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Clawbacks In Economic Development
The term clawback or claw back refers to any money or benefits that have been given out, but are required to be returned (clawed back) due to special circumstances or events, such as the money having been received as the result of a financial crime, or where there is a clawback provision in the executive compensation contract. In law, clawback is most commonly known as restitution. From government grantees In the past, clawback phenomena have been used primarily in securing tax incentives, abatements, tax refunds, and grants. Clawbacks are distinguished from repayments or refunds as they involve a penalty, in addition to a repayment. The use of tax incentives for attracting jobs and capital investment has grown over the past decades to include performance measures from which to gauge a company's growth. Typical measures are: #number of created jobs over 5 #annual payroll; #amount of capital investment #amount of depreciated value . More unusual measures are retaining a headqu ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] [Amazon] |
Executive Compensation
Executive compensation is composed of both the Salary, financial compensation (executive pay) and other non-financial benefits received by an Senior management, executive from their employing firm in return for their service. It is typically a mixture of fixed salary, variable performance-based bonuses (cash, shares, or call options on the company capital stock, stock) and Employee benefits, benefits and other perquisites all ideally configured to take into account government regulations, tax law, the desires of the organization and the executive. The three decades from the 1980s saw a dramatic rise in executive pay relative to that of an average worker's wage in the United States, and to a lesser extent in a number of other countries. Observers differ as to whether this rise is a natural and beneficial result of competition for scarce business talent that can add greatly to stockholder value in large companies, or a socially harmful phenomenon brought about by social and political ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] [Amazon] |
The New Yorker
''The New Yorker'' is an American magazine featuring journalism, commentary, criticism, essays, fiction, satire, cartoons, and poetry. It was founded on February 21, 1925, by Harold Ross and his wife Jane Grant, a reporter for ''The New York Times''. Together with entrepreneur Raoul H. Fleischmann, they established the F-R Publishing Company and set up the magazine's first office in Manhattan. Ross remained the editor until his death in 1951, shaping the magazine's editorial tone and standards. ''The New Yorker''s fact-checking operation is widely recognized among journalists as one of its strengths. Although its reviews and events listings often focused on the Culture of New York City, cultural life of New York City, ''The New Yorker'' gained a reputation for publishing serious essays, long-form journalism, well-regarded fiction, and humor for a national and international audience, including work by writers such as Truman Capote, Vladimir Nabokov, and Alice Munro. In the late ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] [Amazon] |
Jeffry Picower
Jeffry M. Picower (May 5, 1942 – October 25, 2009) was an American investor involved in the Madoff investment scandal. He was the largest beneficiary of Madoff's Ponzi scheme, and his widow agreed to have his estate settle the claims against it by Madoff trustee Irving Picard for $7.2 billion, the largest single forfeiture in American judicial history. Business dealings Picower was born into a Jewish family in the Bronx, New York. He was a certified public accountant and lawyer, but made most of his fortune by investing with Madoff. As an accountant at Laventhol & Horwath in the 1980s, Picower set up questionable tax shelters. When the IRS challenged their validity, one of Picower's clients sued him and the firm. The case was settled out of court. In 1983, Picower was rebuked by the U.S. Securities and Exchange Commission for late disclosure of his greater than 5% position in a company involved in a merger. In 1991, Picower and Anthony Cerami established a charity, the Pi ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] [Amazon] |
Irving Picard
use both this parameter and , birth_date to display the person's date of birth, date of death, and age at death) --> , alma_mater = University of Pennsylvania (BS) Boston University (JD)New York University (LLM) , occupation = Attorney , employer = BakerHostetler , agent = , known_for = Recovery of funds from the Madoff investment scandal , notable_works = , title = , criminal_charge = , spouse = , partner = , parents = , mother = , father = , website = Irving H. Picard (born June 26, 1941) is an American lawyer known for his recovery of funds from the Madoff investment scandal from investors, Bernie Madoff and his family, and their spouses and estates. Throughout the case, Picard's law firm, BakerHostetler, was paid approximately $1 billion. Early life Picard was born in Fall River, Massachusetts, and is Jewish. [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] [Amazon] |
Ponzi Scheme
A Ponzi scheme (, ) is a form of fraud that lures investors and pays Profit (accounting), profits to earlier investors with Funding, funds from more recent investors. Named after Italians, Italian confidence artist Charles Ponzi, this type of scheme misleads investors by either falsely suggesting that profits are derived from legitimate business activities (whereas the business activities are non-existent), or by exaggerating the extent and profitability of the legitimate business activities, leveraging new investments to fabricate or supplement these profits. A Ponzi scheme can maintain the illusion of a sustainable business as long as investors continue to contribute new funds, and as long as most of the investors do not demand full repayment or lose faith in the non-existent assets they are purported to own. Some of the first recorded incidents to meet the modern definition of the Ponzi scheme were carried out from 1869 to 1872 by Adele Spitzeder in German Empire, Germany and ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] [Amazon] |
Bernie Madoff
Bernard Lawrence Madoff ( ; April 29, 1938April 14, 2021) was an American financial criminal and financier who was the admitted mastermind of the largest known Ponzi scheme in history, worth an estimated $65 billion. He was at one time chairman of the Nasdaq stock exchange. Madoff's firm had two basic units: a stock brokerage and an asset management business; the Ponzi scheme was centered in the asset management business. Madoff founded a penny stock brokerage in 1960, which eventually grew into Bernard L. Madoff Investment Securities. He served as the company's chairman until his arrest on December 11, 2008. That year, the firm was the sixth-largest market maker in S&P 500 stocks. While the stock brokerage part of the business had a public profile, Madoff tried to keep his asset management business low profile and exclusive. At the firm, he employed his brother Peter Madoff as senior managing director and chief compliance officer, Peter's daughter Shana Madoff as t ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] [Amazon] |
