April 30, 2012
Re "Lehman elite stood to get $700 million," April 27 "The numbers are shocking but consistent withthe fact that in some ways Wall Street has been run asa casino for extracting money from the real economy and using it to pay extraordinary high levels of compensation. " This quote by Lisa Donner of Americans for Financial Reform in The Times' article on Lehman Bros. aptly sums up what is wrong with Wall Street. This has been Wall Street since the repeal of the Glass-Steagall Act; it still is a gambling enterprise.
August 25, 2011
Kids will be kids Re "Why does Electric Daisy draw fire?," Opinion, Aug. 22 My son has been attending the Electric Daisy concerts for several years. Like many attendees, I'm sure, my kid isn't your typical juvenile delinquent: He's on his high school's honor roll and is a hospital volunteer, among other things. Why he likes Electric Daisy is a mystery to me. But I doubt my parents understood why my generation liked Jefferson Airplane, the Doors or, for that matter, love-ins at Griffith Park.
March 31, 2012 |
Ford Motor Co. has made what it pays its top executives about as transparent as any company in America. While many public companies hide their executive compensation data in the fine print of regulatory filings, Ford simply put out a news release that outlined what the bosses were making in fairly simple terms. It also filed the information with the Securities and Exchange Commission. Chief Executive Alan Mulally, the former Boeing executive credited with helping Ford avoid the bankruptcy reorganizations and federal bailouts that sustained General Motors and Chrysler during the recession, earned $29.5 million in total compensation last year.
March 24, 2010 |
Amid continued public anger about huge corporate pay packages, the Obama administration's pay czar Tuesday took a series of steps to try to rein in executive salaries and bonuses at firms that received federal taxpayer bailouts. Kenneth R. Feinberg cut annual compensation an average of 15% for top executives at American International Group Inc., General Motors Co., Chrysler and two other firms that have yet to repay their loans. Feinberg, the special master for executive compensation under the $700-billion Troubled Asset Relief Program, also sent letters to all 419 recipients of TARP cash -- many of which have repaid the money -- in an attempt to determine whether salaries and bonuses paid during the height of the financial crisis were too high.
CALIFORNIA | LOCAL
January 26, 2012 |
Faced with mounting public and legislative pressure to rein in presidential pay packages, California State University trustees Wednesday adopted a new policy that limits executive compensation. The policy will cap the salary of newly hired presidents at 10% above that of their predecessor, with a ceiling of $325,000 in public funds. The measure was approved unanimously by the Board of Trustees at a meeting in Long Beach. The action followed a public outcry over the decision in July to pay the new president of San Diego State University an annual salary of $400,000 — $350,000 in public funds and $50,000 from a campus foundation — which was $100,000 more than his predecessor.
June 4, 1995
Graef Crystal is too loose in his efforts to paint a dark picture of the federal legislation ("Need a Good Laugh? Look at Caps on Executive Pay," May 12). For example, he simply disregards the collective action problems faced by a diverse conglomeration of relatively small shareholders and attributes the lack of private-sector oversight to their being "too stupid or lazy to step forward." When one considers just how much intelligence and energy--not to mention money--is required to succeed in mobilizing a proxy contest under current law, a genuine question emerges as to the potential efficacy of such shareholder-sponsored efforts.