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Now that a payout settlement has been reached and anxious recipients around the Gulf are lining up for their share of the $8.5 billion, BP has come up with another tactic for stalling the process. They claim the judge “exposed BP to hundreds of millions of dollars in fictitious ‘losses’ that were never contemplated by the agreement…”
http://www.shreveporttimes.com/viewart/20130404/NEWS01/130404011/BP-appeals-judge-s-ruling-Gulf-spill-settlement-
http://www.hattiesburgamerican.com/viewart/20130405/NEWS01/130405003/Judge-hear-BP-s-bid-block-settlement-payouts
BP Plc (BP/) is seeking to block the administrator handling its $8.5 billion settlement over [...]
Struggling retailer Best Buy Co, which is engaged in a takeover battle with founder Richard Schulze, has chosen a new chief executive to lead the company.
The company has tapped Hubert Joly, the former head of global hospitality company Carlson and turnaround expert, as the nation’s largest consumer electronics chain’s new CEO and president.
Controversially, the French mogul will receive a payout of $6.25million, even if he cannot secure a visa to [...]
CEO gets cool $44M severance package for one day of work
How much severance would you expect after one day on the job? Not a lot, right? Well, the now ex-CEO of Duke Energy Corp., Bill Johnson, is getting up to a cool $44.4 million for his one day at the helm.
…
http://now.msn.com/money/0706-CEO-fired-44-million.aspx
Severance pay could include payment for unused vacation time, sick leave, or stock options.
Do we know how much this person made [...]
AFP: Apple chief executive Tim Cook topped the list of the best-paid CEOs in the US in 2011 thanks to stock options that put him more than $300 million above his next rival, a Wall Street Journalsurvey showed Monday.
Cook, who took the helm of the iPhone and iPad maker in August last year, two months before the death of founder Steve Jobs, clocked in total compensation of $378 million.
Cook earned [...]
According to data provided by SNL Financial, Pandit in 2010 forwent salary and bonus, with his take-home pay of $1.3 million representing only the value realized on the vesting of stock options.
In comparison, Bank of America (BAC) CEO Brian Moynihan’s take-home pay was valued at $2.3 million during 2010 according to SNL, including a base salary of $950,000, $270, 234 in perks and other compensation, and $1,039,287 in value realized when stock options vested.
During 2010, Wells Fargo (WFC) CEO John [...]
Long a harbinger of national trends and an incubator of innovation, cash-strapped California eagerly awaits a temporary revenue surge from Facebook IPO stock options and capital gains. Meanwhile, Stockton may soon become the state’s largest city to go bust. Call it the agony and ecstasy of contemporary California.
California’s rising standards of living and outstanding public schools and universities once attracted millions seeking upward economic mobility. But then something went radically [...]
Bank of America used to be a reputable organization, and Taibbi did touch on this. I joined the company right as it was completing its “merger” (i.e. hostile takeover) with Nations Bank–a crummy, aggressive Southern bank with a penchant for fascist business models led by criminals Hugh McColl and his lackey Ken Lewis.
In the months that followed Nations Bank’s acquisition of BofA, which, prior to the “merger,” only had domestic coverage on [...]
From Bloomberg:
Janet Robinson, the New York Times Co. chief executive officer who was pushed out in December, received an exit package, including stock options and retirement benefits, of $23.7 million.
Robinson gets pension and supplemental retirement income valued at $11.4 million, performance awards of $5.39 million, restricted stock units worth $1.07 million and stock options worth $694,164, according to the company’s proxy statement filed with the Securities and Exchange Commission today. She will also earn $4.5 million [...]
By Scott Higham and Dan Keating, Published: February 9
The Office of Congressional Ethics is investigating the chairman of the House Financial Services Committee over possible violations of insider-trading laws, according to individuals familiar with the case.
Rep. Spencer Bachus (R-Ala.), who holds one of the most influential positions in the House, has been a frequent trader on Capitol Hill, buying stock options while overseeing the nation’s banking and financial services industries.
The Office of Congressional Ethics, [...]
Wolf Richter www.testosteronepit.com
California is broke again. The “balanced” budget of last summer turned out to be another pile of overoptimistic assumptions. This time, the out-of-money date is March 8, Controller John Chiang said yesterday. $3.3 billion must be dug up, and pronto. The problem: $2.6 billion in “anticipated” revenues didn’t materialize, but $2.6 billion in “unanticipated” expenditures did. Last fall, California had to borrow $5.4 billion from Wall Street and another [...]
friend of mine has worked on and off for years with IBM, and I myself took a desktop support position with them when I was absolutely desperate. The pay was always terrible, and they tend to treat workers like the lowest scum. Talking with someone who currently works there, apparently IBM is now too cheap to buy their own supplies. You need a pen or paper for your job? Go [...]
As financials and builders (and implicitly markets in general) levitate further, Peter Tchir of TF Market Advisors takes a brief and somewhat sarcastic look at the factors that are supporting the rally.
Strong auctions helping. We forget March 2010 Greek auctions and August 2011 auctions. flippers and short covering or real change of risk tolerance?
Greek PSI rumors helping. Watching the sausage being made might turn you off sausage for awhile.
Financials and the bonds [...]
http://www.nytimes.com/2011/12/30/bu…sses.html?_r=1
The stock market’s rebound from the financial crisis three years ago has created a potential windfall for hundreds of executives who were granted unusually large packages of stock options shortly after the market collapsed.
