Archive for August 7th, 2009

Google ups director compensation awards

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Published in cnetnews.com August 7, 2009 by Tom Krazit

Google plans to start paying non-employee directors on its board in cash, just after tossing them a hefty restricted stock award.

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Break Out The Pitchforks!

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Published in Forbes August 6, 2009 by David Serchuk

Once again angry shareholders are on the march, baring their pitchforks and torches, and foaming over in their contempt for excessive CEO compensation.

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Knotting the purse-strings

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Published in The Economist 

Washington’s politicians have relished the many chances to fulminate against reckless executives presented by the economic crisis, and to restrain them with regulation. Congress took advantage of the bail-out to impose caps on bonuses paid by banks taking money from the state. The uproar over bonuses paid to executives at American International Group, a rescued insurer, prompted further legislation. And on July 31st the House of Representatives took up the subject again, passing a bill that would regulate pay at all listed firms—especially big financial ones.

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So far, Congress is taking a surprisingly sensible approach to the problem of pay

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Published in The Economist  

The boardrooms of America were ready for misery. What else could result from Congress’s fury at runaway executive pay, outrageous Wall Street bonuses and handsome rewards for failure? The bosses can breathe a little more easily. The Corporate and Financial Institution Compensation Fairness Bill that won a healthy majority in the House of Representatives on July 31st turned out to be remarkably restrained—in some ways even too restrained (see article). However, with the Senate still to look at the legislation and the practical details of its implementation to be hammered out, there is plenty of time for that to change, for better or worse.

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Why, Yes, We Do Have to Regulate Some Executive Pay

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Published in The Huffington Post August 7, 2009 by Rob Shapiro, Chair of NDN’s Globalization Initiative and Former Under Secretary of Commerce for Economic Affairs

The House of Representatives has committed some fumbles this year, but the legislation passed last week to regulate executive compensation in large public companies is sorely overdue. By any plausible standard, compensation for the very upper reaches of American business has been out of control for a long time. In 1991, candidate Bill Clinton scolded corporate America for rewarding the average CEO 80 to 90 times what their average worker earned — compared to a pay gap of just 10 times in Japan. Today, the gap here is 250 to 300 times, and it has indirectly contributed to the economic turmoil affecting us all.

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Bankers Beat Odds in Toxic Pay Plan

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Published in The Wall Street Journal August 7, 2009 by Aaron Lucchetti

Credit Suisse Group’s novel plan to pay bankers with a brew of its own toxic bonds and corporate loans has gotten off to an unexpectedly strong start, which could put further political pressure on other Wall Street firms to change how they pay their employees.

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