SEIU saz to banks.. "Give us our money back"

[Joanne98]

5 billion!!!!!!HAHAHA!

April 20 (Bloomberg) -- American International Group Inc., Morgan Stanley and other companies squandered more than $5 billion on executive pay since 2005 and must recoup the payments or face lawsuits, a pension fund said.

The Service Employees International Union’s pension fund said today it sent letters to 29 companies, which also include Goldman Sachs Group Inc. and JPMorgan Chase & Co., demanding that directors recover “incentivized executive pay” based on derivatives or other investments whose values were written off.

“The collective choices of top executives to reward themselves despite their failure to deliver a profit on their investments negatively impacted our pension fund and left our economy in shambles,” Andy Stern, the union’s president, said in a statement.

Subprime mortgages that defaulted as part of the U.S. real estate collapse helped force financial firms worldwide to write off more than $700 billion last year. JPMorgan Chase, the second-largest U.S. bank by assets, said last week it had $711 million in writedowns on leveraged loans in the first quarter and an additional $214 million on mortgage-related securities.

Mark Lake, a Morgan Stanley spokesman, said the firm has taken steps to address executive pay issues.

Morgan Stanley Clawback

“We’ve already instituted a clawback provision on executive pay effective for 2008 and ongoing payments,” Lake said in an interview today. New York-based Morgan Stanley is the fifth-biggest U.S. bank by assets.

http://www.bloomberg.com/apps/news?pid=20601087&sid=ann7bKVM7yA0&refer=home

[county worker]

1. My union dollars at work!

[Laelth]

2. Good for the SEIU. n/t

:dem:

-Laelth