Mc Cain vs Obama, Say on Pay
Yes, this is a Los Angeles Real Estate blog, and the current economy continues to make lenders scrutinize each detail of the loan transaction... but more on that later.
Government Seizes WaMu and Sells Some Assets:
"Alan H. Fishman…. who has been on the job for less than three weeks, is eligible for $11.6 million in cash severance and will get to keep his $7.5 million signing bonus, according to an analysis by James F. Reda and Associates. "
Read the remainder of the New York Times article
More outrageous executive pay is noted in the Ichan Report
"....This certainly applies to Stan O'Neal, who left Merrill Lynch as CEO last October with about $130 million in stock grants and options at a time when Merrill was deeply involved in the mortgage-backed securities market. The firm took billions of dollars in losses as a result, prompting its sale to Bank of America.
This clawback should also apply to Lehman, which set aside some $2.5 billion to pay bonuses to top executives of the firm, the bulk of which is being sold to Barclays. Again, they shouldn’t get these bonuses if taxpayers are forced to buy their toxic assets."
The good news is that both McCain and Obama agree on corporate accountability. "Say on Pay has become a hot topic in the 2008 elections and highlights our faulty corporate structure. 'Say on Pay' may be the first step in emphasizing to our political leaders how important corporate governance is to the United States economy."
Read the remainder of this article on the Ichan Report
Government Seizes WaMu and Sells Some Assets:
"Alan H. Fishman…. who has been on the job for less than three weeks, is eligible for $11.6 million in cash severance and will get to keep his $7.5 million signing bonus, according to an analysis by James F. Reda and Associates. "
Read the remainder of the New York Times article
More outrageous executive pay is noted in the Ichan Report
"....This certainly applies to Stan O'Neal, who left Merrill Lynch as CEO last October with about $130 million in stock grants and options at a time when Merrill was deeply involved in the mortgage-backed securities market. The firm took billions of dollars in losses as a result, prompting its sale to Bank of America.
This clawback should also apply to Lehman, which set aside some $2.5 billion to pay bonuses to top executives of the firm, the bulk of which is being sold to Barclays. Again, they shouldn’t get these bonuses if taxpayers are forced to buy their toxic assets."
The good news is that both McCain and Obama agree on corporate accountability. "Say on Pay has become a hot topic in the 2008 elections and highlights our faulty corporate structure. 'Say on Pay' may be the first step in emphasizing to our political leaders how important corporate governance is to the United States economy."
Read the remainder of this article on the Ichan Report
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