jig fisher
Well-known member
Outrageous CEO Perks: This Year's Top Picks
Thanks to gross excesses in executive compensation exposed during the financial crisis, CEO pay has come under increased scrutiny in recent years.
At the prodding of the SEC, compensation boards at public companies have cleaned up their acts somewhat, but CEOs still typically make far more than shareholders consider reasonable. Plus they often negotiate lavish perks that increase their pay by millions more.
Related stories at DailyFinance.com
• Why Time Is Right for Conan O’Brien
• Why Main St. Doesn’t Buy Wall St. ‘Recovery’
• How Long Will ‘The Simpsons’ Last?
To see the latest trends in perks and pay, 24/7 Wall St. examined the most recent proxies of dozens of large public companies where CEOs have outsized overall compensation. Not surprisingly, we found buried in the fine print, some very generous benefits. This is the 24/7 Wall St. list of outrageous CEO perks:
$391,000 in Tax Prep
Occidental Petroleum (OXY) shareholders have enjoyed returns of more than 35% this past year under CEO Ray Irani's reign. As a result, Irani's current compensation is $31.4 million. Included in that figure is personal tax preparation and financial planning at a cost of $391,000. The average person pays about $500 for financial planning. At Occidental's 2010 annual meeting, however, over half of shares voted were against the company's say-on-pay proposal (which means half the shareholders who voted were not happy with his compensation).
$772,000 to Cover Underwater Mortgage on Home Sale
Richard Anderson of Delta Air Lines (DAL) may not make as much as the other CEOs listed, but he certainly has his share of corporate perks. Although he earns $2.25 million a year, Anderson relies on the company to cover a number of what could be considered personal costs. For instance, Delta paid Anderson $772,000 in relocation costs because his home in Minneapolis, which he needed too sell to move to Atlanta, was worth less than his mortgage. No doubt, a lot of Delta employees and shareholders are desperate to get out from under their underwater mortgages too.
$110,000 for an Attorney to Negotiate Compensation
Carol Bartz, who joined Yahoo (YHOO) as CEO in January 2009, received about $39 million in compensation for that year. That included equity she otherwise would have made at her last job. However, according to estimates made by Glass Lewis, a leading governance consulting firm, Yahoo paid her more than she should have received, putting her in the top of its overpaid CEO list. Bartz, however, did not want to pay her attorney fees to negotiate compensation from Yahoo. Later, Yahoo paid the $110,000 bill.
$1.3 million to Relocate for New Job
Having just been hired on July 13, 2009, Boston Scientific (BSX) CEO Ray Elliot is quite fortunate to be receiving compensation totaling $33.4 million. Included in this is $1.3 million for relocation costs and a cost-of-living allowance, apparently needed for Elliot's new position. $1.4 million in Security Services
Those holding executive positions at Oracle (ORCL) are known for receiving immense compensation without being held to any specific performance requirements. CEO Larry Ellison, for instance, received $84.5 million in 2009 -- the highest amount paid to any U.S. CEO that year. As though this were not enough, Oracle provides Ellison with $1.4 million in security-related costs.
$216,000 in Club Memberships
Randall L. Stephenson of AT&T (T) is the country's 12th-highest paid CEO, with yearly compensation of $20.3 million. Part of this pay includes $216,000, which is used specifically for Stephenson's club memberships. Additionally, Stephenson receives compensation in the form of automobile benefits and aircraft usage, including catering and crew travel costs.
$724,000 for Car and Driver
Another of the country's top-paid CEOs is Travelers' (TRV) Jay S. Fishman. He receives yearly compensation of $20.1 million. Of that, $724,000 goes toward car and driver services, as well as aircraft services, helping Fishman live up to his company's name. Many employees would say it's difficult to get their employers to just cover gas.
$639,000 in Aircraft Use
The CEO of Abercrombie & Fitch (ANF) made a massive $38.5 million in 2009. This salary earned him the second-highest ranking on Glass Lewis's overpaid CEO list. In fact, Michael Jeffries's 2009 compensation exceeded that given to the company's four other top executives combined by more than 360%. It's difficult to see any logical reasoning behind Jeffries's excessive compensation, especially when considering that $639,000 goes toward his personal use of a company-owned aircraft.
$2.5 Million in Tax Reimbursement
Leslie Moonves, CEO of CBS (CBS), is paid $44.1 million. CBS, however, is headquartered in New York, while Moonves lives in California. So, CBS pays $2.5 million in tax reimbursement to cover the difference between what Moonves would have paid if he lived only in California.
Surveys show that shareholders of many public firms believe a chief executive should make $2 million or $3 million and have bonuses that are tied to stock options. Yet, companies are still clearly willing to pay top dollar to recruit a new CEO or keep an existing one happy.
