Board under attack again.

Macy's paid $9M in bonuses to top executives after slashing 3,900 jobs

Macy's doled out $9 million in equity bonuses to its top executives just two weeks after the retailer said it would cut thousands of jobs in its corporate office.

CEO Jeff Gennette received restricted stock worth about $3.6 million on July 9, according to a regulatory filing. The other five, including legal chief Elisa Garcia, Chief Operating Officer John Harper and Chief Transformation Officer Danielle Kirgan, received sums ranging from $900,000 to $3 million, according to the filings.

It's been a bleak few months for Macy's, which has suffered financially as a result of the coronavirus-induced lockdowns across the country. A month before the shutdowns started, the retailer said it would close about 125 stores roughly one-fifth of all locations and cut 2,000 jobs over the next three years.

https://www.foxbusiness.com/retail/macys-bonuses-executives-job-cuts

Mnuchin, Kudlow in epic clash over next stimulus package

A civil war is taking place inside the White House pitting Treasury Secretary Steven Mnuchin against National Economic Council chief Larry Kudlow, one of the nation's foremost supply-side economists, over a key provision of the fourth round of stimulus amid COVID-19 lockdowns, FOX Business has learned.

The acrimony is threatening to split key Republican factions just as negotiations for the spending plan heat up, according to four people with direct knowledge of the matter.

Kudlow, a long-time advocate of lowering taxes as a way to promote growth, is pushing for a payroll tax cut as a key part of the plan to spur economic growth amid the four-month-long pandemic recession, these people say. For months, supply-side economists, including Kudlow, have advocated a payroll tax holiday, or an elimination of the payroll tax, and a so-called negative payroll tax, a wage subsidy the government would give to employers who would pass it on to their employees, as part of the next, and probably final stimulus legislation before the November election.

But Mnuchin, a former Wall Street executive, is said to believe a payroll tax cut will not be approved by Congress and will face stiff opposition from Democratic House Speaker Nancy Pelosi, these people say. He is pushing for another round of individual stimulus checks and an extension of unemployment benefits in the next package, which could mirror the last round of stimulus, the CARES Act.

https://www.foxbusiness.com/economy/a-white-house-divided-economic-officials-at-odds-on-next-phase-of-stimulus

See ya

Amash confirms he won't seek reelection

Michigan Rep. Justin Amash (L) confirmed Thursday evening that he was not seeking reelection to Congress, in an apparent end to his 2020 political aspirations.

Amash represented Michigan's 3rd District as a Republican from 2011 to 2019, and has since styled himself an independent. A crowded Republican primary will take place on Aug. 4 to determine the GOP's next nominee for his seat, while Democrat Hillary Scholten is running unopposed in her primary bid for the seat.

https://thehill.com/homenews/house/507776-amash-confirms-hes-not-campaigning-for-reelection