Lenovo CEO Turns Fairy Godmother, Hands Over Bonus To Employees

Lenovo CEO Turns Fairy Godmother, Hands Over Bonus To Employees

Yes, both CEOs and Lenovo are frequent targets of our posts. We generally mock CEOs for lavish pay even with dubious accomplishments, and Lenovo for a general inability to sell and support products that consumers seem to really like. Despite our branding them an anti-capitalist prank, the China-based electronics company has had a record year, and CEO Yang Yuanqing received a pretty nice bonus of $5.2 million. So he did something crazy that most of his counterparts in the US would probably never consider: he divided $3 million of that bonus up among 10,000 employees. [More]

Wall Street Bonuses Take A Nosedive

Wall Street Bonuses Take A Nosedive

Belt-tightening is happening everywhere, even on Wall Street, where excess has always seemed to have reigned supreme. A compensation survey says bonuses for financial workers in the district are expected to fall between 20 and 30 percent this year. While those who don’t receive any work bonuses won’t shed tears for Wall Street types, at least this is a sign that the financial world is connected to reality. [More]

J.C. Penney and Home Depot Discover Strange New Concept Called "Customer Service"

J.C. Penney and Home Depot Discover Strange New Concept Called "Customer Service"

Whaaaaa? The Wall Street Journal says J.C. Penney and Home Depot have been investing in better customer service training, because apparently some egghead thinks it might increase sales. Penney started it back over the holiday shopping season, by giving cash bonuses to employees who improved their customer service scores. Home Depot should be rolling out some new improved customer interaction this month, where cashiers will ask if you found everything you needed and will call up the right department on your behalf if you didn’t. [More]

Aw, You Missed Your Earnings Target. Here's A Pity Bonus.

Aw, You Missed Your Earnings Target. Here's A Pity Bonus.

Some execs are getting a “pity bonus” in their stockings this year. With the recession on, many execs are finding it hard to meet earnings targets or suffer from pummeled stock prices. So boards are having heart and changing the rules so the execs can still get a bonus. [More]

Sorry, You Only Get DirecTV Referral Bonus If You Call
Special Referral Number

Sorry, You Only Get DirecTV Referral Bonus If You Call Special Referral Number

David referred a friend to DirecTV. The satellite provider has a pretty neat referral program, promising a discount to both the new customer and the person who referred them to DirecTV. Well, theoretically. David writes that he and his friend learned that in order to get their referral discounts, the new customer has to either sign up on the Web or call a special number. He didn’t know this, and now neither he nor his friend will get their discounts. [More]

AIG Financial Products People Still Getting $100 Million In Bonuses

AIG Financial Products People Still Getting $100 Million In Bonuses

It’s time for the annual round of outrage at the fact that the people who wrecked the economy are getting huge bonuses. [More]

Kmart Workers Find $10k Tin Can

Kmart Workers Find $10k Tin Can

Did you leave your tin can filled with over $10,000 on the customer service counter of a Des Moines Kmart? Because if you did, call them, they found it.

Update: Several of our readers have pointed out that the owner has reclaimed the can and the money. She says her husband left it there by accident, possibly while having a reaction to some medication, and that she’s going to deposit the cash in a bank.

Give Amazon $80, Get Video Games And $40 Credit

Give Amazon $80, Get Video Games And $40 Credit

If you have $80 and a lust for video games, Amazon has a deal for you, which was spotted by Joystiq. Spend the money on pre-selected video games and you get a $40 credit.

Salary Czar To Ex-BoA CEO: No Pay For You!

Salary Czar To Ex-BoA CEO: No Pay For You!

Departing Bank of America CEO Ken Lewis will get no 2009 pay or bonus. But won’t this serve as a disincentive to future executives who are thinking about totally cocking up their company and bringing down the US economy? [WSJ] (Thanks to Snarkysnake!)

Czar Tells AIG Not To Hand Out As Many Bazillions More In Bonuses Come March

Czar Tells AIG Not To Hand Out As Many Bazillions More In Bonuses Come March

Not content with just one Worst Company in America victory, AIG is going for back-to-back titles by trying to give out $198 million in bonuses in March.

Bank Of America Board Members Subpoenaed

Bank Of America Board Members Subpoenaed

New York Attorney General Andrew Cuomo’s office is gathering information in order to file fraud charges against some BoA executives over what they knew, and what they hid, when they acquired Merrill Lynch & Co. a year ago. Earlier this week, his office subpoenaed 5 board members to find out “what they knew regarding the mounting losses and bonus payments at Merrill before the deal closed on Jan. 1 and what role they played in deciding whether to disclose that information to shareholders,” according to the Associated Press.

Judge: BoA SEC Deal Violates "Most Elementary Notions Of Justice And Morality"

Judge: BoA SEC Deal Violates "Most Elementary Notions Of Justice And Morality"

Judge Jed Rakoff, our favorite crusading curmudgeon of the court, is at it again. And once again, he’s turned his ire to the backroom deal that Bank of America tried to cut with the Securities and Exchange Commission to settle a complaint about outsize bonuses paid at Merrill Lynch before BofA took it over last year. The $33 million settlement, Rakoff wrote in his decision, “does not comport with the most elementary notions of justice and morality.”

NY AG: Banks Paid Bonuses That Were Substantially Greater Than The Banks' Net Income

NY AG: Banks Paid Bonuses That Were Substantially Greater Than The Banks' Net Income

New York Attorney General Andrew Cuomo’s report on the bonus structures of the banking industry is out and — oh my— it’s damning. The AG says that 3 banks, Goldman Sachs, Morgan Stanley, and JP. Morgan Chase, paid out bonuses that ” were substantially greater than the banks’ net income.”

AIG Asks Federal Permission To Pay $2.4 Million In Executive Bonuses

AIG Asks Federal Permission To Pay $2.4 Million In Executive Bonuses

A hush fell over the AIG conference room on the day that their Worst Company in America 2009 trophy was unveiled. The eyes of every executive in the room sparkled with just a bit of pride. “Well done, everyone,” said the man at the head of the table. “But we mustn’t rest on our gilded-feces laurels. It’s time to begin our work for next year’s competition.”

Banks Use Life Insurance Policies To Fund Executive Bonuses

Banks Use Life Insurance Policies To Fund Executive Bonuses

Here’s a morbid bit of creative accounting, courtesy of the Wall Street Journal: if you work for Bank of America, J.P. Morgan Chase, or Wells Fargo, your employer may have taken out a life insurance policy on you.

Remember How Mad You Were About Those AIG Bonuses? They're Bigger Than You Thought

Remember How Mad You Were About Those AIG Bonuses? They're Bigger Than You Thought

So, remember those bonuses everyone was so mad about? Well, it turns out that they were bigger than originally disclosed. A lot bigger.

Chicago Tribune Fires Reporter Covering The Recession

Chicago Tribune Fires Reporter Covering The Recession

Let’s pause a moment to consider this sentence from Crain’s Chicago Business. “On the same day the Chicago Tribune cut 53 jobs from its newsroom, its parent Tribune Co. asked a Bankruptcy Court to approve of $13.3 million in bonuses and other incentive payments to 703 employees.”

Fannie And Freddie To Pay $210 Million In Retention Bonuses

Fannie And Freddie To Pay $210 Million In Retention Bonuses

Fannie Mae and Freddie Mac are preparing to hand out $210 million in taxpayer-funded retention bonuses to 7,600 employees. No bonus will exceed $1.5 million, but more than half of all Freddie and Fannie employees will receive an average bonus exceeding $24,000.