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...Roberto Goizueta earned $10.6 million in salary and stock in 1989, more than three times the average for CEOs of the 200 largest U.S. firms (his 1990 compensation: $11.2 million). His board members earned $75,000 in cash and benefits, a solid 70% above the $44,000 average. At ITT, chairman Rand Araskog earned $6.4 million in 1989, more than twice the average (his 1990 pay was $11.1 million), while his directors were paid...
Hanson's $60 billion pension fund is one of many large institutional shareholders that are vigorously challenging the way CEOs are compensated. Last November Hanson's group filed shareholder petitions demanding that ITT and W.R. Grace change their bylaws to increase the independence of the committees charged with setting compensation for the companies' chiefs...
...Internal Revenue Service are "James," a Supreme Court Justice who in 1794 rendered the decision that allowed President Washington to put down an armed tax revolt by Appalachian moonshiners; "Frank," an IRS investigator who helped nail Al Capone; and "Bob," a Republican Congressman tied to a tax ruling for ITT during the Nixon Administration. Nonetheless, Edmund remains half-right. Nightmares about the Soviets may have receded, but Americans have yet to lose their fear of filing...
...would saddle the company with a riskier load of debt, the old bonds get clobbered. No sooner had Johnson disclosed that he wanted to buy RJR Nabisco, for example, than the company's $5 billion of outstanding bonds lost 20% of their value. Furious bondholders, including Metropolitan Life and ITT, immediately sued for damages. Declared Metropolitan Life chairman Creedon: "No one in his right mind wants to invest in corporate bonds anymore." In fact, the LBO binge has created a financial innovation called the "poison put," which guarantees bondholders against the risk of buyouts and other unexpected deals that might...
Yesterday, the ITT wall and lawn equipment near the wooden fence were still covered with soot. But the fire apparantly did not extend through the entire storage center since most of the fence is metal chain link...