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Compensation and Training - Essay Example

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In the wake of the global financial crisis that saw titans of the financial markets fall on their own weight, the traditional corporate practices are being questioned. As giants such as the Lehman Brothers, Citibank and the American Insurance Group began their free fall and…
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Compensation and Training
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"Compensation and Training"

Download file to see previous pages America, the world’s largest economy, where the past decade a continuing bubble growing with continuous spending fueled by debts that suddenly burst when financial institutions that were supposed to generate money ended up producing even more debt (U.S. Treasury Department, 2009).
The US government responded immediately to the threat of a global financial meltdown, gathering governments abroad and at the same time, was at the forefront of a Keynesian tactic of responding to impending depressions – increasing government spending. Hence, the Troubled Asset Relief Program (TARP) was born. The idea behind this program is to empower government to use federal funds to directly inject financial support to institutions to keep the financial sector afloat. It aims to purchase troubled assets, consisting mainly of the products of the subprime mortgage crisis. To manage this program, the Office of Financial Stability under the Treasury Department was born. It has seven components namely: (1) mortgage-backed securities purchase program; (2) whole loan purchase program; (3) insurance program; (4) equity purchase program; (5) homeownership preservation; (6) executive compensation; and (7) compliance (Treasury Public Affairs, 2009).
The law specifically defines important requirements for firms that apply for the TARP. Executive compensation has been one of the thorniest issues that have struck public outrage when troubled companies continue to allow for astronomical compensations for its chief officers (Treasury Public Affairs, 2009).
Executive compensation is a corporate term that describes how the management of big corporations is paid. Over the past thirty years, there has been a dramatic increase in the compensation of CEOs and other officers, far beyond the levels of an average worker. Five basic tools for compensation include a base salary, short-term incentives and bonuses, long-term incentive plans, employee benefits and perquisites. The typical salary for CEOs ...Download file to see next pagesRead More
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