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Washington
Inside Washington (01/15/2013)
  • WASHINGTON (1/15/13)--The Senate is out of session this week, and the U.S. House will hold a shortened session before breaking on Wednesday. The House Republican Caucus has scheduled its policy retreat on Thursday and Friday of this week. Both chambers are expected to be in session next week following the presidential inauguration, but their agendas are expected to be light until President Barack Obama delivers his State of the Union Address on February 12 ...
  • WASHINGTON (1/15/13)--The U.S. government has filed court papers objecting to a plan by Residential Capital LLC, the bankrupt subprime mortgage lending unit of Ally Financial Inc., to pay up to $33.4 million in annual bonuses to about 3,000 of the company's 3,926 employees (American Banker Jan. 14 ). ResCap has operated under bankruptcy protection since May. Providing employees with annual discretionary payments that have historically been a part of their compensation is a normal component of conducting business, ResCap lawyers maintain. But ResCap's plan to pay bonuses cannot be considered ordinary business because the company sought bankruptcy protection with the goal of winding down its operations, U.S. Trustee Tracy Hope Davis said in court papers filed Thursday in U.S. Bankruptcy Court in Manhattan …


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