The position that most boards take when they defend CEO pay is that top talent is scarce. It's the same argument sports teams use when they offer players exorbitant salaries: Pay the going rate, or let the player go elsewhere.
That may be true. But one thing is clear from our list: Average Americans aren't likely to have high regard for executives who get larded with such outrageously lavish perks.
Do you think these market bubbles will soon burst? Share your thoughts.
DailyFinance.com is a business news site that offers timely analysis, stock quotes and investment advice. Our mission is to help our readers navigate through turbulent economic times and make better decisions about the future. Turn to DailyFinance for the latest news, analysis and advice about business and investing.
The opinions expressed are solely those of the author and do not necessarily reflect the views of Comcast.
Comments
The dashing CEO in the picture above looks just like one of the Bee Gees, without the long layers in his hair and white pants....."You can tell by the way he walks, he's a woman's man...no time to talk....Ah ha ha Stayin' Alive....he's a dancin' man and just can't lose"?............It's just a matter of time before the affluent and sexy CEO man's so called Caviar dreams and Champagne bubbles fizzle.......So, he's making the most of his lavish lifestyle, while he still can in his private jet and getaways.
Sat, 13 Nov 2010 00:44:09 GMT | lightandtruth
And yet these companies lay off the average worker without a blink. Unfortunately in some of these cases the person who cleans up the floors are much more valuable and provide a service to the company than these over-priced under performing individuals do. America needs to wake up to the fact that it is not just who is in Washington that has allowed the excess of few to become rampant but it is the stockholders of these public companies that should shoulder most of the responsibility. Get them out and limit the salaries and perks and you will see your share values increase. Don't depend on the government to take action, do it yourselves!
Sat, 13 Nov 2010 17:21:16 GMT | gadawg67
gee is anyone worth that no . the little guy gets it coming and going .no wonder the cost of living is so high you can see it starts at the top stocksholders should be outraged
Sat, 13 Nov 2010 18:16:01 GMT | 2832linda
Every one of you ought to be ashamed of yourself!!!!!!!!!!!!!!!!!!!!!!!!! I don't know how you can even look the american public in the eye. But I guess with all your PRIVATE toys you don't have to.!!!!!!!!!!!!!!!!!!!!!!!!!!!!!
AMERICAN PUBLIC TAKE NOTE
Sat, 13 Nov 2010 18:33:29 GMT | diancarl
Will these perks go away....no way. The pay is sinful let alone the perks and these people have no heart or conscience and they think their ideas are worth that much. What egos they must have. They have NO shame but I would say all this about the Big Kids that play sports and get paid this much as well. Oh well I will go back to my 750 square foot home and be blessed that I can look myself in the mirror without wretching.
Sat, 13 Nov 2010 18:45:15 GMT | JimJR
The only way to stop it is to boycott one company at a time and put them out of business. See who will jump to the rescue when these CEO's are standing in a soup line. I may laugh at them, but, help them. NO WAY!! Most of them can't do the job of the middle class or they won't lower their standards to try. I consider every one of them criminals, preying on the American consumer. FIRE the all, put a cap on salaries and end all perks. These greedy thieves make enough money.
Sat, 13 Nov 2010 18:58:17 GMT | gfd18gp
To whom it may concern? Is there any legal way to fire these people?With what they have now,they could retire.And live a life full of ("No Financial Problems"). How much is to much for these people?Doug Fleming.
Sat, 13 Nov 2010 19:01:26 GMT | cdfleming
In these times, you have to pay the going rate to get the talent. These CEO's must have a performance record that matches with the salaries they demand. If you aren't willing to fork over big bucks to get these performers, someone else will and you'll end up with a lesser performer farther down the list. The numbers don't lie when it comes to company bottom lines. The only part I have a problem with is the golden parachutes that pay huge amounts to these people, if they turn out to be a lousy choice, just to go away. We can grumble about the subject all day, but it's the executive boards of these huge companies that decide how much they want to "invest" in their top dog.
Sat, 13 Nov 2010 19:11:01 GMT | Duggus
I wonder if anyone who is complaining about what these CEO's get would be complaining if they had the ability, talent, smarts and luck to land one of these jobs...
Sat, 13 Nov 2010 19:14:48 GMT | chrisdoerr
This is totally unacceptable.....this is the kind of abuse that President Obama is trying to elimiate. These folks have enough money to pay the salaries of some of the thousands of people on unemployment right now. Oh my goodness, are they putting any of that money back into the economy, finance a company and hire some employees so they can help this crazy deficit we're in. What is the taxes on a salary that big. This should not be allowed and just like that got those guys on Wall Street, and those Bankers, this guys are going to be addressed too. I seriously want to know if any of these rich people are giving any of this money away? Not that it will make a difference but I am curious to know if they are selfish.
