| SEC tweaks enforcement rules and Tax gap: IRS comes up $385 billion short |
| News - Financial News |
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The change will prevent a repeat of the awkward scenario last month when Wachovia Bank, now part of Wells Fargo (WFC, Fortune 500), admitted to allegations of bid-rigging in the municipal bond market in a settlement with the Justice Department while simultaneously neither admitting nor denying them in a settlement with the SEC. Only a "minority" of the agency's cases will be affected by the policy change, Robert Khuzami, director of the SEC's enforcement division, said in a statement. Cases like the SEC's much-maligned settlement with Citigroup last year will not be affected."The news is not so much that they're getting rid of this policy -- the news is that they had such a policy to begin with," said Neil Barofsky, a senior fellow at the New York University School of Law and former Special Inspector General of the government's Troubled Asset Relief Program. [Read the full article] According to a United Van Lines annual migration study, which took into account 146,000 interstate moves, nearly twice as many Americans moved to Washington, D.C. than moved out, making it the most migrated to destination in the nation for the fourth year in a row.Often, people go where the jobs are. As unemployment soared throughout most of the nation over the past four years, jobs were being created in or near D.C., thanks to one big employer: The government.The federal government hired about 150,000 workers, not including postal employees, since 2008, according to the Bureau of Labor Statistics. Many of the new jobs were in D.C. and the surrounding areas in Northern Virginia and Maryland. And government salaries have been increasing, sometimes dramatically, drawing in many affluent professionals -- the kind likely to hire a large, full-service mover like United -- to the area. [Read the full article] Scott Thompson, formerly the president of PayPal, was appointed Yahoo CEO on Wednesday and will officially take the helm on January 9. He will try to pull off the kind of turnaround promised by the last Yahoo (YHOO, Fortune 500) CEO, Carol Bartz, who was fired by phone in September.Thompson will receive a base salary of $1 million for 2012. He's guaranteed a bonus of at least $1 million, and it could be as much as $2 million if he hits various performance goals.The contract, which doesn't lock Thompson into the role for any set number of years, also awards him lucrative stock grants. Thompson will get a grant this year valued at $11 million, plus an additional $5 million grant as a one-time hiring perk.But that's not all. Yahoo will compensate Thompson for the loss of bonus and stock awards he would have received from PayPal (a subsidiary of eBay (EBAY, Fortune 500)). He'll get a cash bonus of $1.5 million, plus a grant of restricted stock units worth $6.5 million. [Read the full article] 
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