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Overview
Annual reports of American corporations have been arriving in the mail — those Rosetta stones of graphs and bars, flow charts and footnotes promissaries and promises, that tell us how companies are doing. What shareholders are finding is causing their blood to boil. Shareholder value may be down, but the chief executive officers are still making off with a fortune. Also, get the real story on how corporate tax rates stack up against yours.
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Turns out that American executive compensation rates are quite different from those of the rest of the developed world. In Japan a typical executive makes eleven times what a typical worker brings home; in Britain, 22 times. In America... |
New rules introduced in the wake of the 2002 bankruptcy scandals insist that corporate CEOs stand by their companies earnings. THE FINANCIAL TIMES just published another interesting selection of statistics: The pay rates of the CEO's of the largest companies to go bankrupt in 2001.
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Barons of Bankruptcy |
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| Gary Winnick, Global Crossing: Total earnings (salary, bonus, cash, share sales) : |
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$512.4 million |
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Global Crossing: Value lost since 1999
Jobs lost: |
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$9.2 billion
5,020 |
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| Kenneth Lay, Enron: Total earnings (salary, bonus, cash, share sales): |
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$246.7 million |
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Enron: Value lost since 1999:
Jobs lost: |
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$18.8 billion
5,500 |
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| Richard Lumpkin, MacLeodUSA: Total earnings (salary n/a, bonus, cash, share sales): |
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$116.3 million |
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MacLeodUSA: Value lost since 1999:
Jobs lost: |
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2.0 billion
2,165 |
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| Scott Sullivan, WorldCOM: Total earnings (salary, bonus, cash, share sales): |
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$49.4 million |
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WorldCOM: Value lost since 1999:
Jobs lost: |
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$126.8 billion
24,000 |
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Source: THE FINANCIAL TIMES, July 31, 2002
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