Sat, 13 Nov 2010 19:22:40 GMT | FirstAMSGAPres
Will the excesses in CEO compensation continue? The Facist Republican agenda indicates that it certainly will. They own and control the political process because they own and control the media and are backed with international money. The fight they are putting up just to continue with the tax break they are getting from King George ll (The Bush Crime Family) is a good indication that the greed and excesses are to continue.
Sat, 13 Nov 2010 19:32:05 GMT | mikeavic
Chris and duggus.....NO ONE NO ONE is worth 20 million dollars. Do you really think that a CEO is that different from anyother CEO....sure there are bad ones but that is where the search committee comes in... and yes I agree about the GP. Taxes??? are you kidding, these folks dont pay the portionate taxes that we poor folks pay. Besides, you pay me 40 million and I will pay 75% taxes and laugh all the way to the bank. Obscene is the word I have for these salaries and perks. It is a shame
Sat, 13 Nov 2010 19:33:38 GMT | JimJR
I feel it isn't because these grossly overpaid CEO's are qualified or even have any business savvy at all... they recieve thier 'compensation' and perks because they know too much about the happenings and unseen deals that the company they 'work' for perform that the average man on the street have no clue to. It's all mostly hush money.
--------------------------------------------------------------------------------
Comcast_Finance wrote:
Editor's Note: This post by Douglas McIntyre originally appeared on November 10 on DailyFinance.com.
Thanks to gross excesses in executive compensation exposed during the financial crisis, CEO pay has come under increased scrutiny in recent years.
At the prodding of the SEC, compensation boards at public companies have cleaned up their acts somewhat, but CEOs still typically make far more than shareholders consider reasonable. Plus they often negotiate lavish perks that increase their pay by millions more.
Related stories at DailyFinance.com • Why Time Is Right for Conan O’Brien
• Why Main St. Doesn’t Buy Wall St. ‘Recovery’
• How Long Will ‘The Simpsons’ Last?
To see the latest trends in perks and pay, 24/7 Wall St. examined the most recent proxies of dozens of large public companies where CEOs have outsized overall compensation. Not surprisingly, we found buried in the fine print, some very generous benefits. This is the 24/7 Wall St. list of outrageous CEO perks:
$391,000 in Tax Prep
Occidental Petroleum (OXY) shareholders have enjoyed returns of more than 35% this past year under CEO Ray Irani's reign. As a result, Irani's current compensation is $31.4 million. Included in that figure is personal tax preparation and financial planning at a cost of $391,000. The average person pays about $500 for financial planning. At Occidental's 2010 annual meeting, however, over half of shares voted were against the company's say-on-pay proposal (which means half the shareholders who voted were not happy with his compensation).
$772,000 to Cover Underwater Mortgage on Home Sale
Richard Anderson of Delta Air Lines (DAL) may not make as much as the other CEOs listed, but he certainly has his share of corporate perks. Although he earns $2.25 million a year, Anderson relies on the company to cover a number of what could be considered personal costs. For instance, Delta paid Anderson $772,000 in relocation costs because his home in Minneapolis, which he needed too sell to move to Atlanta, was worth less than his mortgage. No doubt, a lot of Delta employees and shareholders are desperate to get out from under their underwater mortgages too.
$110,000 for an Attorney to Negotiate Compensation
Carol Bartz, who joined Yahoo (YHOO) as CEO in January 2009, received about $39 million in compensation for that year. That included equity she otherwise would have made at her last job. However, according to estimates made by Glass Lewis, a leading governance consulting firm, Yahoo paid her more than she should have received, putting her in the top of its overpaid CEO list. Bartz, however, did not want to pay her attorney fees to negotiate compensation from Yahoo. Later, Yahoo paid the $110,000 bill.
$1.3 million to Relocate for New Job
Having just been hired on July 13, 2009, Boston Scientific (BSX) CEO Ray Elliot is quite fortunate to be receiving compensation totaling $33.4 million. Included in this is $1.3 million for relocation costs and a cost-of-living allowance, apparently needed for Elliot's new position. $1.4 million in Security Services
Those holding executive positions at Oracle (ORCL) are known for receiving immense compensation without being held to any specific performance requirements. CEO Larry Ellison, for instance, received $84.5 million in 2009 -- the highest amount paid to any U.S. CEO that year. As though this were not enough, Oracle provides Ellison with $1.4 million in security-related costs.
