Word: overpaid
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Lowenstein has a pitch-perfect sense of the Street's monumental recklessness. The chorus line of overpaid bad actors in this book is endless. Held out for particular scorn is Lehman CEO Richard Fuld, who has "the daring of a gambler who believes, deep down, that he will always be able to play the last card." Maybe he did, yet as the book impressively shows, Fuld lost...
...Passengers, meanwhile, sided firmly with the airline. "It is disgusting that BA staff realize they can throw their weight around and ruin so many people's holidays," Londoner Anthea Barteau told the BBC. "I feel like I have had my stomach kicked out by a bunch of overpaid waiting staff," said another, Aoin Douglas of Liverpool. Cabin crew at BA typically earn more than those of any other British airlines and twice as much as those of rival Virgin Atlantic. (Read "Will the British Airways and Iberia Merger Lift...
...Perhaps companies lay off mostly unproductive workers. When they're eventually rehired elsewhere for less money, maybe it's because they were overpaid before? That is unlikely. At least from a statistical point of view, we made sure as much as possible that we didn't compare apples and oranges. We studied large layoffs, where workers who did not lose their jobs because of some fault of their own, and then we compared them to workers who had similar earnings trajectories and similar industry and age profiles...
Four Harvard Law School professors signed a statement in support of the defendant in a case regarding executive pay that will be heard by the Supreme Court next week. In the case, Jones et al. v. Harris Associates, several mutual fund investors charged that the fund had overpaid its advisors. The Seventh Circuit Court of Appeals in Chicago dismissed a full court rehearing of the lawsuit in May 2008. Law professors John C. Coates, Robert C. Clark, Allen Ferrell, and J. Mark Ramseyer signed an amicus brief earlier this month in support of the defendant, Harris Associates, along with more...
...proposals in Congress to reverse some of the bonuses through legislation, and Liddy called on executives to spit back half their bonus. Some have done so. The program for 2009 has already been pared. That my placate, for now, Main Street constituents who want to get back at those overpaid Wall Street types...