Aflac CEO to Forgo $2.8 M Bonus

Aflac Inc. says its chief executive is forgoing his $2.8 million bonus, while the company's chief financial officer has volunteered to trim his bonus by 35 percent, or about $477,000.

The Columbus, Ga.-based insurer said the compensation committee for the company's board of directors accepted the decision by Aflac Chairman and Chief Executive Daniel P. Amos, noting that the company's stock price has been hurt by market turbulence and doesn't reflect what it called a "strong operating performance in 2008."

Last year, Amos received a salary of $1.3 million and President and CFO Kriss Cloninger received a salary of $857,700.

Shares fell $1.21, or 7 percent, to close earlier at $15.80 - less than one-quarter of the $68.81 the stock traded at last spring before the market meltdown. Earlier this month the insurer reported a steep fourth-quarter profit drop and operating earnings that missed analyst expectations. Credit ratings agency Standard & Poor's also cut Aflac's financial strength rating to "AA-" from "AA" and its debt rating to "A-" from "A" last month.

(AP)

Feds give Columbus firm $973M bailout bucks

Synovus corporate headquarters along the Chattahoochee River in Columbus. (Dave Bender/file)

Synovus Financial Corp. said Friday it plans to issue stock and warrants to the Treasury Department for a $973 million capital infusion under the federal government's bank rescue plan.

Synovus said it expects to use the capital infusion to strengthen its capital base and enhance its lending capabilities.

"We are especially focused on opportunities to carefully expand our lending efforts to consumers and businesses as we all work through these challenging economic times," said Richard Anthony, the company's chairman and CEO.

Shares of Synovus rose 7 cents to $7.89 during the regular session Friday.

The $700 billion bailout plan is intended in part to help banks navigate the credit crunch and stabilize the nation's financial-services sector.

Many banks have been slammed by a sharp rise in mortgage defaults and freezing of credit markets, making them reluctant to lend to each other or to customers.

Synovus, based in Columbus, Ga., operates more than 300 bank branches in Alabama, Florida, Georgia, South Carolina and Tennessee.

Click here for more GPB News coverage about Synovus.

(AP)

Martin assails Chambliss over financial meltdown

Democratic Senate race candidate Jim Martin, talking to reporters at a press conference in downtown Atlanta, Sept, 16, 2008. (Dave Bender)

Jim Martin called a press conference to criticize Saxby Chabliss, and conservative economic policies.

Martin says Chambliss and other Republicans have ignored the conditions that led to Lehman Brothers’ closure on Monday, and the resulting 500-point stock market dive:

Martin came out against Chabliss, and federal financial policies in the wake of the closure of the Lehman Bros closure on Monday, and the resulting 500-point stock market dive:

“Saxby Chabliss has received 474,000 dollars from the financial interests for his campaign. He hasn’t been present to help with this.”

Martin says he wants increased regulation of the finance industry, and blamed the President George Bush, along with Chambliss, for the financial meltdown:

"This is just more of a fallout of the disastrous economic policies of the Bush Administration that Saxby Chambliss has supported the entire time he's been in the United States Senate."

Martin says that Republican proposals to lower gas prices ignore speculation in the oil futures market, and says he supports offering incentives to find alternative energy sources.

The Chambliss campaign accused Martin of using peoples misery and the economic turmoil to get headlines.

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