When Congress bailed out big banks, it also limited the pay of CEOs at those banks -- one of the main reasons why banks wanted out of the bailout program.
"This market is actually an exciting place to be -- it only feels lousy," jokes Chris Davis.
The terrorist attacks of September 11, 2001, were unprecedented, not only in their intensity and devastation, but in the way Washington responded.
The fund to compensate Gulf Coast businesses and residents for damages from last year's BP oil spill says it has paid out $5 billion of the $20 billion set aside for recovery.
Now it's official: The agency in charge of doling out payments to victims of last year's massive Gulf oil spill has come up with its final set of rules on who will get how much money, and it's barely changed from earlier versions.
How much should victims of last year's massive Gulf oil spill get?
Billy Nungesser, President of Plaquemines Parish, comments on BP's dividend payment after the Gulf of Mexico disaster.
In a bluntly worded letter to the official who handles claims stemming from last year's Gulf oil spill, the Justice Department Friday urged changes to speed up the process and to pay more claims from BP's $20 billion fund.
The agency in charge of paying claims to those affected by BP's massive Gulf oil spill has predicted that the region will fully recover from the disaster in 2012.
People and businesses impacted by the BP Gulf Coast oil spill will now be able to receive a check almost immediately, so long as they give up their right to sue.
Dentists, chiropractors and veterinarians are among the 450,000 people who requested money from the fund for victims of the BP oil spill before this week's emergency claims deadline, the fund's administrator told CNN on Friday.
Kenneth Feinberg said that he would get checks out quickly to economic victims of the BP oil spill, and so far, he has been sticking to his word. Thus far, Feinberg's Gulf Coast Claims Facility is paying out claims faster than BP did.
The official in charge of managing claims related to the BP oil spill said Monday that distance from the disaster site will not prevent legitimate claims from being processed.
The Gulf Coast Claims Facility "is fully functioning and will begin to process claims for emergency payment," a statement from the agency said on Monday, the same day BP reported having paid out $399 million in claims to date.
The man poised to take control of personal and business claims from those affected by the Gulf of Mexico oil disaster said Sunday he plans to be more generous than any court would be in determining payments.
With conflicting numbers being released, how are we to know how much oil has actually been removed from the Gulf?
Two weeks after BP plugged its damaged oil well in the Gulf of Mexico with cement and mud from above, the next step in the process to permanently shut down the apparatus is in limbo as scientists gauge the risks posed by pressure inside the well.
Bonus payments across the financial services industry are expected to rise modestly this year as the banking sector continues to rebound from the crisis, according to a report from compensation consulting firm Johnson Associates.
Business owners in Florida believe Kenneth Feinberg will manage the $20 billion oil spill claims fund fairly and efficiently, but because of the complicated nature of their claims, they're anxious about how much they'll get paid.
Wednesday marks the 100th day since the oil spill began, and business owners across the Gulf Coast who've seen the tourists disappear hope that somehow the next 100 days will get better.
Even during the darkest days of the financial crisis, nearly twenty financial firms managed to shell out an estimated $1.6 billion in "ill-advised" payments to their executives, according to a federal report issued Friday.
White House pay czar Kenneth Feinberg is expected to issue a report on Friday that will lay bare what Wall Street executives were paid during the height of the financial crisis.
For Gulf businesses wondering if their oil spill claims will be paid, there's one guy who'll decide -- Kenneth Feinberg, the former special master of the September 11th Victim Compensation Fund.
Embattled oil giant BP unveiled a mobile claims office in Louisiana, according to a statement from the company.
Tests on the ruptured BP well in the Gulf of Mexico will go on for another 24 hours as federal and company officials try to explain "anomalous" pressure readings and possible leaks, the federal government's point man on the spill said Monday.
CNN meteorologist Chad Myers explains reports of oil seepage near the BP pipe and the risks of rising pressure.
Oil just stopped gushing out of the leak on the ocean floor Thursday, but its impact in Florida has only just begun to surface.
Kenneth Feinberg sits down with CNN's Candy Crowley to discuss the escrow fund for Gulf Coast residents.
The man charged with independently administering the $20 billion fund set up to compensate for damage caused by the Gulf oil disaster said Sunday that he is prepared to provide up to six months in emergency compensation without the requirement of releasing BP from liability.
This Fourth of July weekend New Orleans will be packed with nearly 300,000 people, as the National Education Association holds its annual convention, and folks from across the country descend on the Crescent City for three days of partying and concerts featuring Mary J. Blige, Alicia Keys, Janet Jackson and Earth, Wind & Fire, all headliners at the 16th annual Essence Music Festival.
The new head of the Gulf Coast disaster's claims fund says his first two priorities will be to cut bigger checks and send them out faster to the oil spill's economic victims.
The man overseeing the payment of claims to people who have suffered economic losses in the Gulf oil disaster vowed Friday to move quickly on getting money to those affected.
Admiral Thad Allen updates media on the oil spill recovery efforts in the Gulf of Mexico.
