The Obama Compensation Limits: FreePassers Not Allowed

February 5th, 2009

President Obama announced that he wants to impose compensation limits on executives of companies that receive government financial rescue funds. His proposal includes the following provisions:

A $500,000 cash cap on annual compensation for senior executives
Requiring top executives at financial institutions to hold stock for several years before they cash out
Requiring nonbinding “say on pay” resolutions [...]

Trust in Banks and the Congressional Pig Roast: FreePassers in the Beltway

February 3rd, 2009

Although my last several posts have focused on FreePassers in corporate America and on Wall Street, we also find an abundant number of them in government, especially in Washington, D.C.
Trust the Banks: One of the Greatest Lies in History
When the original TARP (Troubled Asset Relief Program) legislation was first introduced it had few restrictions and was [...]

Bloomberg Communications: The Gold Standard for Accountability in Bonuses

January 29th, 2009

In my earlier post, I discussed the need for accountability in compensation and used the old partnership structure as an example of how Wall Street was held accountable in the past and could be in the future. This generated questions as to how to hold ordinary employees accountable in terms of pay. In many cases, [...]

$1 Million Offices, New Corporate Jets and Other FreePassers on Wall Street

January 28th, 2009

Recent headlines hitting the news over the last several days indicate that the FreePasser epidemic is alive and well on Wall Street and in corporate America. However, the scale of some of these abuses amaze even me.
The $1 Million Office
CNBC reporter Charlie Gasparino reported that former Merrill Lynch CEO John Thain spent $1.2 million to redecorate [...]

The Wall Street FreePasser Problem: Accountability is Still the Answer!

January 19th, 2009

My initial entry on the FreePasser epidemic afflicting our society seems to have accomplished its purpose, which was to increase awareness and to generate a thought-provoking reaction. This is designed to be a forum to discuss the problem and to generate potential solutions. Otherwise, we will not find a long-term answers to the current disaster [...]

FreePassers and the Salvation of Capitalism

December 19th, 2008

I’m not an opportunist by nature. Although the current economic crisis seems the appropriate time to launch my blog, I assure you that my study of this phenomenon has been ongoing, and its contribution to today’s state of affairs was predictable. I can tell you without qualification that the reform of the FreePasser mentality [...]

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