Misuse Of Bailout Money | featured news

The Obama administration sought to reduce the bonuses, but the insurer, which received more than $170 billion in aid, said it was obligated to pay them.

Maxine Waters helped set up a meeting in which the chief executive of a bank with financial ties to her family asked for special bailout funds, officials said.

Bank of America CEO Ken Lewis is about to come under serious scrutiny by Congress.

The New York attorney general's office on Wednesday subpoenaed seven former Merrill Lynch & Co. executives as part of its ongoing investigation into the timing of year-end payments made to executives at the investment bank.

Bernanke accuses company of exploiting gaps in the system, says government 'had no choice' on bailout.

The New York Attorney General's office has subpoenaed Bank of America to submit a list of employees who got bonuses and the amounts that the employees received, a spokesman for the New York Attorney General said on Thursday.

The Federal Reserve Board on Tuesday put more pressure on banks to cut dividends as conditions deteriorate, and said it would discourage the funding of such payouts with federal rescue money.

New York's attorney general is moving to force former Merrill CEO John Thain to discuss details about bonuses paid to employees before the company was sold to Bank of America.

A provision buried in the stimulus bill would impose restrictions on executive bonuses at companies reaping bailout money.

Wall Street bankers, with their $18 billion in bonuses, private jets and gaudy conferences, are causing headaches for the GOP.

President Obama has proposed capping compensation for executives at banks that take taxpayer bailout money at $500,000. Republicans hate the idea, which puts them uncomfortably on the side of people currently about as popular as child-porn producers and subprime mortgage brokers.