Tagged: Finance

Citigroup repayment costs taxpayers

On the one hand Citigroup is repaying Uncle Sam that TARP bailout money, which is good for taxpayers.  On the other hand, they’re getting a multi-billion dollar tax break in the process.  Economics Professor Laurence Kotlikoff, a former senior economist in the White House Council of Economic Advisors, doesn’t like the tax breaks built into […]

SEC widens BofA/Merrill probe

The Securities and Exchange Commission is widening its probe of the Bank of American take-over Merrill Lynch to go beyond failing to disclose bonuses paid to Merrill employees to now include failure to disclose ML’s mounting losses.  Law Professor Elizabeth Nowicki, a former SEC and Wall Street attorney, says it’s about time. The SEC’s expanding probe of Bank […]

France and U.K. curb bankers’ pay

England has been joined by France in slapping a supertax on bank bonuses in an effort to push other countries, including the U.S., do so likewise.  Law Professor Cornelius Hurley, director of the Morin Center for Banking and Financial Law and former counsel to the Fed Board of Governors, says it’s disgaceful the United States didn’t […]

Wall Street whining about pay

With Washington’s “pay czar” setting limits for executives of bailed out Wall Street firms, five high-ranking execs at AIG reportedly are ready to quit if their compensation is cut significantly.  Law Professor Tamar Frankel, an authority on securities law and legal ethics, says maybe its time to both change the guard and change the mores […]

Fed guidelines for bank pay

In an effort to avoid unnecessary risk taking in the financial services industry, the Federal Reserve has issued guidelines regulating bankers’ pay.  Law Professor Cornelius Hurley, director of the Morin Center for Banking and Financial Law and a former counsel to the Fed Board of Governors, says it’s a welcome step but not enough. What is […]

Banking compensation going back up

Despite the taxpayer bailouts and regulators pressuring Wall Street’s compensation culture, finance-industry pay is expected to push to a record high of $140 billion this year.  Former Federal Reserve Bank examiner Mark T. Williams, who teaches finance at the School of Management, says only emplyees that take low risks and make large profits should be rewarded. […]