March 31, 2005

CEOs of the Dow 30 Agree to Cut Salaries By 20%!

Okay, that title is my (lame) idea of an early April Fool’s joke – but here is a real NY Times article on inflation of salaries due to benchmarking. From the Museum of Hoaxes, here are the Top 100 April Fool’s Day Hoaxes of All Time. I like #4, when Taco Bell bought the Liberty Bell.

Jack Welch Defends His Retirement Perks

Last night, in an interview with Dan Rather on “60 Minutes Wednesday,” Jack Welch defended the retirement perks that he eventually gave up and became the basis for last year’s settlement with the SEC. Jack explained how he rejected $300 million worth of restricted stock near the end of his term as CEO, opting instead for the lifetime continuance of perks that became controversial when the scope of them were fully disclosed in his divorce proceedings. A video archive of the interview is available, including footage with Jack’s new wife.

Fairchild Executives Cut Pay to Settle Compensation Lawsuit

A few months ago, on, we posted a complaint filed in Delaware that alleged breaches of fiduciary duty and disclosure regarding the way the CEO and other executives were being compensated. According to this article in the Washington Post, the company and defendant officers have settled the lawsuit by cutting their pay and discontinuing some questionable practices.

Bloomberg Entering the Legal Database Market?

According to the Maryland Daily Record, Bloomberg intends to challenge Lexis and Westlaw by entering the legal database market. I can’t find anything on Bloomberg’s site to confirm this March 25th article.