April 27, 2012 |
Rules put in place under the Dodd-Frank financial reform law give Wall Street firms significant leeway in deciding which employees - aside from corporate executives - will have their pay tied to long-term performance, a prominent securities law expert said. The Times spotlighted the top 50 highest-paid employees at Lehman Brothers in the years running up to the bank's 2008 bankruptcy. The Times showed that Lehman awarded traders and managing directors hundreds of millions of dollars in compensation.
April 27, 2012 |
A former Securities and Exchange Commission official said greater disclosure of investment banks' highest-paid employees - aside from corporate officers - would not necessarily aid shareholders. Lynn Turner, who was the SEC's chief accountant from 1998 to 2001, said knowing top employees' compensation packages is not as important as knowing how much risk they are taking on and what companies are doing to mitigate those risks. "People in America get way too carried away with wanting to know what everyone else's salaries are," Turner said.
July 3, 2001 |
Tyco International Ltd., the maker of ADT burglar alarms and electronics, said it sold about $1.6 billion worth of manufactured housing assets to Lehman Bros. Terms of the deal were not disclosed. The portfolio sale is part of Tyco's previously announced plan to unload $4 billion to $6 billion worth of assets held by its newly acquired financing arm, CIT Group. Tyco bought CIT last month for about $9.
February 7, 1986 |
Few games can humble a man quite so quickly or thoroughly as golf. Every weekend hacker with a double-figure handicap should find a bit of amusement--and consolation--in the case of a pro named Larry Rinker. He made 14 eagles last year, the most by any player on the tour. He also won $195,000, and felt cocky enough to set a goal of $300,000 in 1986. Last month in Phoenix, Rinker managed to shoot an 11 on a par-3 hole. That's not easy even if you're a bad golfer.
February 16, 1987 |
George Burns, the golfer, is easily distinguishable from George Burns, the comedian. Burns, the golfer, is the one who often wears a long face and who has a tendency to get down on himself. His idea of a good time is riding an exercise bike and lifting weights. Even on Sunday, his biggest day in golf, George Burns III seemed to fight the urge to smile broadly or say anything that might be described as amusing.