InfoAnda - Fury heats up after new AIG bonuses

Pakistanis angry over detentions in Times Sq. case
Monday, May 24, 2010
ISLAMABAD – Relatives of three men detained by Pakistan for alleged links to the suspect in the attempted Times Square bombing say the men are innocent.
They

Taiwan denies boycotting Australian film festival
Thursday, August 6, 2009

AFP - Thursday, August 6TAIPEI (AFP) - - Taiwan's Beijing-friendly government on Wednesday denied boycotting an Australian film festival amid a row over the e

Merkel's support dips, regional ally resigns International
Thursday, September 3, 2009

By Sarah Marsh and Noah Barkin

BERLIN (Reuters) - Chancellor Angela Merkel suffered a double blow on Thursday as a senior party ally in east German

Minister seeks closure of anti-Berlusconi websites
Wednesday, December 16, 2009
ROME (AFP) - – The Italian government moved Tuesday to close down Internet sites encouraging further violence against Prime Minister Silvio Berlusconi, who

Asian markets mixed after Wall Street rally
Wednesday, March 18, 2009

By ELAINE KURTENBACH,AP Business Writer AP - Wednesday, March 18SHANGHAI - Asia's stock market rally seemed to be running out of steam Wednesday, despite an

SKorea investigates cause of shooting range fire | 15 November 2009
British mercenary leaves E.Guinea | 4 November 2009
U.S. trade body starts Apple probe on patents | 26 January 2010

N. Korea's uranium for making bombs: South | 13 January 2011

Forum Views () Forum Replies ()

Read more with google mobile : Fury heats up after new AIG bonuses

Yahoo! My Yahoo! Mail More Yahoo! Services Account Options New User? Sign Up Sign In Help Yahoo! Search web search Home Singapore Asia Pacific World Business Entertainment Sports Technology Fury heats up after new AIG bonuses AFP - Thursday, February 4 Send IM Story Print A new furor erupted Wednesday after AIG revealed plans to pay 100 million dollars in bonuses a year after similar payments by the bailed-out insurance giant ignited a political firestorm. WASHINGTON (AFP) - – A new furor erupted as AIG revealed plans to pay 100 million dollars in bonuses a year after similar payments by the bailed-out insurance giant ignited a political firestorm. President Barack Obama was "frustrated and angry" about the hefty payouts, according to a spokesman, while the government's pay czar in charge of compensation at bailed-out companies called the payments an "outrage" that were nonetheless legally binding. AIG said it would make the payouts under a deal in which employees agreed to accept less than they were owed in exchange for early payment. Asked about the new bonuses, White House deputy press secretary Bill Burton said: "Obviously, the president is frustrated and angry that Wall Street continues to have the sense that excessive compensation should reward some of the excessive risk taking we've seen over... the last couple years on Wall Street, things that brought us to the brink." Kenneth Feinberg, the pay czar designated under the Troubled Asset Relief Program (TARP), said the payments were part of legally binding contracts that must be paid despite the outrageous nature of the bonuses. "These are old grandfather contracts that have the legal force of law," Feinberg said in an ABC television interview. He said that the government was working to recoup part of the payments under agreements reached with AIG employees. "We are making some progress," he said. "I do not for a minute ignore the outrage out there which I share. But the fact of the matter is we've got to abide by the law, we've got to work as best we can to get as much of this money back as we can and frankly we are doing a very, very good job, I think, in getting as much of this money as we can pursuant to the rule of law." US officials have argued that the government was unable to stop the legally binding payments to the employees at the troubled Financial Products division that nearly sank AIG after a meltdown in the US housing market. Nonetheless, news of the latest bonuses triggered fresh anger, including criticism of the Obama administration. Republican Senator Charles Grassley said of the latest bonuses, "AIG has taxpayers over a barrel. The Obama administration has been outmaneuvered." American International Group said in a statement that about 97 percent of employees with its troubled Financial Products division "have volunteered to reduce their upcoming 2010 payment." The moves will help achieve the company's "giveback target" of reduced bonus payments in an effort to stem the type of blistering criticism that erupted a year ago. US officials say only about 19 million dollars has been returned from 2009 payments to AIG employees despite pledges to return 45 million dollars. AIG promised to work with those employees "to round out the remaining amount of our giveback target over the next few months." The payments stem from employment contracts signed in 2007 that fall outside the jurisdiction of Feinberg, who oversees compensation at companies receiving bailout money from TARP. AIG neared collapse in September 2008, unable to meet its obligations for contracts written to insure mortgage securities and related assets without sufficient capital The Federal Reserve, fearing a shock to the global financial system in the event of an AIG default, provided a loan of 85 billion dollars to AIG in September 2008 in what would be the first portion of a staggering bailout worth some 180 billion dollars, some of which came from TARP. Separately, media reports said Bank of America had set aside approximately four billion dollars for bonuses to employees of its investment bank and global markets unit. The payouts will be 19 percent of the 23 billion dollars in revenue generated last year by those businesses. Bank of America is no longer governed by TARP pay restrictions, having repaid the government for its capital injection, but many critics say the big-bonus culture may encourage the type of risky activities that triggered the global financial crisis. Recommend Send IM Story Print News Search Top Stories New US export strategy eyes Asia Fury heats up after new AIG bonuses In new term, Bernanke calls for Fed to stay independent New technique helps search for another Earth Iran leader's nuclear comments surprise West More Top Stories » ADVERTISEMENT Most Popular Most Viewed Fury heats up after new AIG bonuses Jackson doctor 'ready to surrender to police' Low serotonin linked to infants' sudden cot death: study Scientists 'grow' edible insects in Costa Rica New technique helps search for another Earth More Most Viewed » More Most Recommended » Elsewhere on Yahoo! Financial news on Yahoo! Finance Stars and latest movies Best travel destinations More on Yahoo! News Home Singapore Asia Pacific World Business Entertainment Sports Technology Subscribe to our news feeds Top StoriesMy Yahoo!RSS » More news feeds | What are news feeds? Also on Yahoo Answers Groups Mail Messenger Mobile Travel Finance Movies Sports Games » All Yahoo! Services Site Highlights Singapore Full Coverage Most Popular Asia Entertainment Photos Copyright © 2010 Yahoo! Southeast Asia Pte. Ltd. (Co. Reg. No. 199700735D). All Rights Reserved. Terms of Service | Privacy Policy | Community | Intellectual Property Rights Policy | Help

