What does an annual raise look like to the top 200 chief executives at public companies? Try more than 1 million dollars. In 2012, the median pay package for CEO's was $15.1 million, a 16 percent increase from 2011. New York Times reporter Gretchen Morgenson tells us how executive salaries have become sky-high.
J.P. Morgan Chase, America's biggest bank, is being sued for allegedly defrauding investors who lost more than $20 billion on mortgage-backed securities sold by the investment bank Bear Stearns. JP Morgan bought Bear Stearns in 2008.
It's the first action to come out of a working group created by President Obama ...
New York Times's Pulitzer Prize-winning columnist Gretchen Morgenson and Joshua Rosner discuss how the financial meltdown resulted from the toxic interplay of Washington, Wall Street, and corrupt mortgage lenders. Reckless Endangerment: How Outsized Ambition, Greed, and Corruption Led to Economic Armageddon reveals how the watchdogs who were supposed to protect us from financial harm were actually complicit in creating the financial crisis. Drawing on previously untapped sources and building on original research from Rosner—who raised early warnings with the public and investors, and kept detailed records—Morgenson connects the dots that led to this fiasco.
Gretchen Morgenson, business writer for the New York Times and author of the new book Reckless Endangerment: How Outsized Ambition, Greed, and Corruption Led to Economic Armageddon, talks about the news that the New York Attorney General is preparing for an investigation into the banks' role in the financial crisis.
Gretchen Morgenson, business writer for the New York Times, discusses the recent report that last month was the biggest month for foreclosures ever. And David Jones of the Community Service Society looks at yesterday's Census numbers showing poverty on the rise in the U.S., and how his organization is combating poverty here in New York.