Stocks shot higher on Wednesday in a brisk rally after the Federal Reserve said it will buy long-term U.S. Treasuries in its push to revive the recession-hit economy.
The chairman of the House Committee on Oversight and Government Reform has asked for records on the $3.62 billion of year-end bonuses at Merrill Lynch, to see if the panel was misled about the payments, the Wall Street Journal said.
A prominent U.S. senator has intimated that executives of the troubled insurer American International Group Inc might consider suicide, adopting what he called a Japanese approach to taking responsibility for their actions.
New York Attorney General Andrew Cuomo will subpoena American International Group inc for information about employees whom he said were sent bonuses March 13.
Citigroup Inc awarded Chief Executive Vikram Pandit $10.82 million of compensation in 2008, a year in which the bank required two government rescues totaling more than $45 billion.
Citigroup Inc awarded Chief Executive Vikram Pandit $10.82 million of compensation in 2008, a year in which the bank required two government rescues totaling more than $5 billion.
New York State Supreme Court Justice Bernard Fried said at the end of a hearing on Friday that he would issue a ruling within the next week in a legal tussle between New York Attorney General Andrew Cuomo and Bank of America Corp , which bought Merrill on January 1. The judge will rule whether the names of 200 top bonus earners at Merrill Lynch & Co should be kept confidential.
New York State Attorney General Andrew Cuomo, Rep. Barney Frank and other lawmakers are discussing a plan to link executive pay to the long-term performance of companies, the Wall Street Journal said.
New York State Attorney General Andrew Cuomo, Rep. Barney Frank and other lawmakers are discussing a plan to link executive pay to the long-term performance of companies, the Wall Street Journal said.
Citigroup Inc is preparing to nominate some four new members to its board, including former U.S. Bancorp chief executive Jerry Grundhofer, as soon as next week, according to the Wall Street Journal.
Stocks rose for a third day on Thursday on relief that a ratings cut by S&P in General Electric was just one notch and that no further cuts loomed, while retail sales data showed some stabilization in consumer spending.
Stocks rose for a third day on Thursday on relief that a ratings cut by S&P in General Electric was just one notch and that no further cuts loomed, while retail sales data showed some stabilization in consumer spending.
Stocks rallied for a third day on Thursday on relief that a ratings cut by S&P in General Electric was just one notch and no further cuts loomed, while data showed signs of stabilization in consumer spending.
Stocks rose for a third day on Thursday on relief that a ratings cut by S&P in General Electric was just one notch and that no further cuts loomed, while data showed some stabilization in consumer spending.
Merrill Lynch & Co may have misled Congress in representing last November that it planned to pay out bonuses at year end, when in fact it decided to accelerate those payouts, New York Attorney General Andrew Cuomo said on Wednesday.
Merrill Lynch & Co traders may have booked hefty losses late last year only after learning of their 2008 bonuses, but executives chose not to revisit their decision to pay out $3.62 billion of bonuses, New York Attorney General Andrew Cuomo said on Wednesday.
Citigroup Inc was profitable in the first two months of 2009 and is confident about its capital strength, Chief Executive Vikram Pandit said, easing concerns about the bank's survival prospects and sending its shares up 38.1 percent.
Citigroup Inc was profitable in the first two months of 2009 and is confident about its capital strength, Chief Executive Vikram Pandit said, easing concerns about the troubled bank's survival prospects.
Citigroup Inc was profitable in the first two months of 2009 and is confident about its capital strength, Chief Executive Vikram Pandit said, easing concerns about the troubled bank's survival prospects.
Citigroup Inc was profitable in the first two months of 2009 and is confident about its capital strength, Chief Executive Vikram Pandit said, easing concerns about the troubled bank's survival prospects.
Merrill Lynch & Co paid Latin American investment banker Alexandre Bettamio, whom it poached from UBS AG, at least $7 million in guaranteed bonuses for 2008, the Wall Street Journal said, citing people familiar with the matter.
New York state's top legal officer and U.S. Rep. Barney Frank demanded on Monday that Bank of America Corp provide more details on $6.9 billion in bonuses paid in 2008, including $3.6 billion at the former Merrill Lynch & Co.