Other News on Thursday, 4 February 2010
Italy's prime minister links Gaza war to Holocaust
EU places Greece under tough budget scrutiny
Italian developer takes down iMussolini application from store
Scientists 'grow' edible insects in Costa Rica
Iran leader's nuclear comments surprise West
Egypt: 2 editors punished for dealing with Israel
Gunslinger reflex helps save lives: UK research
Iraq court delays ban on hundreds of candidates
Indian mobiles fall silent over tower dispute
West offers skeptical reaction to Iran nuke plan
Jackson doctor 'ready to surrender to police'
Nokia says it has more than one million navigation clients
Suicide attack on Shiite pilgrims kills 23 in Iraq
Hynix executive, others, held over alleged Samsung theft
Bill Clinton to coordinate Haiti aid efforts |
US debt to hit ceiling by end February: Treasury
US-TECH Summary
Yugoslav partisan who saved Jews in Holocaust dies
Hamas hosts Fatah leader for unity talks |
Comcast profit up on Internet, phone subscribers
Barred Iraq candidates allowed to stand: official
Iran government survival hinges on nuclear issue: Israel |
Uproar in Brazil over huge Amazon dam plan
Hamas gives U.N. response to Gaza war crimes report
Newly independent AOL reports profit
China welcomes foreign Internet firms: minister
European states keep Swiss bank secrecy under siege |
AOL posts profit, but subscribers dwindle
Ukraine PM cries foul days before presidential poll |
Berlusconi in Bethlehem: Wall? What wall? |
Hynix executive, others, held over alleged Samsung theft
Nokia says it has more than one million navigation clients
Syrian FM: US has nominated ambassador to Damascus
Asia bolsters defences as West feels pinch: IISS
A look at the 2010 Cadillac SRX
NKorean-flagged Libyan ship hijacked off Yemen: EU
Scandal-plagued Baltimore mayor says goodbye
China to beef up security in restive Xinjiang
Judge drops charges against 1 in 1975 AIM slaying
Japan political kingmaker to avoid indictment: reports
Some House Dems oppose plan for jobs tax credit
Judge dismisses suit filed by Alamo followers
Malaysian police probe PM's aide over race remarks
Oracle database can be hacked remotely: researcher |
Prelim delayed for alleged unruly passenger in Pa.
US Senate condemns hacking of Google in China
US sees 'spike' in Vietnam human rights issues
Court: Man can't sue prosecutor over terror case
Obama to meet Dalai Lama despite Chinese warnings
Ohio teen told police he raped woman along road
Pakistan school bombing kills US soldiers, children
Marines brace for new push in southern Afghanistan
Argentina has Hollywood in its 'Eyes' after Oscar nod
Taiwan carmaker touts new luxury sedan in China
Worst movies of all time led by Clooney's "Batman"
President Hu says China must change economic model
US 'disappointed' by limits on Japan auto incentives
New Zealand virgin auctions herself for tuition
Soros: US, China key to world financial regulation
Up a favorite in quality Oscar race for animation |
Toyota hit by over 100 Prius brake complaints
Leif Garrett arrested for heroin possession |
Sharp swings to profit in third quarter
Asia stocks up on Wall Street rise
Executives get down and dirty in Undercover Boss |
Sphinx-lined alley hints at wealth of Egypt's lost empires
Argentina has Hollywood in its 'Eyes' after Oscar nod
"Hair" back in Serbia after 40 years, minus nudity
Austria welcomes Oscar "hat-trick"
Jamaican scholar, choreographer dies in US at 76
UK model Katie Price weds cage-fighter boyfriend
Haiti charity single reworks REM's 'Everybody Hurts'
List of top 15 cable shows in Nielsen ratings
Worst movies of all time led by Clooney's "Batman"
Hamas wants talks with US, Europe: Haniya
