Word: clawback
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Dates: during 2000-2009
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...share of bonuses paid since the start of the year to all employees making more than $250,000 a year at firms receiving more than $5 billion from the government's banking rescue program known as TARP. The Senate next week is expected to take up its own clawback bill, which would tax at a rate of 70% performance bonuses starting at $50,000 and on all retention bonuses given by companies that received $100 million or more in TARP funds. Just for good measure, the House next week is also expected to take up a Judiciary Committee bill that...
...Great Clawback How was AIG able to live so dangerously for so long? In part because for years Washington looked the other way. The company befriended politicians with campaign cash - $9.3 million divided evenly between Democrats and Republicans from 1990 to 2008, the Center for Responsive Politics reported. And it spent more than $70 million to lobby them over the past decade, escaping the kind of regulation that might have prevented the current crisis...
...considering the risks still infecting the system, the clawback is pointless. Geithner and Bernanke have way more important things on their plate. Did we mention the economy, with unemployment headed toward 10%? And the upcoming G-20 meeting that has the U.S. and Europe at odds over what to do first - regulate the global economy or stimulate it? Nor will the albatross of AIG be removed from the government's neck anytime soon. Liddy said his goal is to restructure AIG's core businesses into "clearly separate, independent" companies that are "worthy of investor confidence." AIG has "made meaningful progress...
...Some of the definitions provided throughout the report, in sidebars and in a glossary to make is easier for laypeople to read: "Clawback: Recovery by the company of bonuses or incentive compensation paid to a senior executive ... Golden Parachute: Compensation to (or for the benefit of) a Senior Executive Officer made upon severance from employment that exceeds specified thresholds. Under EESA [The Emergency Economic Stabilization Act], such compensation is limited to three times the executive's annual base salary ... Haircut: Difference in the value of the collateral and the value of the loan (the loan value is less than...
...addition to the cash limit, the "maximum wage" plan allows companies to reward "senior management" - a complement of no fixed definition - with restricted stock, but it can only be cashed in after the government is paid back. There are also prohibitions against golden parachutes as well as a clawback provision - the company may reclaim that stock if its results subsequently tank - that can extend to as many as 25 top executives...