crossposted from unbossed
Curious about CEO pay in those days before we had heard of limiting them to poverty wages in the mid-6 figures? What could be more of doldrum than mid-February in the midst of a serious recession? So how about a fun website that lets you see how the CEOs got paid, who got how much TARP money, and more? And why is it that worker pay is always blamed for the trouble we are in?
Equilar will give non-subscribers a glimpse into 2007 pay. The rest of the details is only available to subscribers.
But, still, what is available is interesting. Even in 2007, it was clear to those who had eyes to see that these CEOs were actively bollixing things up. So here are a few snippets on CEOs of companies that have been in the news via a nice little site by Equilar. It includes information on TARP payments to companies, breakdown of CEO compensation by company, mini-bios, accumulated wealth of the CEO, interlocking directorates, and miscellaneous tidbits.
WAMU
Take Kerry K. Killinger, who, according to the Equilar report "stopped serving as CEO in September 2008. He was replaced by Alan H. Fishman." Hmmmm. Wonder what was going on then that led to his change of position . . . Oh, right, it was put out of its misery and acquired by JP Morgan Chase.
In any case, in the good ol' days, he had a base salary of $1 million for a total of $14,364,883 despite receiving no bonus. Roughly $13 million was in various forms of stock, which by now ought to be valued about in the territory of his bonus - $0.
Mr. Killinger, age 58, is Chairman and Chief Executive Officer of the Company, and was President until 2005. Mr. Killinger became President and a director in 1988, Chief Executive Officer in 1990 and Chairman of the Board of Directors in 1991. Mr. Killinger also serves as a director of Safeco Corporation and Green Diamond Resource Company.
AmEx
AmEx CEO Kenneth I. Chenault had a 2007 pay package of $50,126,585, of which $1,238,461 was his base salary.
And, one other nice feature of the Equilar site - it lets you know who got how much TARP money. That would be $3.389 billion in January 2009. I guess this guy earned his pay by nailing down that tidy little sum. You can find more on TARP disbursements here.
Bank of America
Kenneth D. Lewis' 2007 pay package of $20,404,009 was based on a salary of $1.5 million - and he has an accumulated wealth of $202,061,123. Now a lot of his salary and wealth are based on stock, so he may have to eke out a living based on a life style of a mere low 7 figures per year.
And BoA's TARP take? $15 billion TARP funds in October 2008. $10 billion TARP funds in January 2009 when it bought Merrill Lynch.
Berkshire Hathaway
Warren Buffett, of course, breaks the mold. His 2007 pay - $175,000. That's the total.
Boston Scientific
It's interesting to compare what the finance guys get versus the CEO's of companies that make things. Take James R. Tobin CEO of Boston Scientific. No TARP money needless to say. And this guy got a 2007 salary that was generous but in the 6 figures, though just barely. Give the guy 50K, and he'd break that ceiling, and with his bonus he did. Not stock or stock options for pay of about $2 million in 2007.
So go play and see what goodies you find there.
And when that fun fades, you can go to the TARP main page to get disbursement information, applications, and more.
And if you want to go to the reality universe,here is how the other "half" lives, those of us at the bottom.