Ukraine candidate accuses rival of 'swimming in mud'
Bomb in Pakistan kills 3 U.S. soldiers, 3 children |
Google, NSA may team up over cyberattacks: report
Fury heats up after new AIG bonuses
Samsung aims to treble smartphone sales in 2010
Pakistani scientist guilty in US servicemen attacks
Inspectors 'failed to check runway' before Concorde crash
In new term, Bernanke calls for Fed to stay independent
Netezza teams up with NEC to battle Oracle
Netanyahu hopes for talks with Palestinians in weeks
New technique helps search for another Earth
Iran leader's nuclear comments surprise West
Video game makers look for 2010 turnaround
Kremlin body proposes radical makeover for Russia
Monster gobbles HotJobs for 225 million dollars
Netanyahu: Peace talks could resume in weeks
Afghans want to be farmers, not fighters, says U.S. |
Cisco quarterly profit up 23 percent
Israel pushing Middle East to war: Syria's Assad |
Iraq court lifts ban on hundreds of candidates
RIM device development holds promise, analyst says
Mideast peace talks will resume in 'coming weeks': Netanyahu
Oracle database can be hacked remotely: researcher
2009 videogame sales dip eight percent in Britain, Japan, US
Iran says it launches satellite rocket
Iran sends rocket with animal menagerie into space
Samsung aims to treble smartphone sales in 2010
Samsung aims to treble smartphone sales in 2010 |
Hong Kong tycoons' wealth soars: Forbes
Google, NSA may team up over cyberattacks: report |
Lurid testimony at Anwar trial closed to public
Video game makers look for 2010 turnaround |
Netezza teams up with NEC to battle Oracle |
1 year on, China stays silent on missing lawyer
RIM device development holds promise, analyst says |
N.Korea eases curbs on markets amid anger: Seoul
Obama nears end of Uighur Guantanamo nightmare
Philanthropist Evelyn Haas dies at age 92
Pa. woman convicted in pierced kittens case
Men at Work ripped off 'Kookaburra' riff: Aus court
Australia blocks Iran shipments over weapons fears: PM
Hollywood studios lose landmark Internet download battle
Gunman kills self in Ill. store, no others injured
Obama vows to get tougher on China trade
Motivational speaker charged in sweat lodge deaths
2 charged with Indonesia maid's murder in Malaysia
Prius brakes questioned; Toyota probe expands
'Bling ring' burglar says not guilty of LA thefts
Senate report: 'Dirty money' still entering US
Brown getting Kennedy's seat, but not his desk
Toyota posts $1.7B profit, raises annual forecast
Seoul shares rise on autos; banks, retailers fall
GM says China sales nearly double in January
Oscar contenders vie for underdog status |
AA gives high flyers helicopter ride to Narita
Lady Antebellum set to crush Lil Wayne on U.S. chart |
SKorean, US firms embroiled in chip espionage case
Who can afford Howard Stern? |
Jay-Z sues lender over loan for NYC property |
Lady Antebellum set to crush Lil Wayne on U.S. chart
PAKISTAN
Hollywood loses landmark copyright case in Australia |
Report: China investing $956M with UK's Apax
Balloon flown over highest peak in the Americas
S.Korea firm wins three billion dollar Iraq deal
Seoul shares turn down on banks; autos advance
HBO renews Big Love for fifth season |
Obama vows to get tougher on China trade
Who can afford Howard Stern?
R&B singer Jill Scott sued by record label |
Source: Jackson's doc to be arraigned Friday
Oscar contenders vie for underdog status
Scattered Palestinian protests reflect a fractured struggle
Stewart tells O'Reilly he's voice of sanity on Fox
Israeli Oscar nominee "Ajami" admirable, but dark
HBO renews "Big Love" for fifth season
Giacometti sculpture smashes auction world record: Sotheby's
