May 22, 2009 |
American International Group yesterday announced that Edward M. Liddy is stepping down as chairman and chief executive of the troubled insurance giant, but he plans to remain until the company's board of directors names his replacement. Liddy, 63, agreed to take the reins of the troubled insurance giant after the federal government bailed it out in September. He previously had retired as a chairman of Allstate and has served on the board of Goldman Sachs . His departure will mark continued upheaval at the top ranks of AIG. Liddy is the company's fourth chief executive since 2005, and each of his three predecessors -- Maurice R. "Hank" Greenberg, Martin Sullivan and Robert Willumstad -- was forced out of the company.
August 4, 2008
Position : Partner in the white-collar criminal defense and corporate investigations practice at Orrick, Herrington & Sutcliffe. Career Highlights : Previously at Akin Gump, Strauss Hauer & Feld. Also worked in the U.S. attorney's office as a federal prosecutor and represented the HealthSouth board of directors in connection with the first criminal prosecution under the Sarbanes-Oxley Act. Age : 65 Education : BA in History-Political Science, University of Connecticut.
October 10, 2008 |
The Bush administration is hammering out the final details of a plan that would allow the government to inject cash into banks in exchange for ownership stakes in an effort to shore up confidence in the faltering financial system, according to officials and sources who have been in contact with the Treasury Department. Senior Treasury officials think they have the authority to take ownership stakes in banks under the $700 billion rescue package that was passed by Congress and signed into law last week, the sources said.
March 11, 2008 |
The Justice Department yesterday imposed new restrictions on government-sanctioned contracts with outside experts to implement and monitor corporate fraud settlements, an issue that has come under scrutiny because of a multimillion-dollar contract given to former attorney general John D. Ashcroft. Under the new guidelines, U.S. attorneys would have to get approval from senior officials at Justice Department headquarters in Washington for such agreements, which allow companies to avoid criminal prosecution by making changes in corporate governance under the scrutiny of an outside monitor.
April 29, 2009 |
When it comes to justifying state control of big corporations, Barack Obama is no Francois Mitterrand. When France's late president nationalized huge swaths of the country's financial and industrial base in the 1980s, he made no apologies. Seizing a dozen industrial conglomerates and three banks, Mitterrand insisted that government control was in the interest of the economy. He asserted that the state, which already owned much of the nation's energy and transport industries, was best able to allocate resources.
September 26, 2009 |
If investors were furious over executive bonuses, that anger failed to materialize in the ballot boxes at this year's annual meetings. A review of votes on executive pay packages at firms that received billions of dollars in federal bailout money shows that shareholders have overwhelmingly approved compensation plans, including at banks that doled out handsome rewards to management even as share prices plunged. On average, 88.6 percent of votes cast at 237 firms that have disclosed results were in favor of management, according to an analysis by David G. Wilson, a securities lawyer at Waller Lansden Dortch & Davis who focuses on corporate governance matters.
October 1, 2008 |
In the four decades that Maurice R. "Hank" Greenberg was at the helm of American International Group, he persuaded Washington to back him on many deals that helped his insurance company beat competitors and ultimately grow into the 18th-largest corporation in the world. Greenberg makes no apologies for personally dialing lawmakers and senior White House officials to try to protect AIG's interests, especially when he sought to break into untapped foreign markets. In a rare interview since the company he built imploded and received an $85 billion government bailout, he said that knowing Washington was a critical part of his job as he expanded AIG to operate with $1 trillion in assets and in 130 countries.
April 12, 2012 |
The shooting of 17-year-old Trayvon Martin in Florida is reverberating today in an unlikely place: the executive suites of major corporations. In recent days, advocacy groups have targeted more than a dozen corporations over their financial support for the conservative organization that encouraged states to pass the " Stand Your Ground " legislation cited as a defense for George Zimmerman , the man charged with second-degree murder in...
August 26, 2013 |
This town in the hills of Upstate New York is best known as the birthplace of IBM , one of the country's most iconic companies. But there remain only hints of that storied past. The main street, once swarming with International Business Machines employees in their signature white shirts and dark suits, is dotted with empty storefronts. During the 1980s, there were 10,000 IBM workers in Endicott . Now, after years of layoffs and jobs shipped overseas, about 700 employees are left.
February 2, 2012
It's no secret that Facebook's 27-year old founder and chief executive Mark Zuckerberg is a wealthy man. With an estimated net worth of $17.5 billion, he was ranked 52nd on Forbes 2011 list of the world's richest people. The IPO paperwork that the social-networking site filed on Wednesday provided more insight into just how much he's pulling in and how much he might gain from the initial public offering. Hayley Tsukayama reports : The base salaries for all of Facebook's top executives were divulged in the company's Wednesday S-1 filing.