$216,000 in Club Memberships
Randall L. Stephenson of AT&T (T) is the country's 12th-highest paid CEO, with yearly compensation of $20.3 million. Part of this pay includes $216,000, which is used specifically for Stephenson's club memberships. Additionally, Stephenson receives compensation in the form of automobile benefits and aircraft usage, including catering and crew travel costs.
$724,000 for Car and Driver
Another of the country's top-paid CEOs is Travelers' (TRV) Jay S. Fishman. He receives yearly compensation of $20.1 million. Of that, $724,000 goes toward car and driver services, as well as aircraft services, helping Fishman live up to his company's name. Many employees would say it's difficult to get their employers to just cover gas.
$639,000 in Aircraft Use
The CEO of Abercrombie & Fitch (ANF) made a massive $38.5 million in 2009. This salary earned him the second-highest ranking on Glass Lewis's overpaid CEO list. In fact, Michael Jeffries's 2009 compensation exceeded that given to the company's four other top executives combined by more than 360%. It's difficult to see any logical reasoning behind Jeffries's excessive compensation, especially when considering that $639,000 goes toward his personal use of a company-owned aircraft.
$2.5 Million in Tax Reimbursement
Leslie Moonves, CEO of CBS (CBS), is paid $44.1 million. CBS, however, is headquartered in New York, while Moonves lives in California. So, CBS pays $2.5 million in tax reimbursement to cover the difference between what Moonves would have paid if he lived only in California.
Surveys show that shareholders of many public firms believe a chief executive should make $2 million or $3 million and have bonuses that are tied to stock options. Yet, companies are still clearly willing to pay top dollar to recruit a new CEO or keep an existing one happy.
The position that most boards take when they defend CEO pay is that top talent is scarce. It's the same argument sports teams use when they offer players exorbitant salaries: Pay the going rate, or let the player go elsewhere.
That may be true. But one thing is clear from our list: Average Americans aren't likely to have high regard for executives who get larded with such outrageously lavish perks.
Do you think these market bubbles will soon burst? Share your thoughts.
DailyFinance.com is a business news site that offers timely analysis, stock quotes and investment advice. Our mission is to help our readers navigate through turbulent economic times and make better decisions about the future. Turn to DailyFinance for the latest news, analysis and advice about business and investing.
The opinions expressed are solely those of the author and do not necessarily reflect the views of Comcast.
--------------------------------------------------------------------------------
Sat, 13 Nov 2010 19:45:33 GMT | kenny2u
I am appalled by the hubris arrogance and greed of these CEOs. They are not held to the same standards that they themselves hold each and every employee. During the worst recession (close to a depression) in history, top executives were taking outrageous bonsuses. Were they held accoutable for the contribution to the collapse of our economy? No, Wall Street (financial house) Executives were raking it in. Many that were replaced in the meltdown aftermath received huge golden parachute payouts. Also, many executives in other industries are also not being held accountable. For example, Mark Hurd of HP and his 28 million payout. This country has gone on tilt. Executivers are cutting worker salaries (sometimes in midstream). laying off employees, cutitng benefits, and reaping huge bonuses for it. What's the magic in increasing profits on the backs of their employees. Hell, I can increase profits by cutting jobs, laying off long time employees, reducing benefits. And i'll do it for a lot less. The question is: Do we need to pay for creativity, unique skill sets, leadership. performance, etc? The answer is obviously, Yes, but we have misplaced the meaning of those words and substituted "perception is reality", "fudge factors", "creative accounting", :entitlement", "government payoffs and influence", etc. The public, workers, and shareholders have to be more vocal and demonstrative. They have to take action. Things will not change until we do something about it!
Sat, 13 Nov 2010 20:04:40 GMT | cliffhanger1
Im a fan of capitalism, but if you take this much compensation then you should be held accountable for the loses of the corporations you run. Share holders should be able to sue them for malpractice.
Most of the time the employees lose their jobs with limited compensation and top banannas keep their job or walk away with enough money to maintain lavish lifestyle
Sat, 13 Nov 2010 20:58:01 GMT | j145
They are corrupt and do not contribute an iota of value or anything constructive to our society.
These poor darlings have been screwing the American people ever since I can remember. It is outrageous to think that many of these lazy twits, who are living in style, don’t know what it is to put in a hard-day’s work, while many Americans continue sweating it out in order to feed their families and trying to avoid foreclosure of their homes.
It is time for us to introduce into law a bill that would require these freeloaders to spend a minimum of three years in a hard-labour detention camp so they will understand the daily hardships of the less privileged.
And……..FORCE THEM TO PAY THEIR FAIR SHARE OF TAXES!!