Efforts to contain oil gushing from BP's ruptured well in the Gulf of Mexico are becoming more effective, according to Coast Guard Adm. Thad Allen, the federal government's point man for the disaster.
The official in charge of the $20 billion fund to compensate individuals and businesses hurt by the oil spill in the Gulf of Mexico pledged Friday to quickly create a system for processing claims.
BP will put $20 billion into an independently managed account to cover economic damages related to the oil spill in the Gulf of Mexico, President Obama and company executives said Wednesday.
White House pay czar Kenneth Feinberg, who has clamped down on executive compensation at the nation's biggest bailout firms, now has a new target: any firm that accepted a government lifeline.
Government "pay czar" Kenneth Feinberg plans to investigate the pay of executives at 419 firms that took TARP money, according to a report by The Wall Street Journal on Monday.
The AIG story that just won't go away is entering phase two.
AIG announced on Wednesday that it is changing the way it pays out bonuses to its employees, opting to determine compensation based on performance.
AIG is planning another round of bonus payments worth a total of $100 million for current and former employees of its troubled financial products division, according to the company.
The reign of Washington's "pay czar" could soon be coming to an end.
New pay restrictions were unveiled Friday for hundreds of top employees at the nation's biggest bailout recipients, representing the latest effort aimed at protecting taxpayers' investment.
The Obama administration's pay czar will outline Friday another round of curbs on executive compensation for companies that took exceptional assistance from the government, but Bank of America won't be one of them.
It's bonus time on Wall Street and pay czar Kenneth Feinberg is walking a thin line.
It's not easy to feel sympathy for politicians and regulators in Washington and overpaid corporate board members. But hot-tempered AIG chief executive officer Robert Benmosche is doing his best to make them look good.
Washington's so-called "pay czar" Kenneth Feinberg cautioned lawmakers against extending his authority to the hundreds of other companies that accepted government bailout money.
Stocks were poised to fall at Wednesday's open, as investors worry that it still may take some time before the economy fully recovers.
The next round of executive pay decisions for companies that have received substantial government bailout funds could have a more lasting impact on pay practices nationwide, the special master on pay for the bailout said Tuesday.
The quarterly reporting period has gotten off to a bang-up start, with 81% of companies outshining analysts' forecasts. But with expectations now raised, the latest crop of strong results has had little impact on the broad market.
In the end, pay czar Kenneth Feinberg's hardest case was AIG.
Washington launched its biggest offensive yet against Wall Street pay practices Thursday, taking aim at everyone from senior executives to high-flying traders of complex securities.
The Obama administration's pay czar is imposing tough cuts on 175 big earners -- but many on Wall Street are still on track for a banner payday.
The Obama administration will soon order the nation's biggest bailed-out companies to drastically cut the pay packages of 175 top executives, a senior administration official confirmed to CNN Wednesday.
President Obama's "pay czar" will soon decide whether top executives at firms that received the most assistance from the government during last year's financial crisis are making too much money.
In the past, Bank of America Chief Executive Officer Ken Lewis has received an annual salary of $1.5 million. But this year he will get nothing.
Congress is resurfacing its outrage over AIG's bonuses after a report detailed the vast scope and scale of the troubled insurer's executive compensation plan.
The Treasury Department, after missing an opportunity to rein in controversial bonuses to AIG employees last year, is now pressing the bailed out insurer to reduce a $198 million bonus pool, according to an overseer's report released Tuesday.
AIG Chief Executive Robert Benmosche's $10.5 million annual pay package has been formally approved by Obama administration pay czar Kenneth Feinberg.
AIG's new boss will make an annual salary of $3 million and receive bonuses and stock options worth millions more, according to a company filing on Monday.
Just how much is a rainmaker at a bailed-out bank really worth? Or a senior executive at a recently bankrupt automaker for that matter?
Troubled insurer AIG did not pay $2.4 million in bonuses scheduled to be delivered to top executives on July 15, according to a Treasury official nominee.
Bailed-out insurer AIG again found itself in the crosshairs of bonus rage on Friday over its plans to pay $2.4 million in executive bonuses next week.
Bailed out financial giant Citigroup said Wednesday it is going to the raise base salaries of its employees, although it is not planning to increase their total compensation.
The Obama administration moved forward Wednesday on curbing runaway corporate pay practices, proposing new legislation aimed at giving shareholders a greater voice on executive pay and appointing a new so-called "pay czar."
inadequate job many Americans do providing for their survivors. ...
After 9/11, the government asked attorney Kenneth Feinberg to distribute funds to the families of 9/11 victims--in all, $7 billion went to 5,562 people. The process left him painfully aware of the ...
Here's our wish list for 2002: world peace, a speedy end to the recession, full employment, and shirtless photos of News Corp. hunk Lachlan Murdoch. Whoops! Wrong list.
BY THE SPRING of 1993, the small handful of companies that had once manufactured and sold silicone breast implants were in a bad way. For more than a year, they had been ensnared in a web of litiga...
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