With so much attention being paid to how much executives are making these days, and the government taking unprecedented steps to control what it deems outlandish or unwarranted compensation, a recent posting at CNNMoney.com is quite interesting. The post outlines the ten highest paid executive officers. Here are the top five, including how much the person earned in 2008.
According to the Wall Street Journal, the results of bank stress tests have compelled regulators to inform Citigroup and Bank of America that they need to raise more capital. At Bank of America, the capital shortfall is in the billions.
David Viniar, CFO of Goldman Sachs, said this morning that with the company’s recent announcement of stronger-than-expected Q1 profits of $1.81 billion, repayment of TARP funds by Goldman has now become a duty.
Many companies have been forced to cut back on their usual lavish spending at the 2009 Masters. The economic crunch and federal bailouts are leading to lower profiles for many corporate sponsors and companies who use the Masters to entertain clients.
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.
AIG announced yesterday that it plans to pay $165 million in retention bonuses “at the division that has drawn most of the heat for the company’s near-collapse.” Currently, AIG is 79.9% owned by the federal government.
