Financial Regulatory Forum

U.S. slashes pay at seven bailed out firms, cuts cash up to 90 percent

October 22, 2009

   WASHINGTON, Oct 22 (Reuters) – The U.S. Treasury’s pay czar on Thursday slashed overall pay by more than half for top earners at seven companies that received massive taxpayer bailouts, and ordered that most of their salaries be paid in the form of long-term company stock. Kenneth Feinberg, charged with approving or renegotiating pay contracts for the 25 highest-paid employees at the seven banks and automakers, said their cash compensation for 2009 would drop by more than 90 percent compared to 2008.

Reuters Summit-Geithner says core U.S. TARP programs ending

By Reuters Staff
October 21, 2009

US Treasury Secretary Timothy Geithner (R) engages with reporters during the 2009 Reuters Washington Summit in Washington, October 20, 2009.  REUTERS/Jonathan Ernst    (UNITED STATES POLITICS BUSINESS) By Glenn Somerville and David Lawder
WASHINGTON, Oct 20 (Reuters) – The Obama administration will shutter programs at the heart of a $700 billion financial bailout but remains focused on supporting a fledgling economic recovery, Treasury Secretary Timothy Geithner said on Tuesday.

Bank of America’s Ken Lewis to receive no pay for 2009

By Reuters Staff
October 16, 2009

Bank of America CEO Kenneth Lewis pauses as he speaks at the National Urban League Conference in Chicago July 30, 2009. (file photo) REUTERS/John Gress By Joe Rauch

CHARLOTTE, Oct 15 (Reuters) – Bank of America Corp (BAC.N) Chief Executive Kenneth Lewis will receive no pay or benefits for his last year of work at the company.

Nigeria bails out more banks for $1.3 billion, removes executives

By Reuters Staff
October 2, 2009

An aerial view shows the central business district in Nigeria's commercial capital of Lagos, April 7, 2009. (file photo) By Randy Fabi
ABUJA, Oct 2 (Reuters) – Nigeria’s central bank said on Friday it was providing 200 billion naira ($1.3 billion) to four banks judged to be facing a grave liquidity crisis and removed three of their chief executives.

U.K. watchdog agrees to analyse impact of new bank rules

By Reuters Staff
September 30, 2009

LONDON, Sept 30 (Reuters) – Britain’s financial regulator said on Wednesday it will sketch out how to determine if a bank poses risks to the broader system , and may require higher capital charges to contain risks.

American Express pays $340 mln for U.S. bailout warrants

By Reuters Staff
August 5, 2009

By Jonathan Stempel
NEW YORK, July 29 (Reuters) – American Express Co paid the U.S. Treasury Department $340 million on Wednesday to redeem warrants to buy its stock, allowing it to fully escape the government’s bank bailout program.

Bonuses topped profits at some U.S. bailout banks – NY attorney general

By Reuters Staff
July 31, 2009

AIG/CUOMO By Grant McCool

NEW YORK (Reuters) – Bonuses paid to executives at nine banks that received U.S. government bailout money in 2008 were greater than net income at some of the banks, the office of New York Attorney General Andrew Cuomo said on Thursday.