Now, the corporations that gave those generous awards are beginning to benefit, too, in the form of tax savings.
Thanks to a quirk in tax law, companies can claim a tax deduction in future years that is much [...]
By Peter Lauria
Wed Dec 21, 2011 5:59pm EST
(Reuters) – Janet Robinson, who will step down as chief executive of the New York Times Co on December 31, will receive an exit package in excess of $15 million, according to people familiar with the situation.
In addition to a $4.5 million consulting fee, the Times Co will pay Robinson $10.9 million in pension benefits that she accrued over 28 years of service, they [...]
Dan Schneider, founder and CEO of SIB Development and Consulting, (center) stands with his employees, who can get an extra $50,000 if they stay with his company for five years.
NEW YORK (CNNMoney) — One small business owner is putting his money where his mouth is when it comes to valuing his employees.
Dan Schneider, founder and CEO of SIB Development and Consulting in Charleston, S.C., is offering $50,000 bonuses to any [...]
VERY DIFFICULT FOR ME TO EXPLAIN IN SIMPLE MANNER, YOU SHOULD GO ALL THROUGH THIS, AND BELIEVE ME THIS IS INTERESTING.
Understanding Derivatives (Futures and Options)
A futures or options contract which is based on a set of underlying securities is called a Stock Index Futures or Options Contract. When trading takes place in stock index futures, it means that market participants are taking a view on the way the index will [...]
He rob employees but give the bonus to his big corporate boss!!
“Cain served on the board of directors throughout Aquila’s ill-fated trading misadventure and the subsequent collapse of the company’s retirement fund. In fact, he chaired the board’s compensation committee, which, according to the lawsuit, had direct oversight of the push to get employees to invest more and more in Aquila stock….Aquila and other companies [...]
NEW YORK (CNNMoney) — When Carol Bartz says she wishes Yahoo “only the best going forward,” she means it — her severance package leaves her with millions of dollars tied to the company’s stock performance over the coming year.
Bartz pulled down a base salary of $1 million per year as CEO of Yahoo (YHOO, Fortune 500), and piled up tens of millions more in stock grants and [...]
Photograph by Daniel Acker/Bloomberg News
Philippe Dauman of Viacom led the executive pay list in 2010. The median was $10.8 million.
IT turns out that the good times are even better than we thought for American chief executives.
A preliminary examination of executive pay in 2010, based on data available as of April 1, found that the paychecks for top American executives were growing again, after shrinking during the 2008-9 recession.
But [...]
From FT:
Sir Howard Stringer, chief executive of Sony, took a 16 per cent pay cut last year as the electronics group suffered its third straight net loss, though he remained one of the best compensated executives in Japan.
Sony disclosed Sir Howard’s pay at its annual shareholders’ meeting on Tuesday.
Public debate in Japan over executive pay – particularly that of foreigners, who tend to be paid more than Japanese [...]
NEW YORK — In the boardroom, it’s as if the Great Recession never happened.
CEOs at the nation’s largest companies were paid better last year than they were in 2007, when the economy was booming, the stock market set a record high and unemployment was roughly half what it is today.
The typical pay package for the head of a company in the Standard & Poor’s 500 was $9 [...]
by Kim
- Including stock options and other benefits, CEO pay is more than $500 to $1.
- From 1980 to 2006 the richest 1% of America tripled their after-tax
percentage of our nation’s total income.
- The bottom 90% have seen their share drop over 20%.
- Between 2002 and 2006, it was even worse: three-quarters of all the
economy’s growth was captured by the top 1%.
- The economic top one percent of the population [...]
(Reuters) – The Tokyo Stock Exchange and Japanese financial regulators plan to keep markets open despite a report that some foreign financial institutions are calling for Japan’s stock market to halt trading.
The Nikkei news agency said officials from more than 10 non-Japanese financial firms held a conference call on Tuesday afternoon to discuss the situation in Japan, where markets have been rocked by an [...]
Deficit Hawks One Two Punch
By Michael Hudson
December 16, 2010
Why Government is More Afraid of Debt than Depression
Michael Hudson: Deficit Hawks Want a One Two Punch Against the Economy
Transcript
PAUL JAY, SENIOR EDITOR, TRNN: Welcome to The Real News Network. I’m Paul Jay, coming to you today from New York City. Now joining us is Michael Hudson. He’s a distinguished research professor at University of Missouri – Kansas City. [...]
By Paul Bedard, Washington Whispers
Failure by Congress to extend the Bush tax cuts, especially locking in the 15 percent capital gains tax rate, will spark a stock market sell off starting December 15 as investors move to lock in gains at a lower rate than the 20 [...]
Yesterday, I went to a wedding in Manhattan. Over half the invitees where Ivy League Lawyers and Doctors. I heard one horror story after another. Here are a few stories.
story one) 30 year old NYC R/E female attorney who was laid off from one of the premier law firms in early 2009. She has sent out 400 resumes and no offer. Her father was a successful executive in a Texas [...]
CEOs ride market upward for pay bonanza
Many stock options awarded at 12-year market low have since surged
INEW YORK – America’s top CEOs are set for a once-in-a-lifetime pay bonanza.
Most of them got their annual stock compensation early last year when the stock market was at a 12-year low. And companies doled out more stock and options than usual because grants from the previous year had fallen so much in value [...]
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