Nofsdad
Joined: 06 Jul 2003
Posts: 7090
Location: Central CA
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Posted: Sun Jan 15, 2006 4:46 pm Post subject: A step in the right direction maybe?
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Executive perks to be laid bare
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| The SEC is expected to unveil the proposed rules, which will govern disclosure of executive pay, bonuses and perks, at a meeting on Wednesday. The proposed rules have been under discussion for the past three months and, if adopted, will represent the biggest change in American executive pay rules in more than a decade. |
I wonder if this will apply to hedge fund managers?
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| Executive pay, bonuses, pensions and healthcare benefits are disclosed already in quarterly and annual reports by listed companies, but the proposed rules will ask companies to quantify and record the value of executive perks valued at $10,000 or more. |
That's lunch money to most of these mutts.
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| The list could include such diverse benefits as company-provided tax consultants, private offices away from headquarters, private jets, company cars, chauffeurs, club memberships and all manner of other trappings of the executive lifestyle. |
The executive lifestyle? Is that like how the nobility lives?
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| Under the proposed new rules, the value of such perks would be quantified and added to a director's salary and other bonuses to provide a total of compensation for the year. |
Right now, these Dukes and Barons and Lords and petty assed Princes enjoy all these trappings and don't even pay taxes on the accrued value.
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Former NYSE chief executive Richard Grasso was forced to resign after a public uproar surrounding his $US190 million package of pay and bonuses. He is now being sued by New York Attorney-General Eliot Spitzer who wants him to return most of the cash.
Former Tyco chief executive Dennis Kozlowski became a notorious example of executive excess during his trial for grand larceny. It was revealed that he had used company cash to refurbish New York apartments and received tax-free loans from Tyco to cover dubious expenses.
Conrad Black, the former chief executive of Hollinger International, is being sued for fraud in Chicago after he allegedly took millions of dollars in unauthorised bonuses and spent millions more on private parties. He denies the charges against him.
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Other outstanding examples of pure corporate theft from shareholders and taxpayers alike:
Pittsburgh Tribune-Review
Houston Chronicle
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