密码:
注册找密码我的浏览
设首页加收藏加书签 ______

首页每天学英语背单词语法词汇口语阅读写作翻译寓言四级六级名著绕口令笑话外语动态诗歌散文雅思商务

您所在的位置: 大耳朵首页 > 文章资料 > 能力提高 >...> 英语新词汇与常用词汇 > 双语新闻 > 正文

站内搜索:

小提示:学单词背单词请到大耳朵免费在线背单词系统
avoidable/[]/ a. 可避免的 ...

美国银行机构尚欠高管数百亿美元

本文属阅读资料

Banks Owe Billions To Executives

2008年10月31日

Financial giants getting injections of federal cash owed their executives more than $40 billion for past years' pay and pensions as of the end of 2007, a Wall Street Journal analysis shows.

The government is seeking to rein in executive pay at banks getting federal money, and a leading congressman and a state official have demanded that some of them make clear how much they intend to pay in bonuses this year.

But overlooked in these efforts is the total size of debts that financial firms receiving taxpayer assistance previously incurred to their executives, which at some firms exceed what they owe in pensions to their entire work forces.

The sums are mostly for special executive pensions and deferred compensation, including bonuses, for prior years. Because the liabilities include stock, they are subject to market fluctuation. Given the stock-market decline of this year, some may have fallen substantially.

Some examples: $11.8 billion at Goldman Sachs Group Inc., $8.5 billion at J.P. Morgan Chase & Co., and $10 billion to $12 billion at Morgan Stanley.

Few firms report the size of these debts to their executives. (Goldman is an exception.) In most cases, the Journal calculated them by extrapolating from figures that the firms do have to disclose.

Most firms haven't set aside cash or stock for these IOUs. They are a drag on current earnings and when the executives depart, employers have to pay them out of corporate coffers.

The practice of incurring corporate IOUs for executives' pensions and past pay is perfectly legal and is common in big business, not limited to financial firms. But liabilities grew especially high in the financial industry, with its tradition of lavish pay.

Deferring compensation appeals both to employers, which save cash in the near term, and to executives, who delay taxes and see their deferred-pay accounts grow, sometimes aided by matching contributions. In some cases, firms give top executives high guaranteed returns on these accounts.

The liabilities are an essentially hidden obligation. Even when the debts to their executives total in the billions, most companies lump them into 'other liabilities'; only a few then identify amounts attributable to deferred pay.

The Journal was able to approximate companies' IOUs, in some cases, by looking at an amount they report as deferred tax assets for 'deferred compensation' or 'employee benefits and compensation.' This figure shows how much a company expects to reap in tax benefits when it ultimately pays the executives what it owes them.

J.P. Morgan, for instance, reported a $3.4 billion deferred tax asset for employee benefits in 2007. Assuming a 40% combined federal and state tax rate -- and backing out obligations for retiree health and other items -- implies the bank owed about $8.2 billion to its own executives. A person familiar with the matter confirmed the estimate.

Applying the same technique to Citigroup Inc. yields roughly a $5 billion IOU, primarily for restricted stock of executives and eligible employees. Someone familiar with the matter confirmed the estimate.

The Treasury is infusing $25 billion apiece into J.P. Morgan and Citigroup as it seeks to get credit flowing. In return, the federal government is getting preferred stock in the banks and warrants to buy common shares. The Treasury is injecting $125 billion into nine big banks and making a like amount available for other other banks that apply.

It's imposing some restrictions on how they pay top executives in the future, such as curtailing new 'golden parachutes' and barring a tax deduction for any one person's pay above $500,000. But the rules won't affect what the banks already owe their executives or make these opaque debts more transparent.

Asked about the Journal's calculation, the Treasury said, 'Every bank that accepts money through the Capital Purchase Program must first agree to the compensation restrictions passed by Congress just last month -- and every bank that is receiving money has done so.'

Ellen E. Schultz

美国银行机构尚欠高管数百亿美元

华尔街日报》的一项分析显示,目前正接受政府注资的大金融公司截止2007年底共欠了其管理人员逾400亿美元的薪水和退休金。

政府试图对获得联邦政府注资的银行的高管薪酬加以控制,还有一位重要的国会议员和一名政府官员已经要求部分银行披露今年的奖金计划。

但上述行动都没有注意到接受政府救助的金融公司此前对其管理人员欠下的债务的总规模,一些公司欠高管的钱超过了所有员工的养老金总和。

上述金额主要是前些年积累下来的管理人员专项养老金和递延薪酬,包括奖金。由于这些欠债包括股票,因此会受市场波动影响。考虑到今年股市滑坡的情况,部分债务可能已经大幅缩水。

以一些公司为例:高盛集团(Goldman Sachs Group Inc.)欠高管118亿美元,摩根大通公司(JPMorgan Chase & Co.)85亿美元,摩根士丹利(Morgan Stanley)100亿-120亿美元。

