Word: payouts
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Dates: during 2000-2009
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Indecent Proposal Add this to the already bloated annals of fat-cat pay: a U.S. arbitration panel last week upheld a $23.6 million severance payout for Jean-Marie Messier, the ousted CEO of Vivendi Universal. Jean-René Fourtou, Messier's successor, described the payout as "indecent" and promised to contest the decision. He has little room for maneuver: the payout was written into a U.S. contract agreed to last July by two Vivendi directors, Marc Viénot and Edgar Bronfman Jr., to persuade Messier to depart quickly and quietly. The full board rejected the contract days later, after...
...their suffering. President Thabo Mbeki made it clear that there would be no blanket amnesty for apartheid crimes, but he announced a one-time cash payment, amounting to less than $4,000, for each of some 22,000 victims identified by the trc. The commission had recommended a payout almost four times as high. Mbeki further rejected the trc's idea of a wealth tax on businesses for their role in supporting apartheid, and denounced the multimillion-dollar claims being instigated in U.S. courts against companies that allegedly benefited from apartheid. Former trc commissioner Dumisa Ntsebeza, now counsel...
...case of the government scheme, lasts for 28 weeks - is then reclassified from being "in employment" to receiving Incapacity Benefit. That benefit costs the U.K. government some €3.6 billion a year more than unemployment benefit. And the longer you're on Incapacity Benefit, the higher the payout becomes. Says Clare Hinkley, policy adviser to the Human Resources Directorate at the Confederation of British Industry: "There is some suspicion ... that this acts as an incentive for people to go onto Incapacity Benefit and not get off." Just as some businesses benefit from creating false sick workers, so, too, do some...
...example, consider a 77-year-old Chicago couple with a home worth $250,000. On the basis of life expectancies, they would qualify for a reverse-mortgage lump sum or line of credit of $175,600 or a monthly payout that would add up to that amount by the time they were both expected to be dead, minus loan costs (in this case, they would net $1,069 a month...
...receives. Take the house from the example above, with a $175,600 reverse mortgage. Typical costs would include an origination fee of $4,700, mortgage insurance of $4,700, other finance costs of $1,200 and servicing fees (deducted monthly but computed up front) of $4,500--leaving a payout of only $160,500. Live in the house longer than the bank expects, and you are ahead. Leave (or die) much sooner, and you have paid too much...