The Obama administration has appointed Kenneth R. Feinberg Compensation Czar; giving him the responsibility of setting the salaries for 175 executives at the nation’s seven largest companies who received government bailout funds.

As one of the main clauses in an executive employment agreement, having the salary set by a government official will affect negotiations for both the employees and employers in these top companies. Many of these corporations are wondering just how far into their executive employment agreements and workings the government intends to intrude upon.

An Executive Employment Agreement is a legal document entered into between an employer and an employee at the commencement of the period of employment and stating the exact nature of their business relationship, specifically what compensation the employee will receive in exchange for specific work performed.

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Popularity: 10% [?]

The employee bonus policy that allowed $165 million in bailout funds to be doled out to AIG executives posed a legal quandry for the Obama Administration. The AIG employee bonus policies were indeed legall binding agreements and thus could not be taken away from the corporate executives.

In answer to the demands of government and taxpayer alike who were outraged at this prosectof employee bonus policy that could not be stopped, the Democratic-led House proposed and recently passed a vote to implement high taxes on those who benefited from the AIG employee bonus policy.

The Associated Press explains that the, “bill would impose a 90 percent tax on bonuses given to employees with family incomes above $250,000 at American International Group and other companies that have received at least $5 billion in government bailout money.”

It would appear under this taxation that the remainder of funds from the employee bonus policy will then be taken by local and state governments, thereby nullifying all of the bonus pay.

To read over what is pertained in a typical employee bonus policy and see why and how it is a legally binding contract, visit a legal document resource, like the RealDealDocs.com webiste, where actual execution copies of top corporations are available.

RealDealDocs.com is a division of Practice Technologies, Inc. the creators of SmartRules.com.
SmartRules provides step by step guides to local rules and civil procedure for state courts & federal courts throughout the country.

Popularity: 6% [?]

Manufacturing agreements are the talk of the global economy as it adjusts to the new economic climate, and all eyes are on America. When it comes to this legal document, the Obama Administration has urged corporations and citizens alike to “Buy American” - calling to mind and memory the Buy American Act of 1933 which established US domestic sourcing a requirement.

Many of the current American industries garner sourcing from Asia, India and multiple other countries. As a large number of manufacturing agreements are up for renewal - an estimated 1300 manufacturing agreements - there is some question as to what will happen and its affect on the global market if America’s corporations do indeed restrict their business to domestic options.

As many these manufacturing agreements for top companies and corporations are renewed and restated, the online legal document resource RealDealDocs.com makes them public via their website.

RealDealDocs.com is a division of Practice Technologies, Inc. the creators of SmartRules.com.
SmartRules provides step by step guides to local rules and civil procedure for state courts & federal courts throughout the country.

Popularity: 8% [?]

For millions of young adults, a student loan is the first kind of borrowing they do. With the current economic downturn affecting every part of the credit market, many are wondering if private student loans are still an option. The answer is that dozens of private student loan providers have stopped offering loans in the last two months, severely limiting the available options to millions of students. If you are one of the unfortunate number of students that don’t qualify for federally backed student loans, you may find yourself in a precarious position. Let’s take a closer look at your student loan options during this time of economic hardship.

Federal Loans are still the way to go

While the private student loan market is shrinking, the federally backed loans that send millions of kids to college each year is growing. President Obama has promised an expansion of the student loan system that will make getting loans easier. His Democratic administration will also likely lower the interest rates charged by student loans; a rollback of the increases that occurred under President Bush. If you aren’t familiar with how these loans work, simply fill out a FAFSA (Free Application For Student Aid) online or you can print out a copy of the application, fill it out by hand and mail it in. The earliest you can mail in your application in January 1, and all applications must be received by June 30 to receive the aid you are entitled to. Applications that miss that date can still receive aid, but it reverts to a first come, first served basis at that point.

The most popular of the private loans is the Parent PLUS loan that requires a parent to co-sign. If you default on your loan, your parent will then be required to pay it in full. These loans are still available, but the number of banks offering them is shrinking. For instance, in the beginning of December 2008, South Carolina’s biggest student loan lender stopped taking applications for private loans. Similar stories are filtering in from around the country. Since these loans are always on a first come, first served basis, you need to apply as soon as possible if you need private funding for school. These loans are much more difficult to get, come with very little in the way of interest rate protection and become the sole responsibility of your parent should you default.

Thanks to the Obama administration, however, there is hope on the horizon. There is talk that the administration will be offering a tax relief package that includes a $4,000 credit to be used for college and all you have to do is perform a set amount of community service. There is also talk that Obama wants to increase the total amount of Pell Grants that one person can be awarded.

