He shouldn't talk about cases when Shareholders Foundation are investing the Board of American Express and while the FBI & SEC want to know more about his whistleblowing in a Sting.
American Express Company Under Investor Investigation Over Alleged Excessive Payouts
If you are a current long term investor in American Express Company (NYSE:AXP) stock, including those who purchased their AXP shares prior to 2007 and continue to currently hold their AXP shares, you have certain options and you should contact the Shareholders Foundation, Inc.
American Express Company
After a report concerning questionable executive compensation payouts an investigation on behalf of current long term investors in American Express Company (NYSE:AXP) over potential breaches of fiduciary duty related to the historical and potential compensation that was awarded certain senior officers and executives of American Express Company was announced.
Kenneth R. Feinberg, the Obama administration’s special master for executive compensation, reviewed over the past five months compensations paid to the 25 highest earners of 419 banks between October 2008, when the first US Troubled Asset Relief Program funds were dispensed, and February 2009, when the stimulus bill took effect. Kenneth Feinberg said he immediately excluded most of the 419 companies from his examination because they said they didn't pay any executives more than $500,000, but he wound up citing 17 banks for making troublesome payments. 11 of the 17 banks making troublesome payments have already repaid the government for money they borrowed under TARP.
Mr. Feinberg determined that banks paid out $1.6 billion in unwarranted bonuses, retention awards, stock grants and "golden parachute" retirement packages to their top earners at the height of the financial crisis.
American Express Company the bank holding company, located in New York, is among the 17 companies. Another of the other 16 companies was Citigroup, which was reportedly identified for having the most egregious compensation packages, according to government officials with knowledge of Mr. Feinberg’s report. Citigroup reportedly handed out several hundred million dollars in pay in 2008 as it neared collapse. Nearly two-thirds of the payouts amount to Andrew J. Hall, owner of a nearly 1000 year old German Medieval Castle, who reportedly received a payout of more than $100 million in connection with spin-off of Citigroup’s Phibro energy trading unit for $370 million to Occidental Petroleum in 2009.
In most cases the banks told Feinberg that they were obligated by employment contracts to pay the bonuses and other compensation, but Kenneth R. Feinberg said to reporters that those 17 companies exercised "poor judgment" for making the $1.6 billion in "ill-advised payments" to their top paid employees shortly after accepting TARP funds from the federal government. "They shouldn't have made these payments,'" Feinberg told reporters. "They were ill-advised. They were troublesome."
According to the investigation by a law firm the investigation on behalf of current long term investors in American Express Company (NYSE:AXP) stock focuses, among other things, on possible shareholder claims that certain of American Express Company‘s senior officers were unjustly enriched through their receipt of unwarranted, excessive or unearned compensation in past years. Certain senior officers and executives at American Express Company (NYSE:AXP) were awarded salaries, bonuses, stock options and other forms of long-term, ‘incentive’ or retirement compensation that were, so the investigation, excessive or unwarranted based on the American Express Company’s performance as compared to what senior officers at comparable companies were making and/or results that were fraudulent, misleading or not long-lasting.
In 2007 Kenneth Chenault, CEO and Chairman of the Board of American Express Company since April 2001, earned a total compensation of $50,126,585. In 2008 while American Express Company got $3.39billion in TARP funds Kenneth Chenault received a total compensation of $42,752,461. In 2009, when American Express CO. repaid the $3.39billion TARP funds Kenneth Chenault earned a total compensation of $16,617,639. His base salary has been increased in 2010 from $1,250,000 per annum to $2,000,000 per annum or an increase of 60%.
The investigation by the law firm focuses on claims that the prior compensation awarded at American Express Company (NYSE:AXP) is now clearly improper based upon its current operating condition.
American Express Company reported decreasing Total Revenue from $31.540billion in 2007 to $26.730billion in 2009. Its Net Income declined almost 50% over the same period from $4.126billion in 2007 to $2.137billion in 2009. Shares of American Express Company (AXE) traded in 2007 at over $65 per share and declined in 2009 to as low as $10.26 per share. AXE shares eventually recovered from its low in 2009 and traded recently at $44.55 per share.
Finally and most importantly the investigation focuses also on possible claims that would allow American Express Company (NYSE:AXP) stockholders to influence or control future compensation decisions at American Express Company.
Within the industry huge amounts have been allocated for payout and bonus. Goldman Sachs is reportedly paying out an average of $544,000 per worker, though many could earn several times that amount, JP Morgan Chase’ on average pays about $400,000, and Morgan Stanley pays about $262,000. Morgan Stanley reportedly put aside $8.3 billion for pay and benefits during the first half of 2010, 44% more than during the same period last year. Goldman Sachs put aside $3.8 billion for pay and benefits in the second quarter — equivalent to 43% of total quarterly revenue — in addition to $5.5 billion in the first three months.
Howard Bowles was talking about this case that spun out of the Prosecution proving the Reserve Bank documents were unethically shared by the drug dealing owners of the scam litigation support (aka spy on cases) firm Alterative Lit 1. Feliz was jailed for 10 years for that, but Howard Bowles kept talking ....in a Sting.
Transcript Of Speech - Dario Pappalardo & Dario For Rita Troiani
Dario's DollDario: I do not mind a speech because I think that I've got enough sitting in inside my guts for the last eight or nine years that I do not need a speech to be written.
