The Obama Administration Has Been Very, Very Good To Banksters And Wall Streetians

[ProSense]

128. Actually,

"Full of NonSense.... as usual.

When the Wall Street Banksters were demanding nearly a TRILLION Dollars from the government,
the government could have asked for anything, even that Banksters receiving Money give up their "bonuses".
Banker Bonuses could have easily been attached to TARP before the bailout. "

...the above is "full of nonsense." It's also clear that you have no idea about the recently enacted laws to clawback executive compensation.

Big fine imposed on ex-Goldman trader Tourre in SEC case

By Nate Raymond and Jonathan Stempel

(Reuters) - A U.S. judge on Wednesday ordered former Goldman Sachs Group Inc trader Fabrice Tourre to pay more than $825,000 after a jury found him liable for defrauding investors in a subprime mortgage product that failed during the financial crisis.

The decision by U.S. District Judge Katherine Forrest in Manhattan came in one of the prominent Wall Street cases linked to the crisis, and one of the few in which an individual was held personally responsible for wrongdoing.

Tourre was ordered to pay $650,000 in civil fines, and give up an additional $175,463 bonus plus interest linked to the transaction at the heart of the U.S. Securities and Exchange Commission case.

The total payout fell below the roughly $1.15 million, including a $910,000 fine, that the SEC had sought.

- more -

http://www.reuters.com/article/2014/03/12/us-goldmansachs-sec-tourre-idUSBREA2B11220140312

Bank of England Seeks to Expand Clawback Rules

By CHAD BRAY

LONDON – Bankers who engage in misconduct could have their bonuses clawed back for up to six years after the improper conduct under a new rule proposed by the Bank of England.

Under Britain’s so-called remuneration code, the Prudential Regulation Authority, a regulator in the central bank, can require the lenders it regulates to recoup bonuses that have been deferred when there is misconduct, actions that lead to significant losses and failures of risk management. Under the proposal, the clawbacks would also apply to supervisors of employees who engage in improper behavior.

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In the United States, the Dodd-Frank Act, passed in 2010, allows for clawbacks of up to three years on incentive pay to executive officers if there is an accounting restatement. The Sarbanes-Oxley Act, passed in 2002, allowed for the clawback of bonuses from a company’s chief executive and its chief accounting officer if there was a financial restatement.

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On Wednesday, Fabrice Tourre, the former Goldman Sachs trader, was ordered by a federal judge in Manhattan to forfeit a bonus of roughly $175,000 tied to his work on troubled mortgage deal at the center of his trial last year. He was ordered to pay $825,000 in penalties and other costs.

In a civil case brought by the Securities and Exchange Commission, Mr. Tourre was found liable by a federal jury last year of defrauding investors.

http://dealbook.nytimes.com/2014/03/13/bank-of-england-seeks-to-expand-clawback-rules/