- Gentlemen, start your drones: Judge’s ruling opens door for commercial use
- Soldier who hid, bragged about not saluting flag to be punished — in secret
- ‘Maverick’ of the seas: ‘Top Gun’ school for U.S. ship officers to launch
- Putin declares Sochi Paralympics open amid Ukrainian protest
- ‘In Jesus name, we pray’ sparks ire at Ohio council meeting
- Navy’s first laser weapon ready for prime time; drone killer to deploy this summer
- Billionaire backer: Rick Santorum ‘needs to be heard’ in 2016
- Obamacare fallout: 49 percent pessimistic; 45 percent ‘scared’
- DHS accused of holding U.S. citizen at airport, using emails to pry into her sex life
- Seattle socialist: Minimum-wage discussion skewed by ‘right-wing’ GAO analysis
Regulators can recover pay of failed-bank execs
Federal regulators will be able to take back two years of pay from executives held responsible for a large bank’s failure.
Executives deemed “negligent” and “substantially responsible” for a big bank’s failure can lose all of their compensation from the previous two years under a rule approved Wednesday by the board of the Federal Deposit Insurance Corp.
Banks objected to an earlier version of the rule, saying it would induce key executives to depart at the first sign of trouble rather than risking their compensation.
Acting Comptroller of the Currency John Walsh, who sits on the FDIC board and shared banks’ concerns, said he approves of the new standard.
The rule is part of the financial overhaul that Congress passed last summer. One section of the law creates an orderly way to shut down large, failing banks in order to prevent a crisis from spreading. The process aims to eliminate the category of banks deemed “too big to fail” because their collapse could endanger the broader financial system.
Under the new rules, a teetering financial company can be taken over by the government, broken apart, and sold off.
The FDIC is deciding how the proceeds of those sales should be divided among companies and people who are owed money by the failed bank.
PALO ALTO, Calif. — Facebook will integrate free Skype video chat into its service as it looks to solidify its role as a communications hub and drive back Google Inc.’s foray into online social networking.
The service, initially limited to one-to-one video chat, will be free. Financial details of the deal, if any, were not disclosed.
Industry bounces back, goes on hiring spree
DETROIT — Volkswagen opened a plant in Tennessee last month with 2,000 workers. Honda is hiring 1,000 in Indiana to meet demand for its best-selling Civic. General Motors is looking for 2,500 in Detroit to build the Chevy Volt.
Two years after the end of the Great Recession, the auto industry is hiring again — and much faster than the rest of the economy. As an employer, it’s growing faster than airplane manufacturers, shipbuilders, health care providers and the federal government.
The hiring pace is even more remarkable because memories of the U.S. auto industry’s near-death experience are fresh. In 2009, General Motors and Chrysler both got government bailouts and entered bankruptcy, and auto sales reached a 30-year low.
In June of that year, about 623,000 people were employed by the auto industry in the United States, the fewest since the early 1980s. Now the figure is almost 700,000, a 12 percent increase.
Sales are back up, too, and automakers are hiring by the thousands to meet increased demand.
From wire dispatches and staff reports
© Copyright 2014 The Washington Times, LLC. Click here for reprint permission.
TWT Video Picks
Taxpayers must pay the freight for over-budget train projects
- Kim Jong-un calls for execution of 33 Christians
- Rand Paul wins 2014 CPAC straw poll, Ted Cruz finishes a distant second
- SAUERBREY: Taxing Marylanders until they flee
- 'Blarney Blowout' near UMass results in 73 arrests; 4 officers injured
- Bill Clinton cashes in on struggling nonprofit hospital
- Bill Clinton poses for photo with Bunny Ranch prostitutes
- Vietnam says it may have found door of missing Malaysian jet as intel look into stolen passports
- U.S. pilot scares off Iranians with 'Top Gun'-worthy stunt: 'You really ought to go home'
- CPAC 2014 straw poll results
- Obama engages in Ukraine diplomacy from Fla. resort as Russia digs in
Pope Francis meets his 'mini-me'
Celebrity deaths in 2014
Winter storm hits states — again