Among today’s news links: Larry Ellison calls HP’s decision to can Mark Hurd the “worst personel decision since the idiots on the Apple board fired Steve Jobs many years ago.”; Inside the AIG bailout scandal; Hurd reaps payday as HP investors suffer.
There is more chatter about executive pay and bonuses today, as AIG’s pay culture is back in the news due to today’s hearing on Capitol Hill.
The House Committee on Oversight and Reform has convened today’s hearing in response to a government audit that was released on Wednesday.
GlaxoSmithKline announced today that it is buying Stiefel Laboratories. The deal in which Glaxo buys Stiefel is estimated at a value of $2.9B. Plus, corporate governance concerns at the World Bank, and among investors in Hong Kong.
Corporate directors have come under fire in recent months in wake of executive pay controversies at companies like Merrill Lynch and AIG. Bailout funding has also increased the pressure on corporate boards to responsibly allocate executive compensation.
In today’s GRC news update, we provide the breaking news that the DOJ is seeking to drop the case against former Alaska Senator Ted Stevens. Plus, updates on AIG pay, GM board selection, and an interesting discussion about a potential ethics disorder.
In today’s governance, risk, and compliance news roundup we links out to a variety of stories including details of a new governance campaign by the NACD, the unclear impact of recent regulatory reforms, risk management at AIG, and thoughts on ethics education.
In this week’s compliance blog roundup, we take a deeper look at the contract law issues inherent in the AIG bonus controversy, plus link out to an article by Jeff Kaplan about cost-effective compliance.
Treasury Secretary Timothy Geithner said yesterday that AIG will be forced to return the $165 million it recently paid out in bonuses to executives.
The U.S. Congress is threatening to tax the controversial AIG bonuses for executives in its Financial Products Subsidiary at 60-100%. The results of Andrew Cuomo’s investigation into the AIG bonuses resulted found that some AIG execs got $4-6 million.
In this week’s Compliance Blog Roundup, we begin by continuing our discussion of the controversial AIG bonuses. Other links include failures by the Big Four, limitations with France’s international bribery enforcement, and the case for more compliance.
