There, now do we feel better? I sure hope so, now that President Obama’s finger-wagging pay czar has intimidated Bank of America’s much-maligned chief, Kenneth D. Lewis, into giving up all compensation for this year.
Far and wide people are expressing their opinions on the financial crisis. In the UK, popular rapper Dizzee Rascal tackled the credit crunch in his recently released music video.
In an effort to reduce criticism over distributing $20 billion in bonuses, banking giant Goldman Sachs will likely either give away most of its bonuses in the form of stock, or significantly increase its charitable donations, according to sources close to the bank.
The Federal Reserve is preparing regulation that would see it veto banks' compensation policies if it believes they encourage bank employees to take too much risk, the Wall Street Journal reported Friday.
Bank of America is looking to pay back some of the billions in federal bailout aid it has received in an effort to get out from underneath the government's thumb, according to a published report.
The rate at which credit card holders fell behind on their payments was far worse in the second quarter than it was last year, but did improve sharply from the alarming level seen in the first three months of 2009.
The rich have been getting richer for so long that the trend has come to seem almost permanent, the New York Times reported.
JPMorgan Chase asked the UK banking regulator to examine a pay deal offered by Barclays to lure one of JPMorgan's star proprietary traders to its own investment banking arm, Barclays Capital, the Financial Times reported Monday.
Goldman Sachs executives sold shares in the bank after the collapse of Lehman Brothers last fall, the Financial Times wrote, citing filings with the Securities and Exchange Commission.
The Dow fell for a fourth straight day Wednesday after the Fed said it expected to keep interest rates exceptionally low for an extended period.
Stocks bounded higher Wednesday, with the Dow up about 1 percent, as investors cheered the better-than-expected jump in durable-goods orders and shrugged off a weak new-home-sales report.
Futures jumped Wednesday after a better-than-expected rise in durable-goods orders.
The burgeoning British scandal over the misuse of government expense accounts is claiming its first major victims and setting the stage for a major shake-up in the country's leadership.
A former executive of Bear Stearns has sued for a $2 million bonus he says he is owed.
Stocks advanced but ended off their highs Wednesday after the Federal Reserve said the recession appears to be easing.
Futures pared gains Wednesday after the first look at first-quarter GDP showed the economy contracted at a sharper pace than expected.
After about a decade where real wages for most American stagnated and the rich got richer, the public waited until now, with the Western financial system in ruins, to break out the torches and the pitchforks.
Of all the people who are angry at AIG right now, there is one in particular whose anger is at least as great as that of anybody in Congress or the administration but whose voice is one that you haven't heard yet in the uproar over AIG bonuses: Maurice "Hank" Greenberg.
The company can't afford to stay angsty. It has to work hard to stop customers from fleeing, it has to cut costs, and, to placate shareholders, it has to find new areas of growth.
Connecticut's attorney general says the newly revealed number will "further fuel the justified anger and revulsion that people feel."