Financial Regulatory Forum

By Karey Wutkowski
WASHINGTON, Oct 23 (Reuters) – U.S. pay czar Kenneth Feinberg emphasized on Friday his ability to claw back pay at any company receiving a taxpayer bailout, but said such an extreme action “will be rare and far between.”

(more…)

   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.

(more…)

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.

(more…)

Elinor Comlay and Rachelle Younglai
NEW YORK/WASHINGTON, Oct 13 (Reuters) – Bank of America Corp’s decision to hand over protected information on what it knew about Merrill Lynch before it merged paves the way for the bank to settle a number of federal investigations and start anew after Chief Executive Kenneth Lewis departs.
(more…)

WASHINGTON, Oct 6 (Reuters) – Bank of America said it will not change the terms on consumer credit card accounts ahead of reform legislation slated to go into effect early next year, according to a letter released by a lawmaker on Tuesday.

(more…)

   By Jonathan Stempel
   NEW YORK, Sept 30 (Reuters) – A little over a year ago, Bank of America Corp <BAC.N> Chief Executive Kenneth Lewis was a hero on Wall Street with his audacious purchase — some would say rescue from certain collapse — of Merrill Lynch & Co, following less than two days of talks. (more…)

By Steve Eder
NEW YORK (Reuters) – President Barack Obama’s “pay czar” said on Friday he was using formulas and data analysis to determine executive compensation at government-rescued firms, rather than relying on pay caps.

Kenneth Feinberg, appointed in June to decide compensation packages for the highest-paid personnel at companies that received U.S. government bailouts, said his team of 15 people is reviewing pay data submitted by seven firms that needed extraordinary assistance, a group that includes Citigroup Inc, Bank of America Corp, and American International Group Inc . (more…)

   By Jonathan Stempel
   NEW YORK, Sept 16 (Reuters) – Ratcheting up pressure on the largest U.S. bank, New York Attorney General Andrew Cuomo has subpoenaed five current or former Bank of America Corp <BAC.N> directors to learn what they knew about Merrill Lynch & Co’s problems as the companies prepared to merge. (more…)

   By Jonathan Stempel
   NEW YORK, Sept 15 (Reuters) – Stung by a federal judge’s rejection of settlement efforts with Bank of America Corp <BAC.N>, the U.S. Securities and Exchange Commission has a few ways to proceed in the case. None is good. (more…)

By Karey Wutkowski and Steve Eder
WASHINGTON/NEW YORK, Sept 15 (Reuters) – Some of the largest U.S. banks will remain in the government’s financial bailout program for months, as officials do not expect to grant the next wave of exit approvals until near the end of the year, according to a source familiar with the matter. (more…)