Obama Administration Pushes Back at Bank Lobbying on Regulation »
Posted By engineer 1 month, 2 weeks ago in Business & FinanceWhite House officials say they are growing frustrated that the banking industry is fighting President Barack Obama’s plan to overhaul financial regulations after taxpayer bailouts helped firms restore profits and near- record compensation for executives.
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engineer
Hi
My background is Biomedical engineering with an MBA As you know from all my comments where I almost stand politically. I have loads of ...
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cowboygrandpa1 month, 2 weeks ago
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FTA:
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"Capital Requirements
Citigroup, JPMorgan Chase and San Francisco-based Wells Fargo & Co. also asked regulators for a reprieve from meeting higher capital requirements taking effect next year, arguing that lending and the economic recovery would be harmed.
Goldman Sachs, which repaid $10 billion it received from the U.S. Treasury last year, also reported a surge in third- quarter profit. The company has set aside $16.7 billion to pay employees so far this year, enough to pay each worker $527,192 for the period.
JPMorgan, which repaid $25 billion of U.S. rescue funds in June, said this week that its profit surged sevenfold in the quarter, to $3.59 billion, on higher investment-banking revenue. The company, which is the second biggest bank by assets, set aside $8.79 billion for compensation and benefits for its investment-bank employees in the first nine months of 2009, enough to pay $353,834 to each.
Feinberg’s Role
Administration officials have pointed to the appointment of Kenneth Feinberg to oversee compensation plans at the top firms that haven’t repaid assistance funds. They also cite Obama’s support for giving shareholders a non-binding say on compensation.
Feinberg’s compensation reviews for companies including Charlotte, North Carolina-based Bank of America Corp. and Citigroup, each of which got $45 billion in government aid, are expected as early as next week.
He’s already advised Bank of America Chief Executive Officer Kenneth Lewis to forego his 2009 salary and bonus. Bank of America, the biggest U.S. lender, posted a $1 billion third- quarter loss.
Citigroup announced last week that it would sell its Phibro LLC energy-trading unit, a decision made to avoid a potential showdown with Feinberg over the unit’s CEO, Andrew Hall’s $100 million pay package."
Does anyone else see the insanity being started again ???
They are trying to destroy most of the worlds ability to compete so they control all the markets by controlling the money.
They seek to make mankind answer to their warped ideas of right and wrong.
Soon will come the mark of the beast. No mark no money. -
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Natureboy1 month, 2 weeks ago
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BFD.
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Goldman-Sachs is handing out 23 billion of OUR money to the goniffs who got us into this mess.
And Obama is "frustrated."
He could have given that money to people who are losing their jobs and homes, instead of the ultra-rich - but he didn't. And now he's "frustrated."
Cry me a river.
I'm not "frustrated," I'm P!SSED, Obama got this whole "Robin Hood" thing backwards, and his bad feelings about this don't make up for all the hard-working people that are now sleeping in their cars or under a freeway overpass because he directed his largesse at the Uber-rich instead of the people who REALLY keep this country going.
Obama needs to make it right or STFU. I don't care about his emotional drama. -
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