很少有公司公布欠高管债务的规模。(高盛是个例外。)上面的大部分数字都是《华尔街日报》从这些公司公布的数据中推断出来的。

大多数公司都没有为这类债务留出现金或股票。这些债务拖累了公司当前的收益状况,当这些高管离职时,公司就得拿出钱来支付这些债务。

公司递延高管退休金和以往薪水的做法绝对合法,在大公司里也很常见,并不仅限于金融公司。但金融业素有薪资慷慨的传统,因此欠债规模尤其高。

递延薪酬对老板和高管来说都正中下怀,老板可以在短期内节省现金,而高管则可以延迟交税,自己的递延薪酬也不断增加,有时公司还提供匹配供款。有时,公司会为这些帐户向高管提供十分可靠的回报。

这是一些隐藏很深的负债。虽然这些欠高管的钱规模已达数十亿之巨,但大多数公司仍将这笔款项归入了“其他负债”;只有少数几家公司会指明那些可以归为递延薪酬的部分。

在某些情况下,《华尔街日报》可以通过分析公司为递延薪酬或职工福利及薪酬所申报的递延所得税资产来大概估算出公司到底欠高管多少钱。这个数字显示出公司预计在最终付清高管薪酬的情况下,将会在缴税方面节省多少钱。

举例来说,摩根大通2007年时为员工福利申报了34亿美元的递延所得税资产,假设联邦、州综合税率为40%,再剔除退休员工医疗等项目,可以折算出该行约欠高管82亿美元。一位知情者对该估算值予以了确认。

同理,通过分析花旗集团的报表可以看出,该行欠高管50亿美元左右,其中大多是应该发放给经理和部分员工的限制性股票。某知情者也肯定了这一估算。

财政部为刺激信贷流动,向摩根大通和花旗分别注入了250亿美元。作为回报,Fed将获得它们的优先股和普通股的认股权证。财政部向九大银行共注入了1,250亿美元资金,对其他申请救援的银行也拨出了类似规模的款项。

Fed即将为以后的高管薪酬做出限制,例如缩减所谓的“金色降落伞”(golden parachute, 即高管离职补偿金),限制薪酬超过50万美元的雇员的所得税减税等。但是这些规定影响不到这些银行已经开给高管的欠条,也无法使得这笔模模糊糊的欠款变得更为透明。

当记者就《华尔街日报》所做估算向财政部发问时,后者回答到,任何通过问题资产救助计划获得资助的银行都首先必须接受上个月国会通过的高管薪酬限制规定,而受助银行无一例外都已经照办了。

Ellen E. Schultz

您是否对这篇资料想说点什么?欢迎评论或者纠错,或者提交填空题答案! 您也可以立即
双语新闻
高瞻远瞩
放眼全球
推荐资源
最新社区精华帖子更多>>
  • 走遍美国教学版
    走遍美国教学版
  • 哈利学前班[英语儿歌]
    哈利学前班[英语儿歌]
  • 海绵宝宝 英文版
    海绵宝宝 英文版
  • 风中的女王第1季
    风中的女王第1季
经典学习方法更多>>

听力排行

试题

视听

歌曲

电影

文章资料目录导航
经典名著 四六级考试 IELTS雅思 听说读写能力 在线语法词典 行业英语一 行业英语二 生活英语 轻松英语 专题英语
双城记 宝岛
战争与和平
悲惨的世界
傲慢与偏见
读圣经学英语
八十天环游地球
考试动态
学习资料
历年真题
模拟试题
心得技巧
学习方法经验
考试动态
考试介绍
考试辅导
历年真题
模拟试题
心得技巧
英语听力
英语口语
英语阅读
英语写作
英语翻译
英语词汇
名词 冠词数词
动词 动名词
代词 形容词
情态 独立主格
倒装 主谓一致
连词 虚拟语气
职场英语
外贸英语
商务英语
银行英语
文化英语
体育英语
房地产英语
会计英语
金融证券
医疗英语
计算机英语
公务员英语
实用英语
电话英语
旅游英语
购物英语
市民英语
宾馆英语
好文共赏
英语文库
名人演说
小说寓言
谚语名言绕口令
笑话幽默 诗歌
笨霖笔记
CNN英语魏
实用九句
双语阅读
发音讲解
分类词汇

免责声明:本站只提供资源播放平台,如果站内部分资源侵犯您的权益,请您告知,我们会立即处理。
Copyright © 2010-2017 大耳朵英语  京ICP备10010568号 | 京公网安备 11010802020324号

微信扫一扫手机学英语 关闭
微博扫一扫手机学英语 关闭
QQ扫一扫手机学英语 关闭
0.301846s