A couple of quick hits on issues previously addressed:
Arbitration
BofA is one of a number of banks to drop mandatory arbitration provisions in their agreements with credit card holders. It follows JP Morgan Chase which stopped referring credit card disputes to arbitration last month. The tide seems to be turning against arbitration in the
Mark Garmaise, an Associate Professor at UCLA’s Anderson School of Management, recently published "Ties that Truly Bind: Non-Competition Agreements, Executive Compensation and Firm Investment."
Garmaise concludes that enforcement of non-competes promotes executive stability, results in reduced executive compensation, shifts compensation towards a greater use of salary, and reduces research and development spending.
“Sarbanes Oxley” “Andrew Cuomo” “Fraudulent Conveyance” “Merrill Lynch” “Bank of America” “New York”
Continue Reading Merrill Bonus Battles Continue/Non-Compete Suit
Since my entry two weeks ago, New York Attorney General Andrew Cuomo chimed in again on Merrill Lynch 2008 bonuses in a letter (.pdf) to Congressman Barney Frank, Chairman of the House Committee on Financial Services. The letter does not name names, but outlines numerous multi-million dollar payments to Merrill executives with the top 149
Executive compensation is under attack. It’s an easy target for politicians when $20 billion in bonuses were handed out while the economy was in free fall. New York AG Andrew Cuomo has indicated he may attempt to claw back bonuses paid to Merrill Lynch executives in late 2008 that came to light during John Thain’s