[Grovenet] FYI - - Overview of CEO pay before meltdown

[Katie Allnutt]

The WaMu guy was sacked when it was bought out last week and he got  
his millions even though he was on the job for less than a month.   
Total package of $20M for about 3 weeks of work. Nice job if you can  
get it.

Katie (you don't 'get' your part of the 700b, you 'give' your part,  
and your kids and your grandkids 'give' too.)

On Sep 29, 2008, at 9:07 AM, Bob Browning wrote:

> The price of failure in the US in recent years sounds pretty good  
> to me!!
>
> bob "where do I get my part of the $700 b??" browning
>
> =======================================
>
> Portland Business Journal - September 24, 2008
> http://portland.bizjournals.com/portland/stories/2008/09/22/ 
> daily27.html
>
> Wednesday, September 24, 2008
> Overview of CEO pay before meltdown
>
> Portland Business Journal - by Mike Sunnucks and Chris Casacchia  
> The Business Journal of the Greater Triad Area
>
> As the U.S. Congress considers a $700 billion bailout for Wall  
> Street and the banking sector, there are calls to restrict the pay  
> and severance packages for chief executives at the financial  
> institutions poised to benefit from the plan.
>
> The following executives earned hefty paychecks last year,  
> according to proxy statements outlining their salaries, bonuses and  
> stock options:
>
> • Lehman Brothers Chairman and CEO Richard Fuld Jr. made $34  
> million in 2007. Lehman (OTC: LEHMQ) filed for Chapter 11  
> bankruptcy protection this month.
>
> • Goldman Sachs Group (NYSE: GS), which Sunday gained Federal  
> Reserve Bank approval to become a bank holding company, paid its  
> chairman and CEO, Lloyd Blankfein, $70 million last year. Co-Chief  
> Operating Officers Gary Cohn and Jon Winkereid received $72.5  
> million and $71 million, respectively.
>
> • American International Group’s chief executive, Martin Sullivan,  
> got a $14 million compensation package in 2007. He was ousted in  
> June. The insurance giant (NYSE: AIG) is on the receiving end of an  
> $85 billion federal bailout. Edward Liddy took over as AIG’s chief  
> executive this month.
>
> • Morgan Stanley Chairman John Mack earned $1.6 million. Chief  
> Financial Officer Colin Kelleher got a $21 million paycheck in  
> 2007. Morgan Stanley (NYSE: MS) also received approval to become a  
> banking holding company, a shift that allows it to accept deposits.
>
> • Merrill Lynch & Co. Inc. CEO John Thain was paid $17 million in  
> salary, bonuses and stock options in 2007. Merrill (NYSE: MER) is  
> being acquired by Bank of America Corp. (NYSE:BAC). BofA CEO  
> Kenneth Lewis earned $25 million in 2007.
>
> • JPMorgan Chase & Co. Chairman and CEO James Dimon earned $28  
> million in 2007. Chase (NYSE: JPM) acquired troubled investment  
> house Bear Stearns this year with the federal government promising  
> to take on as much as $30 billion in Bear assets to help get the  
> deal done.
>
> • Fannie Mae (NYSE :FNM) CEO Daniel Mudd received $11.6 million in  
> 2007. His counterpart at Freddie Mac, Richard Syron, brought in $18  
> million. The federal government announced this month it was taking  
> over the mortgage backers with Herbert Allison to serve as Fannie  
> CEO and David Moffett the new CEO at Freddie (NYSE:FRE).
>
> • Former Wachovia Corp. Chairman and CEO Ken Thompson received $21  
> million in 2007. He was succeeded by Robert Steel as CEO in July.  
> Steel is slated to get a $1 million salary with an opportunity for  
> a $12 million bonus, according to CEO Watch. Wachovia (NYSE: WB)  
> and Morgan Stanley were exploring a merger during the crisis. But  
> that is unlikely following Morgan Stanley’s conversion to a bank  
> holding company and sale of a large stake to Mitsubishi UFJ  
> Financial Group Inc.
>
> • Washington Mutual Inc. (NYSE: WM) will pay its new CEO, Alan  
> Fishman, a salary and incentive package worth more than $20 million  
> through 2009 for taking the helm of the battered bank, according to  
> the Puget Sound Business Journal.
>
> Chief executives of large U.S. corporations averaged $10.8 million  
> in total compensation in 2006, more than 364 times the pay of the  
> average American worker, according to the latest survey by United  
> for a Fair Economy. In 2007, the CEO of a Standard & Poor’s 500  
> company received, on average, $14.2 million in total compensation,  
> according to The Corporate Library, a corporate governance research  
> firm. The median compensation package received was $8.8 million.
>
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