New Rules Curbing Wall Street Pay Proposed – By DONNA BORAK, ANDREW ACKERMAN in Washington and CHRISTINA REXRODE in New York Updated April 21, 2016 7:29 p.m. ET


Senior executives at largest firms would have to defer more than half their bonus pay for four years under proposed regulations

President Barack Obama speaks to the media during a meeting with financial regulators last month.

President Barack Obama speaks to the media during a meeting with financial regulators last month. — Photo: Pablo Martinez Monsivais/Associated Press

Tens of thousands of Wall Street bankers face tighter restrictions on how they are paid under new rules proposed by U.S. regulators in response to the financial crisis of nearly a decade ago.

The rules are part of a broader effort to curb what regulators say is excessive risk-taking at the country’s biggest financial firms and go beyond senior executives todeal makers and traders who receive large shares of their pay in the form of bonuses.

The proposal on pay is the toughest since 2008, and many on Wall Street say it threatens to exacerbate a flight of talent from the banking sector to other fields such as hedge-fund firms and technology companies that have few limits on what they can pay employees.

The rules would require the biggest financial firms to defer payment of at least half of executives’ bonuses for four years, a year longer than what is common industry practice. The plan also would require a minimum period of seven years for the biggest firms to “claw back” bonuses if it turns out an executive’s actions hurt the institution or if a firm has to restate financial results.

Health-care Web site’s lead contractor employs executives from troubled IT company By Jerry Markon and Alice Crites, Published: November 15


  • The lead contractor on the dysfunctional Web site for the Affordable Care Act is filled with executives from a company that mishandled at least 20 other government IT projects, including a flawed effort to automate retirement benefits for millions of federal workers, documents and interviews show.
CGI Federal, the main Web site developer, entered the U.S. government market a decade ago when its parent company purchased American Management Systems, a Fairfax County contractor that was coming off a series of troubled projects. CGI moved into AMS’s custom-made building off Interstate 66, changed the sign outside and kept the core of employees, who now populate the upper ranks of CGI Federal.

Graphic

A look at the consumer's route through the HealthCare.gov website and the potential failure points.

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A look at the consumer’s route through the HealthCare.gov website and the potential failure points.

They include CGI Federal’s current and past presidents, the company’s chief technology officer, its vice president for federal health care and its health IT leader, according to company and other records. More than 100 former AMS employees are now senior executives or consultants working for CGI in the Washington area.

A top CGI official said this week that the company is “extremely proud” of its acquisition of AMS. Lorne Gorber, CGI’s senior vice president for global communications, said CGI had been aware of the AMS “trip-ups” but has transformed the AMS culture over the past decade. “Anyone at CGI who came from AMS would not be able to find any similarities in how they work today to how they worked a decade ago,’’ Gorber said.

Article continues: http://www.washingtonpost.com/politics/health-care-web-sites-lead-contractor-employs-executives-from-troubled-it-company/2013/11/15/6e107e2e-487a-11e3-a196-3544a03c2351_story.html?hpid=z1