Madoff Investment Scandal
The Madoff investment scandal was a major case of stock and securities fraud discovered in late 2008. In December of that year, Bernie Madoff, the former Nasdaq chairman and founder of the Wall Street firm Bernard L. Madoff Investment Securities LLC, admitted that the wealth management arm of his business was an elaborate multi-billion-dollar Ponzi scheme. Madoff founded Bernard L. Madoff Investment Securities LLC in 1960, and was its chairman until his arrest. The firm employed Madoff's brother Peter Madoff, Peter as senior managing director and chief compliance officer, Peter's daughter Shana Madoff as rules and compliance officer and attorney, and Madoff's sons Mark Madoff, Mark and Andrew Madoff, Andrew. Peter was sentenced to 10 years in prison, and Mark died by suicide two years to the day after his father's arrest. Alerted by Madoff's sons, federal authorities arrested Madoff on December 11, 2008. On March 12, 2009, Madoff pleaded guilty to 11 federal crimes and admitted ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] [Amazon] |
Recovery Of Funds From The Madoff Investment Scandal
The recovery of funds from the Madoff investment scandal has been underway since the scandal broke in December 2008. That month, recovery trustee Irving Picard received funds from the Bank of New York account where Bernard Madoff held new investments into his Ponzi scheme. As it has been concluded that no legitimate investments were made on the investors' behalf for at least the last 12 years of operation, recovery has proceeded on a "money in/money out" basis. Investors are entitled to receive no more than the nominal cash amounts that they paid in and did not subsequently withdraw, without regard to inflation, interest, opportunity cost or the false statements that Madoff provided them. Those statements combined to a total balance of approximately $64 billion, while the admitted claims amount to $19.5 billion. Madoff provided a confidential list of his assets and those of his firm (BLMIS) to the SEC on December 31, 2008, which was subsequently disclosed on March 13, 2009, in ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] [Amazon] |
John Stumpf
John Gerard Stumpf (born September 15, 1953) is an American business executive and retail banker. He was the chairman and chief executive officer of Wells Fargo, one of the Big Four banks of the United States. He was named CEO in June 2007, elected to the board of directors in June 2006, and named president in August 2005. He became chairman in January 2010. Stumpf resigned as chairman and CEO of Wells Fargo on October 12, 2016, after a scandal involving customer accounts and subsequent pressure from the public and lawmakers. He was succeeded by Timothy J. Sloan. Early life A native of Pierz, Minnesota, Stumpf grew up as one of 11 children on a dairy and poultry farm. His father was a dairy farmer. His father is of German descent and his mother of Polish descent. He was raised Catholic. Stumpf shared a bedroom with his brothers until he was married. He graduated in the bottom half of his high school class. His first job was as a breadmaker in a Pierz bakery. After a year, Stumpf ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] [Amazon] |
Tyco International
Tyco International was a security systems company incorporated in the Republic of Ireland, with operational headquarters in Princeton, New Jersey, United States (Tyco International (US) Inc.). Tyco International was composed of two major business segments: security solutions and fire protection. On January 25, 2016, Johnson Controls announced it would merge with Tyco, and all businesses of Tyco and Johnson Controls would be combined under Tyco International plc, to be renamed as Johnson Controls International plc. The merger was completed on September 9, 2016. Timeline 1960s Founded by Arthur J. Rosenberg in 1960, Tyco, Inc. was formed as an investment and holding company with two segments: Tyco Semiconductors and The Materials Research Laboratory. In the first two years of operation, the company focused primarily on governmental research and military experiments in the private sector. In 1962, the business was incorporated in Massachusetts and refocused on high-tech mat ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] [Amazon] |
Dennis Kozlowski
Leo Dennis Kozlowski (born November 16, 1946) is a former CEO of Tyco International, convicted in 2005 of crimes related to his receipt of $81 million in unauthorized bonuses, the purchase of art for $14.725 million and the payment by Tyco of a $20 million investment banking fee to Frank Walsh, a former Tyco director. He served more than six and a half years in New York state prisons, and was released in 2014. Separately, Tyco filed suit against Kozlowski and prevailed, with the court finding that the $500 million in compensation and benefits he received during his time of disloyalty, between 1997 and 2002, were forfeited back to the company under New York's "faithless servant" doctrine. Early life Kozlowski was born in Newark, New Jersey. His mother, Agnes (née Kozell), worked for the Newark Police Department and as a school crossing guard, and his father, Leo Kelly Kozlowski, worked for the Public Service Transport. His parents were second-generation Polish-Americans. Kozlows ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] [Amazon] |
UnitedHealth Group
UnitedHealth Group Incorporated is an American Multinational corporation, multinational for-profit company specializing in health insurance and health care services based in Eden Prairie, Minnesota. Selling insurance products under UnitedHealth Group#UnitedHealthcare, UnitedHealthcare, and health care services under the Optum brand, it is the List of largest companies by revenue, world's seventh-largest company by revenue and the largest health care company by revenue. The company is ranked 8th on the 2024 Fortune Global 500, ''Fortune'' Global 500. UnitedHealth Group had a market capitalization of $460.3 billion as of December 20, 2024. UnitedHealth Group has faced numerous investigations, lawsuits, and fines—including U.S. Securities and Exchange Commission, SEC enforcement for stock option backdating, Medicare (United States), Medicare overbilling, unfair claims practices, mental health treatment denials, and Anti-competitive practices, anticompetitive behavior—highlightin ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] [Amazon] |
