Daily News Channel
The House of Representatives passed legislation Thursday to try to recoup bonuses paid to Wall Street executives with taxpayer money. The measure passed, 328-93; most Democrats supported the measure, while Republicans were sharply divided.
Donald Trump, chairman and president of The Trump Organization and the executive producer of NBC’s "Celebrity Apprentice," spoke with Larry King on Tuesday about the public’s furor with AIG, the Bernie Madoff saga and the nation’s economic woes. The following is an edited version of the interview
Insurance giant AIG will have to return to the Treasury Department the $165 million it just paid out in executive bonuses, Treasury Secretary Timothy Geithner said Tuesday in a letter to congressional leaders. “We will impose on AIG a contractual commitment to pay the treasury from the operations of the company the amount of the retention awards just paid,” Geithner wrote
The White House scrambled on Monday to get ahead of the latest outrage stemming from the bailout of failed corporate behemoth American International Group : $165 million in bonus pay for executives in one part of the firm, which is now 80% controlled by American taxpayers. President Barack Obama took to the podium in the East Room to tag AIG by name, calling its financial predicament a product of “recklessness and greed.” The President said he has asked Treasury Secretary Timothy Geithner to “block these bonuses and make the American taxpayers whole,” adding, “This isn’t just a matter of dollars and cents
Troubled insurance giant AIG, already under fire for intending to pay out $165 million in bonuses and compensation, succumbed Sunday to congressional pressure, identifying banks that received chunks of the company’s billions in federal bailout funds last year. AIG, a recipient of at least $170 billion in federal bailout money , got an $85 billion loan from the Federal Reserve. The list released Sunday of “counterparties” that benefited from the bailout is topped by European banks Societe Generale and Deutsche Bank, which received $4.1 billion and $2.6 billion, respectively.
At 16, Rhandolf Fajardo reflects on his former life as a gang member. “My gang mates were the most influential thing in my life,” says Fajardo, who joined a gang when he was in sixth grade
Parents of students who are taking the SAT test on Saturday — or getting ready for the next one in May — know that test prep can be an expensive proposition, limited mainly to affluent families who can afford expensive private tutoring sessions.
If the victims of Bernard Madoff were looking for catharsis in the court of U.S. District Judge Denny Chin, they got nothing close to it. Several of them had gathered in the large, packed courtroom in Lower Manhattan for Madoff’s hearing Thursday morning, but Chin issued instructions that victims could speak only if they wanted to object to Madoff’s pleading guilty to 11 counts of fraud
With the release today of Apple’s “smallest iPod Shuffle ever,” the pioneering tech bellwether continues to wean us off its charismatic founder, Steve Jobs.
A former official of a cabinet company that has laid off employees has been arrested on suspicion of embezzling $9.9 million from the company over seven years. Annette Yeomans, who was chief financial officer for California-based Quality Woodworks, was arrested Wednesday after a yearlong investigation, according to the San Diego County Sheriff’s Department.