Wells Fargo gives $10M stock award to CEO, $5M to CFO
December 31, 2009
On Christmas Eve, Wells Fargo & Co. put share incentives into four top executives’ stockings. They vest in three years and could be worth more than $10 million for CEO John Stumpf. (WFC)
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Wells Fargo gives $10M stock award to CEO, $5M to CFO
Workers can’t get paid for time changing gear
December 31, 2009
Poultry workers are not entitled under federal wage law to be paid for the time they spent donning and doffing personal protective gear required for their jobs, the 4th Circuit has ruled in affirming judgment. The defendant operates a poultry processing plant. The company was sued for violating the Fair Labor Standards
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Workers can’t get paid for time changing gear
Wife can’t get ‘innocent spouse’ tax relief
December 31, 2009
A wife is not entitled to “innocent spouse” relief for a joint tax return on which her husband underreported income from a family business, because she was actively involved in the business and had access to its records, the U.S. Tax Court has ruled. A wife retired and helped her husband run a family business,
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Wife can’t get ‘innocent spouse’ tax relief
Mass layoffs decrease in November
December 31, 2009
U.S. employers announced 1,797 mass-layoff actions in November that eliminated the jobs of 165,346 workers.
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Mass layoffs decrease in November
Treasury Pumping Another $3.8 Billlion into GMAC
December 31, 2009
WASHINGTON (Reuters) – The U.S. is injecting another $3.8 billion into GMAC Financial Services to help cover mortgage losses, in a bailout that makes the government the majority owner of the auto and home finance company. GMAC said after the capital infusion it does not expect to record more major losses from its mortgage lending unit, which should help stabilize results. The company is one of the largest car loan makers in the United States, and earning profit will give it more capacity to make loans and eventually pay back the government. Many analysts see GMAC’s mortgage assets, which make up about a third of the company’s $178.2 billion balance sheet, as the main obstacle to the lender reaching profitability. Those assets have already forced GMAC to seek new funds. Before Wednesday’s capital infusion, GMAC had already received $12.5 billion of aid from the United States. A government test of the company’…
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Treasury Pumping Another $3.8 Billlion into GMAC
As terror grips U.S. psyche, Intellicheck Mobilisa shares skyrocket
December 31, 2009
With news stories about terror appearing nearly daily, a Port Townsend company specializing in security products is being propelled.
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As terror grips U.S. psyche, Intellicheck Mobilisa shares skyrocket
74 PE-Backed Bankruptcies in 2009; Pace Slowed in Second Half
December 31, 2009
By the middle of the year, we were on pace to double last year’s number of LBO-backed busts. June’s LBO-backed bankruptcy list boasted 46 Chapter 11s; last year’s total was 49. But then the pace slowed down, companies found ways to avoid the courts and the list finished the year with 74 total bankruptcies. That’s far more than 2008’s total (and blows 2007’s grand total of two out of the water), but it isn’t nearly as high as expected. We can attribute the slowdown to a little thing called Amend & Extend (or, as Mark Patterson of MatlinPatterson called it, “Amend, Extend and Pretend”). Midway through the year, lenders realized they couldn’t be complete jerks about their…
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74 PE-Backed Bankruptcies in 2009; Pace Slowed in Second Half
Redbox signs Chicago-area lease
December 31, 2009
Coinstar subsidiary Redbox Automated Retail LLC will remain in the Chicago area; the DVD rental company has signed a 137,000-square-foot lease in Oakbrook Terrace. (CSTR)
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Redbox signs Chicago-area lease
Memphis sues Wells Fargo for lending practices
December 31, 2009
The City of Memphis and Shelby County are filing a federal lawsuit under the Fair Housing Act against Wells Fargo & Co. for “unlawful, irresponsible, unfair, deceptive and discriminatory mortgage lending practices” in Memphis and Shelby County. (WFC)
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Memphis sues Wells Fargo for lending practices
Vacation days went unused in 2009
December 31, 2009
About 66 percent of U.S. workers did not use all their vacation days in 2009, according to the results of a survey conducted by Right Management, a division of employment services provider Manpower Inc.
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Vacation days went unused in 2009