According to the October 2, 2008 Ottawa Citizen (*), here are the earned income from 2002 to 2006 of five top mortgage corporation leaders (in US dollars):
$ 311.9 million - Richard Fuld, CEO, Lehman Brothers
$ 295.7 million - Angelo Mozilo, CEO, Countrywide Financial
$ 155.3 million - James Cayne, CEO Bear Stearns
$ 87.4 million - Stan O'Neal, CEO Merrill Lynch
$ 60 million - Martin Sullivan, CEO, American International Group
The issue of accountability is now being raised by critics who think these CEOs were being rewarded for reckless investments that eventually brought ruin to shareholders, their companies, the finance sector, and then the US and world economic order.
According to the newspaper, only two CEOs are willing to forfeit part of their earnings. Angelo Mozilo agreed to gave up about $ 36 M in severance pay and a $ 400 K per year consulting contract. The other is Robert Willumstad, former CEO (Martin Sullivan is his predecessor) of AIG, American International Group, who would waive his right to a $ 22 M severance pkg. The AIG boss reportedly said he "... couldn't in good conscience accept the deal when AIG shareholders and employees had lost so much money."
Well, it appears these two CEOs are the exceptions rather than the rules. The others are keeping their earning, thank you very much. As I said in Inner Space's Sept 29, 2008 blog:
Don't worry, be happy.
Greed will always feed the beasts.
A little poison? That's not treason!
Put up and shut up -
while I wait for my stock to go up !!!
Reference (*): Steven Edwards and Sheldon Alberts, The Ottawa Citizen, page A11: "Bagnall: Huge bonuses paid on inflated earnings" October 2, 2008