Fresh Air or Hot Air?
January 13, 2010
It's been a good week for Randi Weingarten. In a speech Tuesday morning at the National Press Club, the president of the American Federation of Teachers (AFT) voiced support for some major education reforms--most notably, tying students' test scores to teacher evaluations and making it easier to fire bad teachers.
November 21, 2009
The Editors: Don't complain about CEO pay. Just break up the banks.
Some Answers, More Questions, on Exec Pay
October 23, 2009
Yesterday I wondered about the long-term stock grants that pay czar Ken Feinberg is asking TARP recipients to give executives in lieu of cash salaries, which will fall sharply. The news reports said employees generally wouldn't be able to touch their stock grants for four years, but it wasn't clear if the employees would also forfeit their stock if they left sooner. For what it's worth, today's Wall Street Journal provides a little more detail on that question: The stock units, Mr.
The Pay Czar Strikes
October 22, 2009
So it really does sound like Ken Feinberg is on the right track. I like the idea of cutting cash salaries to under $500,000 for top executives and shifting compensation toward long-term stock grants, which the Journal says wouldn't be touch-able for at least four years (with the possible exception of companies that pay back their bailout money early). One question: What happens to the stock if the executive leaves the firm sooner? According to the Journal, Feinberg wants the long-term grants to start this year.
The Pay Czar Is Making Sense
October 06, 2009
I was pretty dubious that Ken Feinberg, the administration pay czar, would have much effect on Wall Street compensation--even at the handful of TARP basket-cases (AIG, GM, BofA, Citi, etc.) where you'd expect the administration to have leverage. In weaker moments, I even imagined Feinberg as a kind of a fig leaf, whose very existence confirmed that the White House didn't think there was much to be done about executive pay.