Word: lazaruses
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Chief beneficiaries would be Walter Rothschild, president of Federated's Brooklyn subsidiary, Abraham & Straus, and Federated's famed Lazarus brothers: Fred Jr., $100,000-a-year president; Simon, $100,000-a-year president of Federated's Columbus (Ohio) subsidiary, F. & R. Lazarus & Co.; Robert, $75,000-a-year vice president of F. & R. Lazarus; and Jeffrey, $75,000-a-year vice president of Federated's Cincinnati subsidiary, John Shillito & Co. The plan, said Federated, would provide "those executives with a greater incentive for resourceful and imaginative employment of their skills...
...Federated's $100,000-a-year bigwigs had all the incentive they need. The plan, he wrote, is actually a device to give executives a salary increase "not subject to ordinary income taxes" but only to capital-gains taxes (25%). For example, said angry Mr. Bloomingdale, if Fred Lazarus should make $50,000 by a rise in the price of any stock purchased, "he would retain $37,500 after payment of federal capital-gains tax. For Mr. Lazarus to be able to retain $37,500 a year out of any additional salary . . . subject to ordinary income taxes, his present...
NICHOLAS MIGLIORINO JOHN LEWIS RICHARD LAZARUS JOHN MENEZES CHRISTIAN H. KEHL Germfask, Mich...
Robert M. Hart '46, James Heilbrun '46, Jack Hirshleifer '46, Donald W. Jeffries '45, Roger B. Lazarus '46, Glen O. Martin '46, Wallace A. Mills '46, Ivan I. Morris '46, Andrew A. Niles '46, Charles T. Noonan '46, Kalman Novak...
...also vice president of Columbus, Ohio's largest store, F. & R. Lazarus & Co., and president of John Shillito Co., one of Cincinnati's biggest department stores...