CALIFORNIA | LOCAL
December 5, 2011 |
Armed with an unexpected surplus, a divided Irvine City Council has agreed to pay bonuses to all full-time and part-time city employees. In all, the city will hand out $450,000 in bonuses - $500 to each full-time worker, $250 to each part-time employee who works more than 10 hours a week and $100 to each part-timer who works fewer than 10 hours a week. The money comes from a nearly $14.4-million surplus in the general fund, the result of a 15% increase in sales tax income and a 14% increase in hotel tax revenue, according to city officials.
December 3, 2011 |
Wall Street's sky-high annual bonuses are likely to fall a bit closer to earth this year. Nearly everyone from the CEOs down to the entry-level analysts is preparing to see compensation cut as the end-of-year bonus season draws near. Although final decisions are weeks away, several reports issued recently are predicting that average 2011 compensation at global investment banks will drop between 15% and 30% from last year. Banks have already reported they reduced compensation during the first three quarters of the year.
October 8, 2011 |
Top administrators and investment managers at the California Public Employees' Retirement System were awarded $4.5 million in bonuses, averaging 41% of their base salaries for the year that ended June 30. The bonuses ranged from a high of 73% of the $240,000 salary of the senior portfolio manager for fixed income to a low of 14% of the $358,280 salary for the senior investment officer in charge of risk management. The fixed income securities manager, Tom McDonagh, also got the largest bonus measured in total dollars, $212,064, which was pro-rated to cover 14.5 months in the position.
September 25, 2011 |
Reporting from Atlanta — On his final hole of regulation, Bill Haas blasted his tee shot into a row of spectators. He did it again to start the playoff. The next hole sent him trekking through both sand and water. No one would call it the most conventional — or safest — way to capture the FedEx Cup. When it comes to edge-of-your-seat escapism, though, Haas certainly got his $11.4 million worth out of Sunday's adventures. "This is very unexpected, I guess," the 29-year-old pro said after completing an improbable rush that saw him grab a three-shot lead with three holes left at East Lake Golf Club, watch it vanish, then scramble his way through the richest playoff in golf history.
CALIFORNIA | LOCAL
September 16, 2011 |
The University of California regents Thursday were so divided over a proposal that could raise tuition by 8% to 16% a year through 2015-16 that a vote on the plan is now expected to be delayed until next year. Sherry Lansing, the regents chairwoman, called it highly unlikely that the board would decide on the long-term budget plan at its next meeting in November -- its last in 2011-- as had been planned. Instead, she and several other influential regents said UC should first try to raise billions of dollars in corporate and alumni donations and look for new tax revenues to make up for steep state funding cuts to higher education.
September 3, 2011 |
The British phone hacking scandal rocking Rupert Murdoch's media empire did not stop the company's top executives from being lavished with big salaries and bonuses. Murdoch, chairman and chief executive of News Corp., collected a $12.5-million bonus in fiscal 2011. He continues to be one of the most handsomely compensated executives in America — collecting a total package of $33.3 million for the fiscal year 2011. The 80-year-old media mogul's salary and stock package soared 46% over 2010 because of the bonus, which was bestowed because of Murdoch's leadership guiding the company through the economic downturn, News Corp.
September 1, 2011 |
Tribune Co. asked the judge in its bankruptcy case for authority to pay management bonuses for 2011 ranging from $16.4 million to $42.5 million. The potential payments, which are slightly lower than those requested last year, would be made to 640 management employees based on how much operating cash flow the company generates this year, relative to a plan approved by the board in February, court documents showed Wednesday. Tribune, which is waiting for U.S. Bankruptcy Judge Kevin Carey to decide between two competing plans for restructuring the company's balance sheet before it can emerge from bankruptcy court, said in January that it generated $635 million in cash flow last year.
August 20, 2011 |
An appeals court has restored a whistle-blower lawsuit that accuses Santa Ana-based Corinthian Colleges of violating federal law by paying bonuses to recruiters based on the number of students they enrolled at the company's for-profit vocational colleges. Federal law prohibits colleges from paying commissions based on the number of students a recruiter enrolls. The requirement is intended to prevent recruiters from signing up poorly qualified students who would eventually drop out and be unwilling or unable to repay federally guaranteed loans.
August 18, 2011 |
The Lakers were in a foul mood after getting eliminated from the playoffs in a shocking sweep by Dallas in May, but some players remembered to make financial considerations before scattering for the off-season. Kobe Bryant insisted on giving some of the team's playoff bonus to two members of the Lakers' video department whose contracts were not renewed after the season. Chris Bodaken and Patrick O'Keefe split about $65,000 of the Lakers' playoff bonus. Bodaken started with the Lakers as a ball boy in 1986 and spent the last 10 seasons as their director of video services.
August 12, 2011 |
Chris Reed threw in the Dodger Stadium bullpen, with Dodgers Manager Don Mattingly watching. The 21-year-old then slipped on a Dodgers jersey and hat and waved to the crowd, completing an ascent that even he couldn't have envisioned only a year ago as a middling reliever for Stanford. "You always dream about it," Reed said, "but I didn't see it happening. " Reed officially became a member of the Dodgers organization Friday after the first-round draft pick agreed to a $1.589-million signing bonus.