Word: breeden
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...Irate unions and shareholders have demanded that business chiefs be held more accountable for the fat compensation packages they get. Congress has threatened to pass legislation to curb excess corporate pay if regulators fail to take on the task. Sensing the growing outrage, Securities and Exchange Commission chairman Richard Breeden unveiled a set of reforms last week that will make corporate boards think twice before handing out multimillion-dollar paychecks to top executives...
...corporate pay packages. These noncash payments, which reward executives handsomely if stock prices rise, often disguise what top managers actually earn. In the past, firms were not required to report a dollar value on such awards, and there was no uniform measure by which shareholders could calculate their worth. Breeden has proposed that companies disclose more fully and succinctly the present value of these payouts...
Just as the financial community had feared, the scandal set off by Salomon Brothers' efforts to corner the market for U.S. Treasury securities spread across much of Wall Street last week. On Capitol Hill, Richard Breeden, chairman of the Securities and Exchange Commission, said that "a distressingly large" number of firms had routinely inflated orders for bonds sold by government-sponsored agencies like the Federal National Mortgage Association. The bogus orders apparently enabled firms to purchase extra bonds and resell them at a hefty profit...
...long anticipated response, Securities and Exchange Commission Chairman Richard Breeden last week announced the first step toward what may well become round-the-clock trading at the N.Y.S.E. -- an experimental two-year extension of trading hours beyond the 4 o'clock close. Starting June 13, individual investors will be able to buy and sell stocks up to 5 p.m. at 4 p.m. prices, while holders of multiple-stock portfolios -- typically institutions -- will wheel and deal until 5:15. "The proposal before us may seem incremental," said Breeden, "but its effect will be felt around the world as a sign that...
...Chairman Richard Breeden announced the formation of a new 25-person SEC unit to combat securities violations at financial institutions. One of the group's goals: to prevent more disasters like the case of Lincoln Savings & Loan, whose chairman, Charles Keating, managed to run up $2.5 billion in losses, driving the California thrift into bankruptcy. With S&Ls foundering almost daily, the gesture seems like an afterthought -- and an undersized one at that...