Word: compensationitis
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EXCESSIVE COMPENSATION?
I was not surprised to read in "Big Board, Big Payday" that New York Stock Exchange chairman Dick Grasso will receive $140 million in deferred pay and retirement benefits [NATION, Sept. 8]. There is something wrong when CEOs, board members and upper-level corporate managers get millions in pay and...
"He's the classic Horatio Alger story. Unfortunately, he was like Horatio Alger on steroids." JOHN C. COFFEE, Columbia University securities-law professor, describing the blue-collar background and $139.5 million pay package and other benefits of ex--New York Stock Exchange chairman Richard Grasso, who resigned amid anger over...
INDICATORS An Unexpected Yield U.K. financial regulators charged high-street bank Lloyds TSB with misleading more than 20,000 customers who bought high-risk bonds three years ago. The bank must pay a $3.2 million fine and pay out a further $163 million in compensation.
The Dust Won't Settle H. Carl McCall, chairman of the New York Stock Exchange's compensation committee, resigned following criticism of his public support for former NYSE chairman Richard Grasso's $140 million pay package.