Tag Archives: Wells Fargo

When Nightline and ABC News paint with a broad brush

ABC World News

Image via Wikipedia

This evening, ABC World News and Nightline will both air stories about corrupt state legislators. They’re calling the series, “State House Scoundrels”. The teaser says, “a lack of scrutiny breeds scandal among state lawmakers.” Continue reading

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The Challenges of Communicating Executive Compensation

Yesterday’s New York Times reported that Vikram Pandit and Winfried Bischoff, Citigroup’s top executives, would forgo their bonuses for 2008. The Times wrote:

“The harsh realities of 2008, primarily our earnings results, mean that our bonus pool is dramatically lower than last year,” Mr. Pandit wrote about a year in which the bank has so far announced more than $10 billion in losses. “The most senior leaders should be affected the most.”

The paper also pointed out that Citigroup has taken in $45 billion in capital from the taxpayers’ bailout funds. If I had to bet, the only thing that these Citigroup executives liked about this story was it pointed out that their peers at Bank of America and Wells Fargo were still expected to receive bonuses despite taking the taxpayers’ money.

The truth is executives hate any story about their compensation. They resent that their salary and benefits are detailed for the public’s compensation in SEC reports. Continue reading