.
October 22nd, 2009
04:18 PM ET

Financial Dispatch: Washington cracking down on runaway pay

Andrew Torgan
CNN Financial News Producer

Officials in Washington today launched their biggest offensive yet in the war on runaway pay practices in the financial industry, targeting everyone from corporate executives to high-flying traders of complex securities.

The Federal Reserve proposed a sweeping review of pay policies at 28 of the nation's largest banks as part of an effort to make sure employees are not tempted to make the kinds of bets that could put their company at risk of going under.

The central bank said it also planned to review compensation practices at the thousands of regional lenders that make up the bulk of the nation’s banking industry as part of its standard review process.

Separately, the Obama Administration's so-called “pay czar,” Kenneth Feinberg, unveiled sweeping pay cuts for 136 top executives at the seven biggest companies that received a bailout.

Feinberg is demanding that AIG, Bank of America, Citigroup, Chrysler, General Motors, GMAC and Chrysler Financial slash compensation packages for their top 25 most highly-compensated employees by about 50%.

The bulk of those cuts will come from annual salaries, which are expected to fall 90% on average.

Today’s developments represent what is perhaps the most sweeping push yet by Washington to rein in Wall Street’s pay practices. But some compensation experts warn that the actions could have a disastrous series of unintended consequences, including the loss of top employees to companies that are not subject to government restrictions.

FULL POST

October 22nd, 2009
04:08 PM ET

Beat 360° 10/22/09

Ready for today's Beat 360°? Everyday we post a picture – and you provide the caption and our staff will join in too. Tune in tonight at 10pm to see if you are our favorite! Here is the 'Beat 360°' pic:

Susan Boyle holds up a celtic scarf during the UEFA Europa League match between Celtic and Hamburg at Celtic Park on October 22, 2009 in Glasgow, Scotland.

Have fun with it. We're looking forward to your captions! Make sure to include your name, city, state (or country) so we can post your comment.

UPDATE BEAT 360º WINNERS

Staff:

Daniel Russo

“Susan Boyle stands out in a crowd of hopefuls for the lead role in Cat In The Hat 2.”

Viewer:

Lisa, Tampa

"Susan Boyle is back in the spotlight as she recovers one of Richard Heene's wind socks that got away."

_________________________________________________________________________________ Beat 360° Challenge


Filed under: Beat 360° • T1
October 22nd, 2009
03:48 PM ET

Documents: The State of Latino children and youth in the United States

National Council of La Raza

Since 1990, the number of Latino children under age 18 living in the United States has doubled, making them one of the fastest-growing segments of the national population. Significantly, of the 16 million Latino children currently living in the U.S., nine out of ten are U.S.-born citizens. Clearly, Latino children and youth—our future workers, voters, taxpayers, and consumers—are poised to become a critical part of the country’s economic, social, and political well-being.

Latino families have many strengths, including stability, youth, a commitment to the health and welfare of their children, a strong work ethic, and an ability to develop cohesive communities. However, Latino children also face unique and substantial challenges, and their circumstances can vary widely depending on their parents’ countries of origin, education levels, English language ability, and income. Poverty levels in particular remain unacceptably high among Latino children: while 32% of children living in poverty in 2007 were Latino, it is projected that by 2030 that portion will rise to 44% if the trend remains constant. The information that follows paints a broad portrait of today’s Latino children and youth, highlighting particular areas of concern that must be addressed by our policies and programs in order to ensure the future well-being of this population. Attending to the needs of Latino children and youth will lead not only to improved opportunities in Latino communities, but to the success of our entire nation.

Read the full report...


Filed under: 360° Radar
October 22nd, 2009
03:29 PM ET

Send us your H1N1 questions

AC360°

As more people are getting sick from the H1N1 flu virus, the Centers for Disease Control and Prevention is reporting that the production of the H1N1 vaccine is slower than expected.

The CDC had hoped that about 40 million doses of H1N1, or swine flu, vaccine would be available by the end of October. But due to manufacturing delays, "we think at most it will be 10 to 12 million doses less," said Dr. Anne Schuchat, CDC's director of the National Center for Immunization and Respiratory Diseases.

At the same time, recent poll numbers report that many are nervous to get the vaccine, while others are afraid they won't have access to it. What do you think?

Do you have questions about the H1N1 virus and the vaccine? Let us know! We'll have answers tonight.


Filed under: H1N1
October 22nd, 2009
12:28 PM ET

Freedom: A privilege and a responsibility

Fernando Rivera  (L) has worked with the VA for more than 25 years.

Fernando Rivera  (L) has worked with the VA for more than 25 years.

Fernando O. Rivera
Director, VA Medical Center

There is a real calling to being a public servant. I’ve been with the U.S. Department of Veterans Affairs for 25 years and early on I understood that what we were doing was very special.

I’m in charge of a complex hospital system and responsible for the health care of Veterans in our nation’s capital. We all have a common job at this Medical Center – to serve our Veterans for their entire lives. We’re here to make sure they get the best possible health care, to help them get jobs and education, and to get reconnected, reengaged after serving in combat.

Serving Veterans is a privilege for the obvious reasons. Our men and women in uniform deserve the very best and everything we can do to make that happen needs to be done.

