Word: graef
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Dates: during 1990-1999
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...those schools students take courses in only one subject during their three-year bachelor program. "If you really know what path you want to take in life," observes Polner, now in her final year at York, "then it's a great way to do it." While Oxford student Graef Allen, 20, sometimes misses the art and music electives she might have taken at home, she appreciates Oxford's tutorial system and being able to "do a lot specialized stuff" in her field, biochemistry...
Columbia's size allows it to demand deep discounts from suppliers. The company's doctors, for example, have been encouraged to buy hospital gowns from a single source for a 20% saving. And according to Graef Crystal, who tracks CEO pay, Scott's 1995 salary of $858,000 was 20% less than the rate in his league (though his Columbia shares are worth $6.9 million). "You know if you've been in the hospital that you don't like the process," says Scott, who lives in Nashville, Tennessee. "We focus on how we can make it enjoyable...
...last year, the best showing since 1964, while paychecks got smaller. In inflation-adjusted dollars, average weekly wages have fallen from $272 10 years ago to $254 today. Adding insult to injury, the gap between executive compensation and ordinary pay has been rapidly widening. According to compensation expert Graef Crystal, the earnings of chief executive officers of major corporations have zoomed from 33 times the average income of U.S. workers two decades ago to 157 times the average today. (Japanese and German CEOs typically earn no more than 25 times what the average worker makes...
...number is expected to double this year. Even the Securities and Exchange Commission is cracking down. Under new SEC rules, companies must provide, in their annual report to shareholders, some value for the stock options granted to executives. "Executives have been praying for this issue to cool down," says Graef ("Bud") Crystal, a leading compensation consultant. "But it's not, and they're going to stay on the hot seat...
...deductibility of stock options and other types of compensation to $1 million will really curb executive pay. For one thing, corporate officers who have cashed in their options can always go back to their boards to seek new incentives designed to get around the higher taxes. Says compensation specialist Graef Crystal: "What these tax policies will prove, if enacted, is that the answers to excessive corporate compensation lie outside Washington. It will not be until the shareholders begin to demand accountability that executive pay will come into line with reality...