XTO Energy Inc Chairman Bob Simpson and other officers have waived the change in control provisions in their employment agreements as part of their deal to be bought by Exxon Mobil and have instead signed consulting deals with the oil major. Under the new agreement, Simpson could receive up to $46m (£28m) in cash and stock, rather than the $70m he could have pulled in.
WaMu investigates its collapse
Bankrupt holding company Washington Mutual asked a federal court to compel the US Federal Reserve, US Treasury and more than a dozen others to turn over documents relating to its collapse in 2008. The company wants to investigate discussions between JPMorgan & Chase Co, regulators, competitors and rating agencies it said led to the seizure of Washington Mutual (WaMu), according to a filing in a bankruptcy court. It said the alleged misconduct includes JPMorgan disclosing confidential information to government regulators, ratings agencies, media and investors in an effort to harm WaMu by driving down its credit rating and stock.