HartlessBeest
Sat, 13 Nov 2010 21:06:13 GMT | HartlessBeest
Wow...And you people have nerve to talk about Union's. Yep, Union's are bad....un-huh. Wonder how many of you got a check from any of these CEO's. Or did you just get the pink slip? United States....yeah-right!
Thanks to gross excesses in executive compensation exposed during the financial crisis, CEO pay has come under increased scrutiny in recent years.
At the prodding of the SEC, compensation boards at public companies have cleaned up their acts somewhat, but CEOs still typically make far more than shareholders consider reasonable. Plus they often negotiate lavish perks that increase their pay by millions more.
Related stories at DailyFinance.com
• Why Time Is Right for Conan O’Brien
• Why Main St. Doesn’t Buy Wall St. ‘Recovery’
• How Long Will ‘The Simpsons’ Last?
To see the latest trends in perks and pay, 24/7 Wall St. examined the most recent proxies of dozens of large public companies where CEOs have outsized overall compensation. Not surprisingly, we found buried in the fine print, some very generous benefits. This is the 24/7 Wall St. list of outrageous CEO perks:
$391,000 in Tax Prep
Occidental Petroleum (OXY) shareholders have enjoyed returns of more than 35% this past year under CEO Ray Irani's reign. As a result, Irani's current compensation is $31.4 million. Included in that figure is personal tax preparation and financial planning at a cost of $391,000. The average person pays about $500 for financial planning. At Occidental's 2010 annual meeting, however, over half of shares voted were against the company's say-on-pay proposal (which means half the shareholders who voted were not happy with his compensation).
$772,000 to Cover Underwater Mortgage on Home Sale
Richard Anderson of Delta Air Lines (DAL) may not make as much as the other CEOs listed, but he certainly has his share of corporate perks. Although he earns $2.25 million a year, Anderson relies on the company to cover a number of what could be considered personal costs. For instance, Delta paid Anderson $772,000 in relocation costs because his home in Minneapolis, which he needed too sell to move to Atlanta, was worth less than his mortgage. No doubt, a lot of Delta employees and shareholders are desperate to get out from under their underwater mortgages too.
$110,000 for an Attorney to Negotiate Compensation
Carol Bartz, who joined Yahoo (YHOO) as CEO in January 2009, received about $39 million in compensation for that year. That included equity she otherwise would have made at her last job. However, according to estimates made by Glass Lewis, a leading governance consulting firm, Yahoo paid her more than she should have received, putting her in the top of its overpaid CEO list. Bartz, however, did not want to pay her attorney fees to negotiate compensation from Yahoo. Later, Yahoo paid the $110,000 bill.
$1.3 million to Relocate for New Job
Having just been hired on July 13, 2009, Boston Scientific (BSX) CEO Ray Elliot is quite fortunate to be receiving compensation totaling $33.4 million. Included in this is $1.3 million for relocation costs and a cost-of-living allowance, apparently needed for Elliot's new position. $1.4 million in Security Services
Those holding executive positions at Oracle (ORCL) are known for receiving immense compensation without being held to any specific performance requirements. CEO Larry Ellison, for instance, received $84.5 million in 2009 -- the highest amount paid to any U.S. CEO that year. As though this were not enough, Oracle provides Ellison with $1.4 million in security-related costs.
$216,000 in Club Memberships
Randall L. Stephenson of AT&T (T) is the country's 12th-highest paid CEO, with yearly compensation of $20.3 million. Part of this pay includes $216,000, which is used specifically for Stephenson's club memberships. Additionally, Stephenson receives compensation in the form of automobile benefits and aircraft usage, including catering and crew travel costs.
$724,000 for Car and Driver
Another of the country's top-paid CEOs is Travelers' (TRV) Jay S. Fishman. He receives yearly compensation of $20.1 million. Of that, $724,000 goes toward car and driver services, as well as aircraft services, helping Fishman live up to his company's name. Many employees would say it's difficult to get their employers to just cover gas.
$639,000 in Aircraft Use
The CEO of Abercrombie & Fitch (ANF) made a massive $38.5 million in 2009. This salary earned him the second-highest ranking on Glass Lewis's overpaid CEO list. In fact, Michael Jeffries's 2009 compensation exceeded that given to the company's four other top executives combined by more than 360%. It's difficult to see any logical reasoning behind Jeffries's excessive compensation, especially when considering that $639,000 goes toward his personal use of a company-owned aircraft.
$2.5 Million in Tax Reimbursement
Leslie Moonves, CEO of CBS (CBS), is paid $44.1 million. CBS, however, is headquartered in New York, while Moonves lives in California. So, CBS pays $2.5 million in tax reimbursement to cover the difference between what Moonves would have paid if he lived only in California.
