Word: coss
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...Eric Coss, a teenager in New York's Delaware County, managed to buy his first derby car, a little four-cylinder he decorated with markers, this summer for $150, plus $6 for parts. His reason for entering the county's Aug. 21 event was simple: "You can smash your car without getting in trouble...
...keen observer of the living-wage battle has been David Coss, mayor of Santa Fe, N.M., which mandated a living wage in 2004. "We were also told the sky was going to fall," he says, "but all we've seen is strong growth." With the city's $9.50 wage floor set to rise to $10.50 in 2008, Target and Sam's Club are thriving. Wal-Mart is even building a superstore. "You're going to see more and more municipalities taking matters into their own hands," Coss says. "Poverty just isn't a necessary ingredient for economic development...
...Tree, where many shareholders remain bitter about the profit revision, which included a $190 million write-down for the fourth quarter of 1997. Angry investors have filed at least a dozen lawsuits, some charging that Green Tree used improperly "aggressive" accounting methods to tot up profits and thereby boost Coss's personal pay--a charge the company denies. Coss did enjoy a formula that accorded him a salary of $400,000 plus 2.5% of the company's pretax profits. Half the compensation was in cash, the other half in the form of Green Tree stock that Coss was allowed...
...Coss, who knew poverty firsthand as a child, is no stranger to financial setbacks. He quit school following eighth grade and failed as a car dealer before pulling himself out of bankruptcy and scraping together the funds to found Green Tree. Today he remains firmly in charge, particularly after the resignation of Green Tree president Robert Potts, who quit in December amid the furor over the income revisions. Not much given to displays of wealth, Coss maintains a vacation house in Flagstaff, Ariz., and likes to buy up land near his hometown of Miller...
...mistakes Coss continues to pay a hefty price in the form of bonus givebacks and the drop in the value of his shares. And he is unlikely ever to regain his crown as America's top-paid executive, because Green Tree has changed its compensation formula to make it less generous. Despite the recent turmoil, though, Coss will take home a pay package worth about $4 million for his work last year...