- SEC Ready to Require More Pay Disclosures
- Fed Said to Raise Requirements for Banks to Repay TARP Funds
- Court to Hear Challenge to Chrysler, Fiat Pact
- Obama Said to Be Open to Taxing Health-Care Benefits
- Obama Says August ‘Make or Break’ for Health Care
- U.S. planned layoffs fall to lowest in 8 months
- Schwarzenegger Warns of Deadline to Plug California Budget Hole
- Judge orders Dish Network to stop using TiVo technology
SEC Ready to Require More Pay Disclosures – Wall Street Journal
The Securities and Exchange Commission plans to propose that companies disclose in general terms how they compensate lower-ranking employees, expanding disclosures for the first time beyond the executive suite.
The proposal is part of a review of executive-pay policies at the SEC and other agencies addressing practices that many believe led financial companies to take on too much risk. The SEC also may require companies to explain their ties to compensation consultants who often negotiate lavish pay packages for top executives…..
Fed Said to Raise Requirements for Banks to Repay TARP Funds – Bloomberg
Federal Reserve officials surprised bankers in the past week by demanding they raise specific amounts of new capital before repaying taxpayer funds, applying a more stringent assessment than the stress tests in May.
JPMorgan Chase & Co. and American Express Co. were told they need to boost common equity, less than four weeks after being informed they had enough to withstand a deeper economic slump. Morgan Stanley was directed to raise more funds after already selling stock to cover its stress-test shortfall. One firm was told June 1, people with direct knowledge said…..
Court to Hear Challenge to Chrysler, Fiat Pact – Wall Street Journal
A federal court late Tuesday agreed to hear an appeal related to the bankruptcy of Chrysler LLC, potentially extending the auto maker’s stay in Chapter 11 reorganization by at least several days.
The Second U.S. Circuit Court of Appeals in New York said it would hear an appeal by a group of Indiana pension funds challenging the sale of most of Chrysler’s assets to the company’s proposed partner, Fiat SpA of Italy. Oral arguments in the appeal will begin Friday, according to the court’s order. Chrysler had hoped to potentially exit bankruptcy as soon as this week…..
Obama Said to Be Open to Taxing Health-Care Benefits – Wall Street Journal
Senate Finance Committee Chairman Max Baucus on Tuesday indicated that President Barack Obama may be warming to the idea of taxing employer-provided health-care benefits to pay for an overhaul of the nation’s health system. But the White House, and a key Democratic senator, quickly shot down the idea that the president has had a change of heart.
Mr. Obama met with 24 Democratic senators at the White House Tuesday afternoon to talk about legislation they are crafting to overhaul the nation’s health system. Senators said afterwards that the president wants a bill signed by October…..
Obama Says August ‘Make or Break’ for Health Care – Bloomberg
President Barack Obama said efforts to craft health-care legislation before August will “make or break” his plan to get a law passed by the end of the year.
“This is the time where we’ve got to get this done,” Obama said today before meeting at the White House with Democratic senators including Christopher Dodd of Connecticut and Max Baucus of Montana. “This is a necessity.”…..
U.S. planned layoffs fall to lowest in 8 months – Reuters via Washington Post
Planned layoffs at U.S. firms fell for a fourth consecutive month in May, reaching the lowest level in eight months and offering another sign that the United States may be pulling out of a steep economic tailspin.
Planned job cuts announced by U.S. employers totaled 111,182 in May, down 16 percent from the 132,590 layoffs recorded the previous month, according to a report released on Wednesday by global outplacement consultancy Challenger, Gray & Christmas, Inc…..
Schwarzenegger Warns of Deadline to Plug California Budget Hole – Wall Street Journal
California Gov. Arnold Schwarzenegger and the state’s chief accountant Tuesday warned lawmakers that they have until June 15 to close the state’s crippling budget deficit.
If they miss the deadline, the state will run out of cash by the end of July, said state Controller John Chiang. That means Californians could see a repeat of this past winter, when officials delayed payments to welfare recipients, private contractors and local governments to keep the state solvent amid a budget impasse.
“California’s day of reckoning is here,” Mr. Schwarzenegger said in an unusual address before a joint legislative session. “We have no time to waste.”….
Judge orders Dish Network to stop using TiVo technology – Mercury News
Dish Network was ordered by a federal judge to stop using a digital video recording service that infringes a TiVo patent.
Dish and EchoStar were also told to pay $192.7 million to TiVo in damages and interest as their software still infringes TiVo’s patent even after Dish had claimed it made changes to the product, U.S. Judge David Folsom said in an order Tuesday…..
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