executive compensation

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Put the Brakes on Car Chiefs' Pay: UAW Boss

Loans necessary to escape temporary bind, he adds

(Newser) - The nation's Big Three automakers should pledge to limit executive pay—including bonuses and severance packages—in exchange for federal money, insists the president of the United Auto Workers. Ron Gettelfinger warned that everyone is going to have to tighten his belt, including the rank-and-file, in order to save jobs....

Ford Doesn't Want to Cut CEO's Pay
Ford Doesn't Want to Cut CEO's Pay
Nov 27, 2008 4:09 PM CST

Ford Doesn't Want to Cut CEO's Pay

Mulally rebuffed $1 salary suggestion, 'OK' making $2M

(Newser) - Though it’s under pressure to trim costs and update its business plan in order to get federal bailout funds, Ford doesn’t like the idea of cutting its CEO’s salary, the Wall Street Journal reports. Alan Mulally made a $2 million salary and $21 million in total compensation...

Execs Cashed Out as Subprime Giant Staggered

Irregular trades by execs at doomed subprime firm raise questions

(Newser) - Bosses at one of the country's biggest subprime lenders made some suspicious stock sales as the firm's mortgages soured, a Los Angeles Times investigation reveals. Records show that executives at now-bankrupt New Century Financial sold nearly $20 million in company shares shortly after setting up new trading plans, often within...

Obama : Execs 'Tone Deaf' to Economic Dirge

President-elect urges Wall St. bosses to step up, forgo bonuses

(Newser) - Auto executives taking private jets to bailout talks is a symptom of a much larger problem, President-elect Barack Obama said in an interview today on ABC's Good Morning America. The "tone deaf" move revealed that industry leaders—and highly paid CEOs in general—are out of touch with the...

CEOs Took Billions Off the Table Before Bust

15 financial, home building bosses made over $100M

(Newser) - Investors have lost some $9 trillion since last year’s stock market peak, but at the center of the maelstrom, CEOs of some of the worst-performing companies are sitting pretty. Fifteen financial services and homebuilding CEOs have accumulated more than $100 million each in the past 5 years in cash...

Auto Execs Hit Turbulence Over Private Jets
 Auto Execs Hit Turbulence Over Private Jets
OPINION
Nov 20, 2008 7:49 AM CST

Auto Execs Hit Turbulence Over Private Jets

Legislators put screws to extra-shiny tin cups

(Newser) - Take three auto execs, add the private jets each took to a Capitol Hill hearing to beg for a federal bailout, and you get a recipe for the heaping helping of humble pie legislators served up, writes Dana Milbank in the Washington Post. "There's a delicious irony in seeing...

Goldman Bosses Take a Pass on Bonuses

Wall Street's meltdown prompts top 7 execs to settle for $600,000 base pay

(Newser) - After an abysmal year, Goldman Sachs' top seven executives—including CEO Lloyd Blankfein—will give up their 2008 bonuses, totaling tens of million of dollars, reports the Wall Street Journal. The decision could force other execs on Wall Street to follow suit, reducing some of the pressure on investment banks...

As Belts Tighten, College Chiefs' Pay Expands

Suffolk U. boss tops list with $2.8M package and $400K salary

(Newser) - Things are tough all over—except in the nation's ivory towers, where college presidents are collecting increasingly tidy sums, reports the Wall Street Journal. Presidents at 59 public universities earn more than $500,000 a year, and Ohio State's chief tops the list with a $1.3 million package. Median...

Chrysler Execs to Get $30M in Retention Bonuses

Will auto bailout change that?

(Newser) - Even as nearly bankrupt Detroit automakers beg Congress for a bailout, Chrysler is preparing to pay its top executives $30 million in retention bonuses, the Detroit Free Press reports. Chrysler says the deals were necessary measures to keep top talent in place when they were conceived last year during Daimler's...

We Should Offer Banks a Choice on Exec Pay
We Should Offer Banks a Choice on Exec Pay
Analysis
Nov 4, 2008 10:33 AM CST

We Should Offer Banks a Choice on Exec Pay

Either let US set limits, or make firms set aside cash: economist

(Newser) - Regardless of who wins today’s election, one issue from this campaign will continue to burn hot with investors, Andrew Ross Sorkin writes in the New York Times. Both candidates have blamed executive pay for the financial collapse, as execs are rewarded for risk-taking while rarely penalized for failure. But...