Surveys show that shareholders of many public firms believe a chief executive should make $2 million or $3 million and have bonuses that are tied to stock options. Yet, companies are still clearly willing to pay top dollar to recruit a new CEO or keep an existing one happy.
The position that most boards take when they defend CEO pay is that top talent is scarce. It's the same argument sports teams use when they offer players exorbitant salaries: Pay the going rate, or let the player go elsewhere.
That may be true. But one thing is clear from our list: Average Americans aren't likely to have high regard for executives who get larded with such outrageously lavish perks.
Do you think these market bubbles will soon burst? Share your thoughts.
DailyFinance.com is a business news site that offers timely analysis, stock quotes and investment advice. Our mission is to help our readers navigate through turbulent economic times and make better decisions about the future. Turn to DailyFinance for the latest news, analysis and advice about business and investing.
The opinions expressed are solely those of the author and do not necessarily reflect the views of Comcast.
Comments
The dashing CEO in the picture above looks just like one of the Bee Gees, without the long layers in his hair and white pants....."You can tell by the way he walks, he's a woman's man...no time to talk....Ah ha ha Stayin' Alive....he's a dancin' man and just can't lose"?............It's just a matter of time before the affluent and sexy CEO man's so called Caviar dreams and Champagne bubbles fizzle.......So, he's making the most of his lavish lifestyle, while he still can in his private jet and getaways.
Sat, 13 Nov 2010 00:44:09 GMT | lightandtruth
And yet these companies lay off the average worker without a blink. Unfortunately in some of these cases the person who cleans up the floors are much more valuable and provide a service to the company than these over-priced under performing individuals do. America needs to wake up to the fact that it is not just who is in Washington that has allowed the excess of few to become rampant but it is the stockholders of these public companies that should shoulder most of the responsibility. Get them out and limit the salaries and perks and you will see your share values increase. Don't depend on the government to take action, do it yourselves!
Sat, 13 Nov 2010 17:21:16 GMT | gadawg67
gee is anyone worth that no . the little guy gets it coming and going .no wonder the cost of living is so high you can see it starts at the top stocksholders should be outraged
Sat, 13 Nov 2010 18:16:01 GMT | 2832linda
Every one of you ought to be ashamed of yourself!!!!!!!!!!!!!!!!!!!!!!!!! I don't know how you can even look the american public in the eye. But I guess with all your PRIVATE toys you don't have to.!!!!!!!!!!!!!!!!!!!!!!!!!!!!!
AMERICAN PUBLIC TAKE NOTE
Sat, 13 Nov 2010 18:33:29 GMT | diancarl
Will these perks go away....no way. The pay is sinful let alone the perks and these people have no heart or conscience and they think their ideas are worth that much. What egos they must have. They have NO shame but I would say all this about the Big Kids that play sports and get paid this much as well. Oh well I will go back to my 750 square foot home and be blessed that I can look myself in the mirror without wretching.
Sat, 13 Nov 2010 18:45:15 GMT | JimJR
The only way to stop it is to boycott one company at a time and put them out of business. See who will jump to the rescue when these CEO's are standing in a soup line. I may laugh at them, but, help them. NO WAY!! Most of them can't do the job of the middle class or they won't lower their standards to try. I consider every one of them criminals, preying on the American consumer. FIRE the all, put a cap on salaries and end all perks. These greedy thieves make enough money.
Sat, 13 Nov 2010 18:58:17 GMT | gfd18gp
To whom it may concern? Is there any legal way to fire these people?With what they have now,they could retire.And live a life full of ("No Financial Problems"). How much is to much for these people?Doug Fleming.
Sat, 13 Nov 2010 19:01:26 GMT | cdfleming
In these times, you have to pay the going rate to get the talent. These CEO's must have a performance record that matches with the salaries they demand. If you aren't willing to fork over big bucks to get these performers, someone else will and you'll end up with a lesser performer farther down the list. The numbers don't lie when it comes to company bottom lines. The only part I have a problem with is the golden parachutes that pay huge amounts to these people, if they turn out to be a lousy choice, just to go away. We can grumble about the subject all day, but it's the executive boards of these huge companies that decide how much they want to "invest" in their top dog.
Sat, 13 Nov 2010 19:11:01 GMT | Duggus
I wonder if anyone who is complaining about what these CEO's get would be complaining if they had the ability, talent, smarts and luck to land one of these jobs...
