In Merrill’s Failed Plan, Lessons for Pay Czar

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Published in The New York Times October 8, 2009 by Louise Story

It sounds like something Washington’s pay czar might propose to rein in runaway bonuses on Wall Street.
Tie executives’ compensation to their company’s stock price. Withhold big paydays for years. Claw back bonuses if things go wrong. And force risk-loving traders to gamble with their own money, not just their company’s.

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