Executive Pay: Will inflated pay packages get slashed?

Angelo R. Mozilo, whose Countrywide Financial came to symbolize the failings of the mortgage industry, took home more than half a billion dollars from 1998 to 2007, including $121.7 million from cashing in options last year alone. Charles O. Prince, who led Citigroup to the brink of disaster, was awarded a retirement deal worth $28 million. Now, in a show of purported restraint, top Wall Street executives are going without bonuses. Full Story »

Posted by Leo Romero

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George Blahusiak
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by George Blahusiak - Dec. 21, 2008

Will they get slashed? Not likely. Recently a motion went before a board for a pay rise of several million for one exec. And he got it. Why? Because he had 200,000 shares in the company and his vote carried the motion. One man one vote instead of one share one vote might help. What it really needs is for someone who doesn't have a vested interest to set the salaries. I'd say no chance. Forget the old saying pay peanuts and get monkeys. Pay more peanuts and all you get is fat monkeys. In addition pay should be for job remuneration, not person remuneration, and pay doesn't get increased until a new person is appointed to the position so existing execs cannot reward themselves

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