Sat, 13 Nov 2010 19:14:48 GMT | chrisdoerr
This is totally unacceptable.....this is the kind of abuse that President Obama is trying to elimiate. These folks have enough money to pay the salaries of some of the thousands of people on unemployment right now. Oh my goodness, are they putting any of that money back into the economy, finance a company and hire some employees so they can help this crazy deficit we're in. What is the taxes on a salary that big. This should not be allowed and just like that got those guys on Wall Street, and those Bankers, this guys are going to be addressed too. I seriously want to know if any of these rich people are giving any of this money away? Not that it will make a difference but I am curious to know if they are selfish.
Sat, 13 Nov 2010 19:22:40 GMT | FirstAMSGAPres
Will the excesses in CEO compensation continue? The Facist Republican agenda indicates that it certainly will. They own and control the political process because they own and control the media and are backed with international money. The fight they are putting up just to continue with the tax break they are getting from King George ll (The Bush Crime Family) is a good indication that the greed and excesses are to continue.
Sat, 13 Nov 2010 19:32:05 GMT | mikeavic
Chris and duggus.....NO ONE NO ONE is worth 20 million dollars. Do you really think that a CEO is that different from anyother CEO....sure there are bad ones but that is where the search committee comes in... and yes I agree about the GP. Taxes??? are you kidding, these folks dont pay the portionate taxes that we poor folks pay. Besides, you pay me 40 million and I will pay 75% taxes and laugh all the way to the bank. Obscene is the word I have for these salaries and perks. It is a shame
Sat, 13 Nov 2010 19:33:38 GMT | JimJR
I feel it isn't because these grossly overpaid CEO's are qualified or even have any business savvy at all... they recieve thier 'compensation' and perks because they know too much about the happenings and unseen deals that the company they 'work' for perform that the average man on the street have no clue to. It's all mostly hush money.
--------------------------------------------------------------------------------
Comcast_Finance wrote:
Editor's Note: This post by Douglas McIntyre originally appeared on November 10 on DailyFinance.com.
Thanks to gross excesses in executive compensation exposed during the financial crisis, CEO pay has come under increased scrutiny in recent years.
At the prodding of the SEC, compensation boards at public companies have cleaned up their acts somewhat, but CEOs still typically make far more than shareholders consider reasonable. Plus they often negotiate lavish perks that increase their pay by millions more.
Related stories at DailyFinance.com • Why Time Is Right for Conan O’Brien
• Why Main St. Doesn’t Buy Wall St. ‘Recovery’
• How Long Will ‘The Simpsons’ Last?
To see the latest trends in perks and pay, 24/7 Wall St. examined the most recent proxies of dozens of large public companies where CEOs have outsized overall compensation. Not surprisingly, we found buried in the fine print, some very generous benefits. This is the 24/7 Wall St. list of outrageous CEO perks:
$391,000 in Tax Prep
Occidental Petroleum (OXY) shareholders have enjoyed returns of more than 35% this past year under CEO Ray Irani's reign. As a result, Irani's current compensation is $31.4 million. Included in that figure is personal tax preparation and financial planning at a cost of $391,000. The average person pays about $500 for financial planning. At Occidental's 2010 annual meeting, however, over half of shares voted were against the company's say-on-pay proposal (which means half the shareholders who voted were not happy with his compensation).
$772,000 to Cover Underwater Mortgage on Home Sale
Richard Anderson of Delta Air Lines (DAL) may not make as much as the other CEOs listed, but he certainly has his share of corporate perks. Although he earns $2.25 million a year, Anderson relies on the company to cover a number of what could be considered personal costs. For instance, Delta paid Anderson $772,000 in relocation costs because his home in Minneapolis, which he needed too sell to move to Atlanta, was worth less than his mortgage. No doubt, a lot of Delta employees and shareholders are desperate to get out from under their underwater mortgages too.
$110,000 for an Attorney to Negotiate Compensation
Carol Bartz, who joined Yahoo (YHOO) as CEO in January 2009, received about $39 million in compensation for that year. That included equity she otherwise would have made at her last job. However, according to estimates made by Glass Lewis, a leading governance consulting firm, Yahoo paid her more than she should have received, putting her in the top of its overpaid CEO list. Bartz, however, did not want to pay her attorney fees to negotiate compensation from Yahoo. Later, Yahoo paid the $110,000 bill.
$1.3 million to Relocate for New Job
Having just been hired on July 13, 2009, Boston Scientific (BSX) CEO Ray Elliot is quite fortunate to be receiving compensation totaling $33.4 million. Included in this is $1.3 million for relocation costs and a cost-of-living allowance, apparently needed for Elliot's new position. $1.4 million in Security Services
Those holding executive positions at Oracle (ORCL) are known for receiving immense compensation without being held to any specific performance requirements. CEO Larry Ellison, for instance, received $84.5 million in 2009 -- the highest amount paid to any U.S. CEO that year. As though this were not enough, Oracle provides Ellison with $1.4 million in security-related costs.
