December 23, 2013 |
Ray Irani, once the highest paid executive in the oil industry, is getting a $14-million lump sum as part of a $26-million settlement after being ousted as chairman of Occidental Petroleum Corp. Irani, who joined the Los Angeles oil company in 1983 and was pushed out as chairman in May, also will continue receiving lifetime security and financial planning services estimated at as much as $1.3 million a year, Occidental said Monday in a securities regulatory filing. The 78-year-old former executive has been paid an average of $90 million a year in total compensation since 2002, according to data compiled by The Los Angeles Times.
August 12, 2013 |
NEW YORK -- The state of New York's top financial regulator is turning up the heat on Bitcoin and other virtual currencies as government investigators grow increasingly alarmed that the emerging industry could aid criminals and terrorists. The state's Department of Financial Services said Monday it has launched an inquiry into virtual currency firms, which it may seek to regulate. The announcement comes as federal regulators have intensified their scrutiny of the industry. "If virtual currencies remain a virtual Wild West for narco-traffickers and other criminals, that would not only threaten our country's national security, but also the very existence of the virtual currency industry as a legitimate business enterprise," Benjamin Lawsky, the state's superintendent of financial services, said in a notice posted on the department's website.
July 16, 2013 |
As if you haven't been scared enough by the projections that most Americans haven't saved enough to maintain their lifestyles as they enter retirement, here's something even more terrifying: Nearly half of all Americans will outlive their assets, dying with practically no money at all. Even more worrisome, that's true even among households that met the traditional standards for secure retirement income. Economic factors and changes in employer pensions and in economic reality have made it much harder to stretch income and assets so they last, especially as people live longer.
June 17, 2013 |
In late February, a thief or thieves cracked into Evernote's digital vault filled with log-ins, passwords and email addresses belonging to 50 million users. It was a shocking cyber attack considering the Redwood City, Calif., company offers online lockers for people to safely store their files. With its reputation on the line, the company quickly developed a security feature that may become the standard procedure for accessing online accounts: demanding two digital keys to gain entrance.
June 12, 2013 |
WASHINGTON - As Congress readied for a new battle over raising the debt limit, Sen. Barbara Boxer announced legislation that would prevent lawmakers from being paid if they do not increase the nation's borrowing authority. "It is an American value to pay your bills. It's also an American value to do your job," Boxer (D-Calif.) told reporters Wednesday. "If we as members of Congress refuse to pay the bills we have incurred, we should not be paid our salaries. " Boxer announced the legislation along with the lead House sponsor, Rep. Jim McDermott (D-Wash.)
April 23, 2013 |
WASHINGTON - Republicans have stepped up their pressure to limit the wide-ranging powers of the nation's watchdog over consumers' money matters. The head of a key House committee overseeing the Consumer Financial Protection Bureau said he would no longer accept the testimony of Richard Cordray, the bureau's director, before his panel because he doesn't believe Cordray was legally appointed to his post. Cordray, who delivered his semi-annual report to the Senate Banking Committee on Tuesday, was set to do the same in coming weeks in the House, as required by law. But Rep. Jeb Hensarling (R-Texas)