Word: generous
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...HYATT REGENCY IN Pittsburgh last week, senior managers of the $3.3 billion bank holding company Equimark sat in miserable silence while a shareholder, retired C.P.A. Joseph Cestello, scolded them for their "outrageously generous" compensation, including stock options and hefty retirement pay. Cestello even suggested that the company's board resign "for lack of oversight" and demanded that Equimark, whose losses totaled $148 million in the past two years, adopt policies that would tie pay to performance...
...numbers are breathtaking. The top five American CEOs earned a combined $322 million in income last year. Even departing CEOs managed to walk away with huge sums. Hamish Maxwell, who retired as head of Philip Morris, was awarded a generous retirement gift of $24 million, mainly in stock grants and options. Earlier this year, former Compaq Computer CEO Joseph ("Rod") Canion, who was ousted by his board last year, was awarded $3.6 million. And N.J. Nicholas, the co-CEO at Time Warner who, in February, was also bumped by his board, is expected to land softly with a salary, deferred...
...magazine also alleged unusually highsalaries and generous stock options for Harkendirectors in year when the company performedpoorly...
...think that he himself recognizes that this last article was really unwise and was a mistake, and I think he has apologized for it," Rudenstine said. "And from my point of view, that is generous-spirited, and we ought to acknowledge that and work with him now to produce a better environment...
...wealthy at the expense of other taxpayers. While that may be true for crude plans like Jerry Brown's, it is not immutable. A consumption code can be made as progressive as one wishes, by adding brackets (the 1977 Treasury plan proposed brackets of 10%, 28% and 40%) and generous exemptions (Hall-Rabushka would not tax the first $16,000 of income). A consumption tax also would tax gifts and inheritances like any other income, unlike current law, which favors the rich. And since even wealthy taxpayers spend nearly as much as they earn over the course of their lives...