$216,000 in Club Memberships
Randall L. Stephenson of AT&T (T) is the country's 12th-highest paid CEO, with yearly compensation of $20.3 million. Part of this pay includes $216,000, which is used specifically for Stephenson's club memberships. Additionally, Stephenson receives compensation in the form of automobile benefits and aircraft usage, including catering and crew travel costs.
$724,000 for Car and Driver
Another of the country's top-paid CEOs is Travelers' (TRV) Jay S. Fishman. He receives yearly compensation of $20.1 million. Of that, $724,000 goes toward car and driver services, as well as aircraft services, helping Fishman live up to his company's name. Many employees would say it's difficult to get their employers to just cover gas.
$639,000 in Aircraft Use
The CEO of Abercrombie & Fitch (ANF) made a massive $38.5 million in 2009. This salary earned him the second-highest ranking on Glass Lewis's overpaid CEO list. In fact, Michael Jeffries's 2009 compensation exceeded that given to the company's four other top executives combined by more than 360%. It's difficult to see any logical reasoning behind Jeffries's excessive compensation, especially when considering that $639,000 goes toward his personal use of a company-owned aircraft.
$2.5 Million in Tax Reimbursement
Leslie Moonves, CEO of CBS (CBS), is paid $44.1 million. CBS, however, is headquartered in New York, while Moonves lives in California. So, CBS pays $2.5 million in tax reimbursement to cover the difference between what Moonves would have paid if he lived only in California.
Surveys show that shareholders of many public firms believe a chief executive should make $2 million or $3 million and have bonuses that are tied to stock options. Yet, companies are still clearly willing to pay top dollar to recruit a new CEO or keep an existing one happy.
The position that most boards take when they defend CEO pay is that top talent is scarce. It's the same argument sports teams use when they offer players exorbitant salaries: Pay the going rate, or let the player go elsewhere.
That may be true. But one thing is clear from our list: Average Americans aren't likely to have high regard for executives who get larded with such outrageously lavish perks.
Do you think these market bubbles will soon burst? Share your thoughts.
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Sat, 13 Nov 2010 19:45:33 GMT | kenny2u
I am appalled by the hubris arrogance and greed of these CEOs. They are not held to the same standards that they themselves hold each and every employee. During the worst recession (close to a depression) in history, top executives were taking outrageous bonsuses. Were they held accoutable for the contribution to the collapse of our economy? No, Wall Street (financial house) Executives were raking it in. Many that were replaced in the meltdown aftermath received huge golden parachute payouts. Also, many executives in other industries are also not being held accountable. For example, Mark Hurd of HP and his 28 million payout. This country has gone on tilt. Executivers are cutting worker salaries (sometimes in midstream). laying off employees, cutitng benefits, and reaping huge bonuses for it. What's the magic in increasing profits on the backs of their employees. Hell, I can increase profits by cutting jobs, laying off long time employees, reducing benefits. And i'll do it for a lot less. The question is: Do we need to pay for creativity, unique skill sets, leadership. performance, etc? The answer is obviously, Yes, but we have misplaced the meaning of those words and substituted "perception is reality", "fudge factors", "creative accounting", :entitlement", "government payoffs and influence", etc. The public, workers, and shareholders have to be more vocal and demonstrative. They have to take action. Things will not change until we do something about it!
Sat, 13 Nov 2010 20:04:40 GMT | cliffhanger1
Im a fan of capitalism, but if you take this much compensation then you should be held accountable for the loses of the corporations you run. Share holders should be able to sue them for malpractice.
Most of the time the employees lose their jobs with limited compensation and top banannas keep their job or walk away with enough money to maintain lavish lifestyle
Sat, 13 Nov 2010 20:58:01 GMT | j145
They are corrupt and do not contribute an iota of value or anything constructive to our society.
These poor darlings have been screwing the American people ever since I can remember. It is outrageous to think that many of these lazy twits, who are living in style, don’t know what it is to put in a hard-day’s work, while many Americans continue sweating it out in order to feed their families and trying to avoid foreclosure of their homes.
It is time for us to introduce into law a bill that would require these freeloaders to spend a minimum of three years in a hard-labour detention camp so they will understand the daily hardships of the less privileged.
And……..FORCE THEM TO PAY THEIR FAIR SHARE OF TAXES!!
HartlessBeest
Sat, 13 Nov 2010 21:06:13 GMT | HartlessBeest
Wow...And you people have nerve to talk about Union's. Yep, Union's are bad....un-huh. Wonder how many of you got a check from any of these CEO's. Or did you just get the pink slip? United States....yeah-right!