Mind you, this was 20 years ago, but I had made a remark that my previous employer must be having a paperwork problem with their Employee Stock Ownership Program, because it was June, and the plan required annual reports by the end of April, and I had still not received one.
TWO days later, a registered letter arrives from a Law Firm, warning me of the consequences of slandering my previous employer. . .
I shut up. The Annual Report (and my final ESOP certificate) arrived in September. Needless to say, I liquidated immediately and rolled it to an IRA. . .
Mind you, that was over a CASUAL COMMENT on compliance with a filed financial plan.
Except that train has ALREADY left town. Foreign Banks are submitting, well, being FORCED to submit to FATCA or face seizure of 30% of assets transferred to and from the US.
So, as a result, foreign banks are generally shedding American depositors.
Because Washington thinks it IS WorldCop. . .
Big paydays on Wall Street often come under laserlike scrutiny, while Silicon Valley gets a pass on its own compensation excesses. Why the double standard?
The typical director at a Standard & Poor’s 500 company was paid $251,000 in 2012, according to Bloomberg News. Mr. Schmidt [Google's CEO] is above that range by over $100 million.
... The latest was the criticism of Jamie Dimon’s pay for 2013, given the many regulatory travails of his bank, JPMorgan Chase. The bank’s board awarded Mr. Dimon $20 million in pay for 2013, $18.5 million of which was in restricted stock that vests over three years. ... For one, the outsize pay for Mr. Schmidt doesn’t square with Google’s performance. Putting aside the fact that he is not even the chief executive, Google had net income of $12.9 billion last year. JPMorgan was higher at $17.9 billion....
On pure economics, Mr. Schmidt appears to be receiving an inordinate amount. By every measure, JPMorgan is bigger, with more profits. And yet Google awards $100 million to its chairman and there is nary a peep.
Maybe the bigger question is why is CEO pay so entirely disconnected from company performance?