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Popularity: 12% [?]

Although they battled it out during the presidential debates, John McCain and President-elect Barack Obama met on Monday in Obama’s transition headquarters in Chicago. Together, they told the press that they wanted to discuss “how we can do some work together to fix up the country,” said Obama.

After taking a few pictures together by reporters, when asked if McCain planned to help the Obama administration, he said, “Obviously.”

Concluding the meeting, both McCain and Obama released this joint statement:

“At this defining moment in history, we believe that Americans of all parties want and need their leaders to come together and change the bad habits of Washington so that we can solve the common and urgent challenges of our time.”

“It is in this spirit that we had a productive conversation today about the need to launch a new era of reform where we take on government waste and bitter partisanship in Washington in order to restore trust in government, and bring back prosperity and opportunity for every hardworking American family,” it said. “We hope to work together in the days and months ahead on critical challenges like solving our financial crisis, creating a new energy economy and protecting our nation’s security.“

Popularity: 2% [?]

Republican Paul Broun is fearing the worst when it comes to President-elect Obama. According to Broun, “It may sound a bit crazy and off base, but the thing is, he’s the one who proposed this national security force. I’m just trying to bring attention to the fact that we may-may not, I hope not-but we may have a problem with that type of philosophy of radical socialism or Marxism.”

Referring to an Obama speech in July where Broun said the candidate called for a civilian force to take some of the national security burden off the military, “That’s exactly what Hitler did in Nazi Germany and it’s exactly what the Soviet Union did.

When he’s proposing to have a national security force that’s answering to him, that is as strong as the U.S. military, he’s showing me signs of being Marxist.”

“We can’t be lulled into complacency,” Broun added. “You have to remember that Adolf Hitler was elected in a democratic Germany. I’m not comparing him to Adolf Hitler. What I’m saying is there is the potential of going down that road.”

Obama’s camp has declined to comment on Broun’s over-the-top accusations.

Popularity: 3% [?]

Getting ready for his big move to the White House is Barack Obama, who I am applauding. On November 4th, he gave the world their hope back. Feeling lost, ignored and powerless for eight years, America is well on its way to being united once again. While we began to feel as if our voices didn’t matter, we now have proof that they do.

Although I am confident Obama is going to lead us in a much better direction, we the people have a lot of hard work to do. This Friday, November 7, 2008, Obama spoke to the world yet again, explaining that while he is still not “officially” president, his first goal is to “act swiftly to resolve [the financial challenge].

“Immediately after I become president, I will confront this economic crisis head-on by taking all necessary steps to ease the credit crisis, help hardworking families, and restore growth and prosperity,” said Obama. “I’m confident a new president can have an enormous impact.”

Popularity: 4% [?]

The face-off is almost over and quite frankly, I am ecstatic to hear who the winner of this year’s presidential election will be. After eight years of a divided nation, I do believe that regardless of who wins, we won’t be as separated again. With America split down the middle, it has weakened us as a whole and change is definitely in the air.

That is why a record 130 million U.S. citizens or more are expected to vote! During this financial crisis, we also have the ongoing wars in Iraq and Afghanistan, a healthcare crisis and other obvious problems including all the foreclosures and lack of employment. Battleground states, including Pennsylvania, Ohio, and Virginia polls shut down at 6 p.m EST.

Obama, 47, is predicted to be our next president but you never know for sure until the fat lady sings! It ain’t over until it’s over. The race is officially on!!!!

Popularity: 3% [?]

The presidential race is on and as we get closer to voting for our next president, the Leadership Conference on Civil Rights is pushing for everyone and I mean EVERYONE to vote, saying that it will directly impact the “future of the court.”

Palm cards are being handed out by the Leadership Conference on Civil Rights, as well, warning “if public schools in your community decide to adopt an integrated educational program, it may be considered unconstitutional. That’s the power of the Supreme Court.”

On the flip side, Bush’s boys in the Supreme Court, John Roberts Jr. and Samuel Alito Jr. are pictured on campaign buttons stating, “The Kind of Change I Believe In,” or “Thanks W!”

Back and forth the arguments fly between Liberals and Conservatives regarding the Court. Worried that McCain will name conservatives to fill the majority of the seats, democrats want to hold onto some power. However, some say that Obama may not shift the Court very much by keeping the “liberal-moderates” in check with where it is today.

In the end, fear is a dominating factor as we are all anxiously awaiting the next presidential nomination. Times have been tough and we all hope for change.

Popularity: 9% [?]