Word: stimulus
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...problem is that Citi's payment plan is not consistent with executive-compensation rules put into place by the stimulus package. The American Recovery and Reinvestment Act signed by Obama on Feb. 17 says banks that have received money from the government's $700 billion Troubled Asset Relief Fund are barred from paying cash bonuses to their top executives. They can pay stock bonuses equal to as much as a third of an employee's salary, but the employee is not allowed to sell those shares until the government's money is paid back by their company...
...that a provision was inserted into the stimulus package that says the rules do not apply to any bonuses contained in employment contracts signed before Feb. 11. (It is this provision that AIG has cited in defending its controversial bonuses to top executives.) Citi finalized its plan for paying 2008 bonuses in January. But it's unclear whether Citi's deferred-payout plan would be considered a valid employment contract under the rules set out in the stimulus package. The law leaves that up to Treasury Secretary Tim Geithner to decide...
...Though Brugge said the stimulus package has been a huge morale boost for researchers, she added that there is confusion about certain stipulations in the bill, specifically why the NIH funding requires projects to be completed within two years...
...Amid this unease, some see the recently passed federal stimulus package as a much-needed silver lining, promising to pump billions of dollars into scientific research...
...even the $10 billion increase in funding for the National Institutes of Health in President Obama’s one-time stimulus package could do little to change this uncertainty over the long-run, researchers said...