Word: bonus
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...Harvard men's baseball team expected to beat some college teams on its Florida road trip. But beating pros was a spring training bonus...
Drexel is trying to reassure creditors that the bonuses were not doled out because of any sense of impending doom. "Believe me, nobody was shoveling money out the door because they felt the roof was caving in," says Drexel director Roderick Hills, a former chairman of the Securities and Exchange Commission. "In fact, many executives expressed their confidence by taking their entire bonus in the form of equity." Among them: chief executive Frederick Joseph, who in December elected to take his $2 million-plus bonus in Drexel stock, which now is virtually worthless...
Even so, some Drexel insiders privately concede that the bonus payouts were excessive. "I certainly wouldn't have paid them," says a current Drexel director. "The bonuses were certainly consistent with the firm's culture and tradition, but if you're asking me an ethical question or a common-sense economic question, the answer is no. But that's the nature of the beast. It's a carry-over of the greed of the 1980s...
...Resume Bonus...
...many of the two-year masters students say that the degree will be a bonus on their resumes. Baldwin, who worked as an analyst in George Bush's presidential campaign, said he came to the Kennedy School in part to "hone down the edges because I am sort of self-taught...