Wall Street Execs Ponder Slashing Their Own Pay

Bailed-out finance firms may cut compensation to silence critics

(Newser) - Top Wall Street execs are considering heading off public outrage by cutting their own pay, insiders tell the Wall Street Journal. The big financial firms pay out billions in bonuses to their execs every year. They now fear a public relations disaster is looming as critics charge that the $125...

AIG Agrees to Freeze Executive Bonuses

NY takes tough action to limit payouts to curNewser Newsroom 1.15.0rent, former bigwigs

(Newser) - AIG will suspend bonus payments to its executives after getting pressure from New York Attorney General Andrew Cuomo. The ailing insurance firm, which recently got billions of dollars in loans from the Federal Reserve, also will stop $19 million in payments to a former CEO fired in June. Cuomo said...

Wall St. Bonuses Are Down, but Hardly Out

Even giants taking a federal handout set aside millions for execs

(Newser) - Wall Street bonuses could top $23 billion this year despite the woes of the global economy, Forbes reports. Indeed, that figure is down some 30% from last year’s $33.2 billion, but a smaller pool of employees, competition among companies to keep top performers, and the effects of mergers...

World Narrows Eyes at Exec Pay
 World Narrows Eyes at Exec Pay 
Oct 21, 2008 12:30 PM CDT

World Narrows Eyes at Exec Pay

Germany's bailout plan imposes broader curbs than US version

(Newser) - As governments worldwide implement bailouts for ailing financial institutions, the movement to curb executive compensation at those firms, and others, is gathering steam. Golden parachutes and pay practices that encourage excessive risk-taking are extremely unpopular in the public eye, the Wall Street Journal reports, and governments are finding restrictions necessary,...

NY Probes AIG's Golden Parachutes, Spending

Attorney general charges insurer with 'unwarranted and outrageous expenditures'

(Newser) - New York's attorney general today called on AIG's directors to recover millions in “outrageous expenditures,” including golden parachutes to executives even as it neared the collapse that brought an $85 billion federal intervention, the Wall Street Journal reports. Andrew Cuomo is investigating whether the insurer broke state law...

How Much Will Wall Street Pay Itself Now?
How Much Will Wall Street Pay Itself Now?
OPINION
Oct 7, 2008 12:07 PM CDT

How Much Will Wall Street Pay Itself Now?

The banker bonus culture encourages CEOs to take big risks

(Newser) - Richard Fuld has made roughly $480 million since 2000 as he piloted Lehman Brothers to total ruin, according to one congressman at his testimony yesterday. “I have a very basic question,” he said. “Is this fair?” Many shareholders are wondering the same thing, writes Andrew Ross Sorkin...

Hey, You Turkeys: Quit Gobbling CEO Pay
Hey, You Turkeys: Quit
Gobbling CEO Pay
OPINION
Oct 1, 2008 1:11 PM CDT

Hey, You Turkeys: Quit Gobbling CEO Pay

Costly salaries make sense if they save billions

(Newser) - Politically imposed CEO pay limits are “one of the most penny-wise and pound-foolish things” the “turkeys in Congress” are looking to impose in the bailout package, Thomas Sowell writes in the National Review. It’s a bargain to get a CEO “out the door immediately for millions”...

Execs Were Paid $3B to Lay Credit Crisis Foundation

Wall Street chieftains were well rewarded for risks they took in 2003-07

(Newser) - More than $3 billion was paid to the chief executives of the five biggest financial firms on Wall Street in the run-up to the credit crisis, Bloomberg reports. While supervising bad mortgage-related credit bets that eventually brought the financial system to its knees, Merrill Lynch’s Stanley O’Neal took...

'What We Need Are a Few Public Hangings'
'What We Need Are a Few Public Hangings'
OPINION
Sep 26, 2008 1:26 PM CDT

'What We Need Are a Few Public Hangings'

String up some CEOs to satisfy the mob, and get on with a bailout

(Newser) - The masses are agitated, and so is Congress. How dare Henry Paulson ask for so much money to bail out those greedy Wall Street evil-doers? The truth, writes Charles Krauthammer, is that Paulson is a lame duck doing his best to save the economy, and that the crisis was mostly...

The Perils of Positive Thinking
 The Perils of Positive Thinking 
OPINION
Sep 24, 2008 11:39 AM CDT

The Perils of Positive Thinking

Not just greed, but optimism and can-do led to Wall Street's downfall

(Newser) - “Positive thinking,” the philosophy of self-help books and corporate retreats, has had some negative effects on Wall Street, Barbara Ehrenreich writes in the New York Times. It's popular to blame greed of executives and traders for the current meltdown in the financial markets, but the unbridled optimism and...

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