Word: bonus
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Dates: during 1930-1939
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...time comet hunting was a favorite hobby among amateur astronomers and was encouraged to the extent of a $200 bonus for every new discovery. This popular interest was due mostly to the spectacular nature of the larger comets and is not so moved by the discovery of invisible ones to which the field has of late been reduced From the scientific point of view the recording of comets is important so that general laws can be made for a hitherto mysterious dement in the sky. It was once figured that people devoting full time to the search for comets spent...
...last week seized upon by Inquisitor Pecora and laid open for examination of its ethics. During Depression Mr. Wiggin had clamored loudly for wage reductions in industry but his own pay had gone booming along, had actually been raised in 1930 and 1931: 1928-$175,000 plus $100,000 bonus 1929-$175,000 plus $100,000 bonus 1930-$218,750 plus $75,000 bonus 1931-$250,000, no bonus 1932-$220,300, no bonus...
About these salaries and bonuses Mr. Pecora began to ask questions: Q. Who had fixed the amount of Mr. Wiggin's compensation? A. His fellow officers. "And I helped to fix theirs,'' added Mr. Wiggin. ". . . We all sat together." Q. Who had fixed the bonuses paid by the bank to officers? A. Mr. Wiggin had fixed the bonuses, his own bonus excepted. "What usually happened was that my associates suggested the amount, and I cut it down." Q. He had not been charged when the bank lost money-the bonus system only worked...
...Read decided that it would be a good idea to form another trust, particularly if it was pyramided on top of the first. U. S. & Foreign formed U. S. & International Securities and $50,000,000 of preferred of International were sold to the public with a share for share bonus of common. Out of its rich market winnings, Foreign bought $10,000,000 of second preferred and got the remaining 2,000,000 shares of common as its bonus...
...this had a horrid sound, but Wall Street was disposed to be tolerant. The pyramided set-up was no secret; the public which had bought the preferred had had a chance to cash in on their bonus of common at prices that they probably never dreamed they would get. U. S. & Foreign had paid $11,000,000 in dividends on the publicly-owned preferred and was still paying. U. S. & International paid preferred dividends until this year but there was no reason to believe that eventually they would not be resumed...