Report: $30B in Bonuses Doled on Wall St.
(AP)
Goldman Sachs, Morgan Stanley and JPMorgan Chase, which have all exited the government's Troubled Asset Relief Program, or TARP, are set to dole out $29.7 billion in bonus money.
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November 9, 2009 7:37 AM Just a year after receiving a record-setting amount of government aid to rescue their failing companies, three of Wall Street's giants will pay the government's generosity forward, in the form of nearly $30 billion worth of executive bonuses, according a report in Bloomberg.
Goldman Sachs, Morgan Stanley and JPMorgan Chase, which have all exited the government's Troubled Asset Relief Program, or TARP, are set to dole out $29.7 billion in bonus money.
Goldman Sachs, Morgan Stanley and JPMorgan Chase, which have all exited the government's Troubled Asset Relief Program, or TARP, are set to dole out $29.7 billion in bonus money.
November 2, 2009 7:08 AM 
If you're looking for good news on unemployment, Moodys.com chief economist Mark Zandi doesn't have it.
Zandi told CBS' "The Early Show" Monday that the nation's near 10 percent unemployment rate will "stay there through this time next year."
However, the economist said, "we're heading in the right direction."
Zandi's comments come on the heels of two drastically different business reports.
Sunday, major lender CIT Group filed for bankruptcy, while Ford Motor Company Monday announced it earned a $1 billion profit in the third quarter.
Economist: High Unemployment to Last
(AP Photo/Damian Dovarganes)
Zandi told CBS' "The Early Show" Monday that the nation's near 10 percent unemployment rate will "stay there through this time next year."
However, the economist said, "we're heading in the right direction."
Zandi's comments come on the heels of two drastically different business reports.
Sunday, major lender CIT Group filed for bankruptcy, while Ford Motor Company Monday announced it earned a $1 billion profit in the third quarter.
August 10, 2009 9:07 AM
Gambling Revenue Down Across U.S.
Gambling revenue is no longer a sure thing for many states.
In yet another sign of the recession's toll on the U.S. economy, eight of the 12 states that allow commercial gambling, including Nevada, experienced declines in revenue, the Wall Street Journal reports.
(AP Photo/Cie Stroud)
June 29, 2009 9:32 AM 
The Internal Revenue Services intensified hunt for tax evaders overseas has caused Switzerland's two biggest banks to say goodbye to its American customers.
UBS AG and Credit Suisse Group AG have given Americans a choice: move your money to special accounts they have created in the U.S. or lose the account, Bloomberg reports.
Swiss Banks To Yanks: Get Lost
(AP Photo/Walter Bieri, Keystone)
UBS AG and Credit Suisse Group AG have given Americans a choice: move your money to special accounts they have created in the U.S. or lose the account, Bloomberg reports.
June 22, 2009 8:02 AM 
Don't get so excited about an end to the U.S. recession resulting in the restoration of lost jobs, the Wall Street Journal warned Monday.
A recent survey suggests that 52 percent of companies that cut jobs plan to employ fewer people in the next three-to-five years than they did prior to the recession's start, the Journal reports.
Job Cuts Here To Stay, Survey Says
(iStockphoto)
A recent survey suggests that 52 percent of companies that cut jobs plan to employ fewer people in the next three-to-five years than they did prior to the recession's start, the Journal reports.
June 19, 2009 9:22 AM 
It seems some bank executives aren't letting the government's bailout money get in the way of their good time.
The Wall Street Journal reports that top officials at some banks on the government dole retained their personal use of corporate jets, with records showing destinations that are near vacation homes and luxury resorts.
Bailout Blues Don't Stop Exec Jet-Setting
(CBS/iStockphoto)
The Wall Street Journal reports that top officials at some banks on the government dole retained their personal use of corporate jets, with records showing destinations that are near vacation homes and luxury resorts.
June 18, 2009 12:22 PM 
Sources tell CNN that disgraced investor Bernard Madoff met with Securities and Exchange Commission officials for three hours Wednesday.
Madoff reportedly met with SEC Inspector General David Kotz, but when asked about the meeting, would only tell CNN, "We've been making substantial progress in the investigation and plan to issue a comprehensive report very shortly."
Madoff Sits Down With SEC, Sources Say
(AP Photo/Louis Lanzano)
Madoff reportedly met with SEC Inspector General David Kotz, but when asked about the meeting, would only tell CNN, "We've been making substantial progress in the investigation and plan to issue a comprehensive report very shortly."
June 16, 2009 8:20 AM 
With bailouts all the rage, it was only a matter of time before people who racked up large debts on their credit cards would see some of the debt forgiveness action.
As The New York Times reports, some companies are working with their delinquent customers to eliminate balances. The companies have revised guidelines, the Times reports, and in some cases are calling up customers before they call the companies.
Credit Issuers Play Let's Make A Deal
(iStockphoto)
As The New York Times reports, some companies are working with their delinquent customers to eliminate balances. The companies have revised guidelines, the Times reports, and in some cases are calling up customers before they call the companies.
June 12, 2009 10:08 AM 
Drugmaker Eli Lilly is in hot water over allegations company officials wrote articles in medical journals touting an antipsychotic drug and then having doctors sign their names to the studies, Bloomberg reports Friday.
Lawsuits brought by insurers and pension funds seeking to get back money spent on the drug Zyprexa, which they claim Eli Lilly overpriced and exaggerated its effectiveness, revealed internal memos within the company that it practiced "ghostwriting."
Eli Lilly Exaggerated Reviews, Suit Claims
(CBS)
Lawsuits brought by insurers and pension funds seeking to get back money spent on the drug Zyprexa, which they claim Eli Lilly overpriced and exaggerated its effectiveness, revealed internal memos within the company that it practiced "ghostwriting."
June 12, 2009 7:24 AM 
Embattled insurance giant AIG has once again been put into the role of villain.
Passengers on US Airways Flight 1549's "Miracle on the Hudson" landing will be forever grateful for the crew that saved their lives after a bird strike shortly after takeoff in New York. However, AIG, which is US Airways' insurer, is resisting several claims from passengers regarding lost items and medical expenses, reports The New York Times.
AIG Plays Tough Cop With Crash Survivors
(AP Photo/Bebeto Matthews)
Passengers on US Airways Flight 1549's "Miracle on the Hudson" landing will be forever grateful for the crew that saved their lives after a bird strike shortly after takeoff in New York. However, AIG, which is US Airways' insurer, is resisting several claims from passengers regarding lost items and medical expenses, reports The New York Times.
Author Thomas Friedman on Obama's Afghanistan plan and the war on terror.