I was 8-years-old when I came to this country from Cuba. Both my father and grandfather were dedicated to public service as Naval officers and my mother had an influential position in government. My father sacrificed his life for freedom and my mother was imprisoned during the Communist revolution.

FULL POST


Filed under: CNN Latino in America
October 22nd, 2009
12:08 PM ET

Drug-related killings skyrocket in Juarez

Ciudad Juarez, Mexico, has already surpassed 2,000 homicides this year.

Ciudad Juarez, Mexico, has already surpassed 2,000 homicides this year.

Mayra Cuevas-Nazario
CNN

Has Ciudad Juarez, Mexico, been lost to the drug cartels?

New figures released to CNN on Wednesday by Mayor Jose Reyes Ferriz indicate the death toll for this year has already surpassed 2,000 homicides - almost 400 more murders than the total count for 2008.

"It has been 22 months of this war, and it hasn't stopped. The violence has increased, and the possibility that it will stop is becoming more remote," Reyes Ferriz told CNN in a phone interview.

The mayor attributed the surge in drug-related violence to an influx of cartel groups. The rival Sinaloa and Juarez cartels are making their way to the city to participate in the warfare for the control of the smuggling route between Ciudad Juarez and El Paso, Texas. The Sinaloa cartel is headed by Mexico's most wanted man, Joaquin "El Chapo" Guzman, according to authorities.

Keep Reading...


Filed under: Crime & Punishment • Mexico
October 22nd, 2009
12:00 PM ET

A short history of jobs

Editor's Note: This article begins our new series excerpted from AC360°'s contributor David Gewirtz's upcoming book, How To Save Jobs, which will be available in December. Over the next few months, we'll be excerpting the first section of the book, which answers the question, "How did we get here?". Last week, we answered the question, What is a job? This week, we'll look at a short history of jobs. To learn more about the book, you should follow David on Twitter @DavidGewirtz.

David Gewirtz | BIO
AC360° Contributor
Editor-in-Chief, ZATZ Publishing

Human civilization goes back more than 16,500 years. Harvard Professor of Prehistoric Archeology Ofer Bar-Yosef talks about a civilization he named the "Natufians." These were a people living near modern-day Israel, an ancient tribe he believes were perhaps the world's first farmers.

Today, the area near Israel and Jordon is barren and dry. But 16,500 years ago, it was very different.

Using palynological (the study of spores and grains), paleobotanical (fossil plants), and geomorphological (the origins of landforms) data, Professor Bar-Yosef describes the region as "an oak-dominated parkland and woodland that provided the highest biomass of foods exploitable by humans."

In other words, it was very Garden of Eden-y.

These early humans were unconcerned about being able to pay their mortgages or buy their next cars. Instead, they had four fundamental needs: food, some form of clothing, objects crafted into tools and weapons, and shelter.

When these early humans "went to work," they were initially hunter-gatherers. Their time was spent chasing game and finding animals and other objects they could transform into food, tools, and weapons.

FULL POST


Filed under: David Gewirtz • Economy • Job Market
October 22nd, 2009
11:47 AM ET

James Arthur Ray is selling, but not talking

The sweat lodge in Sedona, AZ organized by James Arthur Ray.

The sweat lodge in Sedona, AZ organized by James Arthur Ray.

Ismael Estrada
AC360° Producer

At 6:30 pm on Wednesday night, people were lining up at the Heritage Ballroom inside the Antlers Hilton in Colorado Springs. About 125 people filled the ballroom to listen to James Arthur Ray. He was here to sell and promote his beliefs, teaching people how to “enrich their lives and their pocket book in the process.”

Gary Tuchman and I were there for another reason. We were trying to speak with Ray about a homicide investigation surrounding the deaths of three people at a sweat lodge Mr. Ray organized and attended in Sedona, AZ two weeks ago.

Authorities at the Yavapai County Sheriff’s Office say they would like to speak with Ray about his involvement in the sweat lodge ceremony and have said the incident is now considered a homicide investigation. Family members of those who died also say they would like to speak with him. While he may not be talking to them, Ray has kept very busy, sticking with his schedule –  stopping at various cities across the country over the past two weeks trying to drum up business.

FULL POST

October 22nd, 2009
11:26 AM ET

Latinos are assimilating in the USA

O'Brien and CNN's Rose Arce, left, with Latina actor Lupe Ontiveros, center, in Los Angeles, California.

O'Brien and CNN's Rose Arce, left, with Latina actor Lupe Ontiveros, center, in Los Angeles, California.

Ruben Navarrette Jr.
CNN

Have you ever seen 47 million people hold their breath and hope for the best?

Take it from this Latino in America, when many of my compadres heard that CNN was putting together a documentary on being "Latino in America," that's pretty much what happened.

For those of us in the Latino community who worry that those of us in the media are missing the best and most nuanced stories about America's largest minority because we're too busy harping on stereotypes and accentuating the negative - "I'll take an order of high school dropouts, with a side of gangbangers and mix in some gardeners and housekeepers" - there was a concern that CNN would blow the assignment.

Keep Reading...

October 22nd, 2009
11:26 AM ET

Video: Sweat lodge survivor speaks

Gary Tuchman | BIO
AC360° Anchor


Filed under: Gary Tuchman
« older posts
newer posts »