Word: oversight
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...days of congressional hearings into Toyota's customer-safety crisis had it all: testy exchanges, Clintonian hairsplitting, obnoxious grandstanding--even multiple references to Marisa Tomei's automotive wizardry in My Cousin Vinny. On Feb. 24, Toyota president Akio Toyoda, grandson of the company's founder, sat before the House Oversight and Government Reform Committee to apologize. "Quite frankly, I fear the pace at which we have grown may have been too quick," he said, as members of the Japanese press and employees sporting Toyota buttons thronged the hallways outside. Yet the spectacle failed to answer a key question: whether Toyota...
...details of the government's role in keeping the lights on at what was once the nation's largest bank will again be on display on Thursday. For the first time, Citi's CEO will testify before the Congressional Oversight Panel (COP), set up by Congress to monitor the government's bailout of the financial system. Elizabeth Warren, a Harvard professor and longtime critic of the banking industry, heads the COP. Also testifying before the panel will be Herb Allison, who runs the Treasury Department's Troubled Asset Relief Program (TARP), the main vehicle the government has used to assist...
Critics contend that without the pay czar's oversight, Citi will again award outsize pay packages to its top executives. In 2008, despite steep losses at the bank, Citi reportedly paid energy trader Andy Hall $100 million. Indeed, a number of top Citi officials already seem to be cashing in on the bank's loosened pay restrictions. Earlier in the week, Citi, which lost $1.6 billion in 2009, disclosed that it had paid John Havens, widely seen as the bank's No. 2 executive, nearly $10 million in compensation for his work last year. That topped even the salary...
...massive recall of peanut products beginning in January 2009 - food safety rarely gets the attention it deserves. That's partially because the food-safety system in the U.S. is impenetrably complex; some 15 federal agencies are responsible for keeping the nation's food supply safe, which means that oversight in many cases falls through the gaps between the FDA, CDC and USDA. The USDA, for instance, is responsible for the safety of meat and poultry; the FDA handles other cases of food contamination; and the CDC tracks human illness in general...
...This time around, there are growing calls for compliance mechanisms to be built into the strategy. They have become louder as the euro crisis has unfolded in recent weeks, with many officials saying that tougher fiscal oversight might have prevented the collapse of Greece's public finances. "We cannot have a pick-and-mix strategy, allowing everyone to do the easy parts and leave the real challenges to one side," Barroso told the European Parliament last week. "We need strong and true coordination in the economic field." (See the top 10 financial-crisis buzzwords...