Pakistan arrests 30 suspects in U.S. forces attack |
Ukraine's Tymoshenko street protests
US teen blogging nosedives
New scan 'reads mind' of brain-damaged patient
Discussing Iran sanctions hinders diplomacy: China |
Foreign food aid trickles into Haiti's black market |
Assad will lose power if Syria goes to war: Israel
Shell fourth-quarter profit dives 75%
IMF chief says may quit early; eyes French politics? |
Israel mulls indirect talks with Palestinians
Hopes rise for N.Ireland solution as leader returns
India offers official talks with Pakistan |
New US export strategy eyes Asia
Iraq condemns lifting candidate ban, MPs to meet |
Exclave's 10,000-strong protest rocks Russian politics |
Israel envisages indirect talks with Palestinians |
New Iraqi media rules raise specter of muzzled past |
Threat of new Orange protests raises Ukraine tension |
Obama aunt due in court over Kenya deportation: report
Cops: NY driver used mannequin in car pool lane
Suu Kyi, brother in court over house dispute
Trump annoyed with park weddings next to golf club
NKorea eases market crackdown amid economic woes
70-year-old jailed after crashing into Nev. casino
Thai plan to return Karen to Myanmar draws protest
Stakes high for Calif. in health care reform
Lurid evidence in Malaysia opposition leader trial
Family of Pakistan scientist slam US guilty verdict
Indonesian Muslim leaders slam horror movie
Mass. certifies GOP's Brown as Kennedy successor
Security bloc considers adding Iran, Pakistan
Obama begins full day at National Prayer Breakfast
Pakistan arrests 30 suspects in U.S. forces attack
Sumo's 'bad boy' Asashoryu to retire
House faces tough vote on $1.9 trillion more debt
2 gangsters sentenced to death in China
Discussing Iran sanctions hinders diplomacy
SKorean, US firms embroiled in chip espionage case
Sony quarterly profit surges to $861 million
Pakistani o/n rates up; rupee eases; stocks higher
China launches WTO complaint against EU shoe levy
Debt-laden Dubai says new off-shore oil field found
Toyota weighs on Tokyo stocks
Hollywood loses key battle over illegal downloads
Hollywood loses landmark copyright case in Australia
HSBC to open in S.Lanka former war zone
Sony books $870mln quarterly profit
Japan's Hitachi back to profit in December quarter
China rejects Obama pressure over currency
New art auction record may not be end, say experts |
Hollywood loses key battle over illegal downloads
T.O., Ochocinco start Super parties on South Beach
Web-based mystery romance lures indie producer
Web-based mystery romance lures indie producer |
Sparks fly as Bollywood, cricket and politics collide
India's book restorers: saving the past for the future
Hollywood loses landmark copyright case in Australia
James Cameron hints at Avatar sequel
Greece at new risk of being pushed off euro
Bodies of missing Tenn. mom, Jo Ann Bain, and daughter found
Female Breasts Are Bigger Than Ever
AMD Trinity Accelerated Processing Units Now in Volume Production
The Avengers (2012 film), made the second biggest opening- and single-day gross of all-time
AMD to Start Production of piledriver
Ivy Bridge Quad-Core, Four-Thread Desktop CPUs
Islamists Protest Lady Gaga's Concert in Indonesia
Japan Successfully Broadcasts an 8K Signal Over the Air
ECB boosts loans to 1 trillion Euro to stop credit crunch
Egypt : Mohammed Morsi won with 52 percent
What do you call 100,000 Frenchmen with their hands up
AMD Launches AMD Embedded R-Series APU Platform
Fed Should not Ignore Emerging Market Crisis
Fed casts shadow over India, emerging markets
Why are Chinese tourists so rude? A few insights

USD EUR - 1 year graph	VPN on MacOSX	BlogMeter 1.01