William Manning, the chairman and founder of Fairport, N.Y.-based investment house Manning & Napier, was rewarded with enough stocks and other compensation to total $360 million in fiscal 2011. Paul Hodgson, who reported this largesse, said to file this “in the ‘you’re joking, surely’ series.” Manning had just completed organizing a group of privately...
It sounds like a dose of Olympic fever. With big fraud arrests in Japan, Singapore and China, perhaps it was the competitive spirit that got New Zealand’s top fraud cop boasting about upcoming scores. Adam Feeley said there is a new $250 million fraud case about to break. Feeley is leaving his post as...
Recently inaugurated Socialist President Francois Hollande has been executive pay should not exceed 20 times the salary of the lowest-ranking employees for companies owned or partially owned by the government according to new rules. Now “France’s finance minister has declared a crusade against executive pay at state-controlled companies, describing a wage cap of €450,000...
Investors in the U.K. are up in arms about the excesses they perceive public company executives are indulging in. Described as a “shareholder rebellion” by the Wall Street Journal, a succession of companies are seeing their pay plans voted down at annual meetings. The “uprising” began in April when the CEO of Barclays PLC...
A study by the consulting firm Hay Group about the pay rate of CEOs says income more closely matches performance than in recent years. In conjunction with The Wall Street Journal which ran major stories on the cover of today’s edition and elsewhere, this shows a shift from 2010 “when pay and performance were not directly correlated.”...
This week former FBI director Louis Freeh told Congress about progress being made in his effort to untangle the MF Global Holdings bankruptcy, famously known for the now-reported $1.6 billion in accidentally misplaced funds. He told skeptical Senate Banking Committee members that MF Global executives would not receive bonuses. Wall Street rumors had been...
For our site this equals breaking news. There are so many stories of CEOs and their friends who reward themselves lavishly, or abuse their positions, we don’t worry about getting them out the day they happen. But yesterday was a watershed day on this topic. The front page of today’s Wall Street Journal reports...
“In most high-paying jobs, people are basically paid according to performance. When a film makes millions at the box office, the star of the movie can demand more for her next contract. . . . CEOs are different: They are almost certainly the only category of Americans who regularly get rewarded for failure with...
Cuts in the paydays of large banks’ chief executives are expected to come up for shareholder votes throughout the year. This follows drops this year in which banking stock shares were often in the tank compared to the broader stock markets. “Giant firms are expected to cut executive pay by some 30% from 2010...
Jan. 8, 2012 – The story begins by describing Todd Dagres as “a prominent venture capitalist and independent movie producer, (who) earned $3.5 million in 2003 and paid not a cent in federal income tax.” In fact, during the five year period he earned $58.5 million and paid a tax rate of 20%, although...