I'm a National Australia Bank (of course) ... victim.
Back in 2008 to 9009 just like the Doctor during the peak of the GFC they decided to pull the pin on my building activity around Melbourne. Now I could well have swallowed that, I could have accepted that. The fact is that it involved my family; my mother, my father, my sister and my brother in law who went out and borrowed money to push into the business on the promise that the National Australia Bank would release the funds to complete my projects.
Now that was in April 2008. 22 months later I was still waiting for the bank to release the funds. at 21.4% default interest and 55 thousand dollars of interest per month. And that was the end of my business activity.
Alright, it led to bankruptcy ... in obviously 12 months of pain and negativity I could not get out of bed. You know, I made dreams, 25 years of work and obviously my ambition to become an established builder in Melbourne were all gone, thanks to the National Australia Bank.
Now, during those first 12 months, obviously, I thought we were an isolated case but thanks to the Internet, as we started doing research, I did find that we were not an isolated case. This was ... we could probably describe it as a cottage industry, where the banks ... and obviously the ... the ... as Professor Edmund Jones calls them, "the bottom feeders", recycle peoples assets. So by the Internet, by Facebook, I started to contact people and one of the first cases that obviously I found was Tony Rigg, of course, and Rita Troiani from from Bundaberg with her Wide Bay Brick operation. It was taken by the National Australia Bank.
So what I'll do, I'll call Rita up here as well ... I've only got 5 minutes so I will not bore you with days and events and etcetera but this is basically my story ... I will now tell Rita's story.
Rita, if you'd like to come up (applause)
Now Rita has been waiting for 20 years for some justice - 20 years - her business was probably valued at 50 million dollars back in the mid nineties. And the National Australia Bank ... colluding with ... Boral were able to take Rita's business down.
With her ... And Rita and her late husband ... okay, Rita's husband passed away in 2007 from a heart attack, alright, so this is some of the other consequences that obviously come along with these defaults, these closures and ...
Rita has been waiting 20 years for justice. So hopefully what we have started will give us enough momentum to get this Royal Commission up and running. The bankers may have started something but we are going to finish it off. (cheers & applause) We will finish it off.
Just say hello to everybody, Rita.
Rita: Hi everybody. I'm not really good at public speaking but I just want to thank everybody involved in trying to open this up and share what's actually happened to us Bank Victims and I hope one day that we will find justice. (cheers, applause)
Dario: The bankers thought we were not going to be here today you know five years ago or ten years ago - We're here, Do not give up, you know. Do not give up. They've started something. We will finish it.
NAB Destroys Wide Bay Bricks - Textbook Bank Bastardry
"Sante and Rita Troiani had built a fine business - Wide Bay Bricks - in Bundaberg. By 1993 their brick-works was the second largest private brick manufacturer in Australia.
NAB was keen to get the couple to bank with them - but getting their business was really part of an elaborate setup to steal the multi-million dollar assets that Sante had built up after decades of hard work. Once NAB had the opportunity it engineered a default. Using dodgy business practices and friendly - liquidators, lawyers & Courts NAB stripped the couple of all their assets.
Sante was left penniless by NAB and died after suffering a stroke in 2007. His widow Rita has had to struggle on a pension. Once the case was thoroughly investigated it became clear that right from the start NAB was actively working against Sante's interests and in fact was helping Sante's competitor Boral. It turned out that NAB and Boral had directors in common - including former NAB Managing Directors Nobby Clark and Don Argus.
BRN has put in submissions to various government inquiries advocating on behalf of Rita Troiani. What did the Senate do? They censored the names of the colourful characters involved in the scandal. The government is running a protection racket for the biggest organised crime ring in the nation. Government has done nothing up to now .... and will continue to do nothing in the future - while you continue to let them get away with it. It was Rita and Sante back then and it could be you today and your kids tomorrow."
"The NAB take-down of Wide Bay Bricks would have to constitute one of the most heinous of frauds against a family business in Australian banking history.
Read the letter sent by Rita Troiani to Queensland Chief Justice Paul de Jersey on 3 October 2013. Her husband died penniless after a lifetime of hard work.
This clearly shows the bastardry that banks has been involved in and it shows why we will not use the Courts in our fight for justice. With your help and support we will set our own precedent in our own way." - Dr Peter Brandson
Sante Troiani Campaign for Justice - Bank Victims Australiia
Sante Troiani Anti-Nab - Campaign for Justice - Bank Victims Australia
Dario Pappalardo & Rita Troiani Speak at #TTTRally Nov 2016
NAB And Its Treacherous Destruction Of Wide Bay Bricks
‹ Tony Rigg - Rally Speech
Brett Fallon Speaker - Canberra Rally ›
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Jennie Paluka says "report McGarvie to IBAC"
1 year 2 months ago #3281
Howard Bowles was 'spying' on GTV 9 shows in the pipeline like A Current Affair in 2014, and Elliot Sgargetta's show, the Charlie Phillot and Rod Culleton series on farmers and the cases by Gadens that were on tv. The FBI wanted the Hush Deed because they arrested Clinton and Gores' Eric Pulier and the lady lawyer from Mastercard Keila Ravelo. www.scribd.com/document/312711630/Spence...rican-SEC#from_embed
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