U.S. Said to Seek New Powers for SEC Over Banks’ Executive Pay
Started by stevejhx
about 17 years ago
Posts: 12656
Member since: Feb 2008
Discussion about
June 10 (Bloomberg) -- The Obama administration intends to seek new powers for the Securities and Exchange Commission to force financial firms to give shareholders votes on executive pay packages, according to people familiar with the matter. The proposal may be included in an announcement on changing financial firms’ pay practices as soon as today, the people said on condition of anonymity.... [more]
June 10 (Bloomberg) -- The Obama administration intends to seek new powers for the Securities and Exchange Commission to force financial firms to give shareholders votes on executive pay packages, according to people familiar with the matter.
The proposal may be included in an announcement on changing financial firms’ pay practices as soon as today, the people said on condition of anonymity. Congress would have to approve the authority for the nonbinding shareholder votes, covering everything from bonuses and salaries to severance packages.
The changes aim to ensure that even financial companies that free themselves of government stakes will be subject to universal guidelines aimed at reducing systemic risks. Treasury Secretary Timothy Geithner has repeatedly blamed pay practices keyed to short-term profits for contributing to the worst financial crisis since the 1930s.
http://www.bloomberg.com/apps/news?pid=20601109&sid=aV0wrDNqSfck
Think the Halcyon Days are coming back?
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Response by stevejhx
about 17 years ago
Posts: 12656
Member since: Feb 2008
White House Appoints Czar to Oversee Executive Pay
WASHINGTON — The Obama administration on Wednesday appointed a compensation czar who will have broad discretion to set the pay for 175 top executives at seven of the nation’s largest companies, which received hundreds of billions of dollars in federal assistance to survive.
The mandate given to the new compensation official, Kenneth R. Feinberg, a well-known Washington lawyer, reflects the federal government’s increasingly intrusive role in the corporate affairs of deeply troubled companies. From his nondescript office in Room 1310 of the Treasury building, Mr. Feinberg will set the salaries and bonuses of some of the top corporate executives in America, including Kenneth Lewis, the chief executive of Bank of America; Vikram Pandit, the head of Citigroup, and Fritz Henderson, the chief executive of General Motors.
DAMN! There goes my dream job! Ever since I was 5, I always wanted to be a Pay Czar, even when all my friends wanted to be cops and astronauts.
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Response by printer
about 17 years ago
Posts: 1219
Member since: Jan 2008
there you go again, steve, spinning news again. the fact is these proposals are substantially less restrictive than many of the proposals put forth a few months ago at the height of the AIG bonus witch-hunt, and the things you and the other SE perma-bears were banking on. notice there are no hard caps whatsoever in the Obama proposals - in fact, his plan is merely to make it harder for executives to push through their exorbitant packages on pliant boards. oh, and some 'guidance' from the Fed - in other words, "keep the election funds flowing, wall street, and we'll manage to guide your pay in nice upward trajectory, or else"
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Response by stevejhx
about 17 years ago
Posts: 12656
Member since: Feb 2008
printer - yup.
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Response by malthus
about 17 years ago
Posts: 1333
Member since: Feb 2009
Just curious, how long do you have to be a bear before you become a perma-bear? And how long has streeteasy actually been up and running? At today's prices, it seems that being a bear for at least the last 4 years would have been prudent, no?
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Response by fastfart
about 17 years ago
Posts: 2
Member since: Jun 2009
"Congress would have to approve the authority for the nonbinding shareholder votes"
Congress won't do it.
Shareholder vote will be non-binding if Congress does do it.
Supreme Court will rule against it in the first case that is brought under several constitutional grounds.
America is driven by successful people, not by unsuccessful people trying to bring down successful people (although they try) ... if one model doesn't work, the successful people will create another.
Ultimately, our democratic values, and entrepreneurship make America great.
Sorry to the bitter left-behinds who lack the desire to succeed.
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Response by marco_m
about 17 years ago
Posts: 2481
Member since: Dec 2008
Obama administration is determined to not allow any extravagance, ergo manhattan RE has lost its underpinnings
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Response by aboutready
about 17 years ago
Posts: 16354
Member since: Oct 2007
success equals big bonuses with no profits. excellent. as american as apple pie.
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Response by anonymous
about 17 years ago
What are you, an anarchist?
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Response by alanhart
about 17 years ago
Posts: 12397
Member since: Feb 2007
That's "bomb-throwing anarchist" to you, bub.
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Response by nyc10022
about 17 years ago
Posts: 9868
Member since: Aug 2008
Forget the Irish carpenters, pay czars will save manhattan real estate! We only need 100k more of 'em.
White House Appoints Czar to Oversee Executive Pay
WASHINGTON — The Obama administration on Wednesday appointed a compensation czar who will have broad discretion to set the pay for 175 top executives at seven of the nation’s largest companies, which received hundreds of billions of dollars in federal assistance to survive.
The mandate given to the new compensation official, Kenneth R. Feinberg, a well-known Washington lawyer, reflects the federal government’s increasingly intrusive role in the corporate affairs of deeply troubled companies. From his nondescript office in Room 1310 of the Treasury building, Mr. Feinberg will set the salaries and bonuses of some of the top corporate executives in America, including Kenneth Lewis, the chief executive of Bank of America; Vikram Pandit, the head of Citigroup, and Fritz Henderson, the chief executive of General Motors.
http://www.nytimes.com/2009/06/11/business/11pay.html?hp
About time, too.
DAMN! There goes my dream job! Ever since I was 5, I always wanted to be a Pay Czar, even when all my friends wanted to be cops and astronauts.
there you go again, steve, spinning news again. the fact is these proposals are substantially less restrictive than many of the proposals put forth a few months ago at the height of the AIG bonus witch-hunt, and the things you and the other SE perma-bears were banking on. notice there are no hard caps whatsoever in the Obama proposals - in fact, his plan is merely to make it harder for executives to push through their exorbitant packages on pliant boards. oh, and some 'guidance' from the Fed - in other words, "keep the election funds flowing, wall street, and we'll manage to guide your pay in nice upward trajectory, or else"
printer - yup.
Just curious, how long do you have to be a bear before you become a perma-bear? And how long has streeteasy actually been up and running? At today's prices, it seems that being a bear for at least the last 4 years would have been prudent, no?
"Congress would have to approve the authority for the nonbinding shareholder votes"
Congress won't do it.
Shareholder vote will be non-binding if Congress does do it.
Supreme Court will rule against it in the first case that is brought under several constitutional grounds.
America is driven by successful people, not by unsuccessful people trying to bring down successful people (although they try) ... if one model doesn't work, the successful people will create another.
Ultimately, our democratic values, and entrepreneurship make America great.
Sorry to the bitter left-behinds who lack the desire to succeed.
Obama administration is determined to not allow any extravagance, ergo manhattan RE has lost its underpinnings
success equals big bonuses with no profits. excellent. as american as apple pie.
What are you, an anarchist?
That's "bomb-throwing anarchist" to you, bub.
Forget the Irish carpenters, pay czars will save manhattan real estate! We only need 100k more of 'em.