money, Cummings already knows the answer.

Posted on Nov 15, 2008 READ MORE


money bags
0-60mag.com

Just How Fat Are Wall Street’s Fat Cats?

Sure, we’ve all heard the stories about Wall Street bigwigs lining their pockets with gold dubloons while the rest of us scramble to save pennies, but The New York Times has drawn out that contrast in graphic detail with a handy series of charts showing the total earnings (including bonuses) of 12 top executives from 2003-2007.

Posted on Oct 7, 2008 READ MORE


Richard Fuld Jr.
World Economic Forum / Remy Steinegger

Lehman Bros. Paid Execs Millions as Company Tanked

On Monday, the House Oversight and Reform Committee took a look into the collapse of Lehman Brothers as part of a larger review of the factors leading to the current economic crisis, and it wasn’t a pretty sight. Judging by the committee’s account, leaders at Lehman Bros. disregarded key warnings of impending trouble and cut hefty checks for their fellow executives even as the firm teetered on the brink of disaster.

Posted on Oct 6, 2008 READ MORE


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