Archive for April 29th, 2010
Looks Like Dick Fuld Lied Under Oath
Dick Fuld said under oath that he was paid less than $310 million from 2000 through 2007, and that he held, rather than sold, the “vast majority” of his shares, if not all of them. But it’s becoming increasingly clear that he was lying.
The latest bombshells come from former Lehman lawyer Oliver Budde, who spent many years drafting the bank’s compensation disclosures and hiding the restricted stock unit (RSU) component of Fuld’s pay.
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See Also:
- Ex-Lehman Lawyer: Dick Fuld Used Accounting Trickery To Understate Pay By More Than $200 Million
- Dick Fuld Broke Down With Nervousness During Lehman-Investigation Questioning
- 10 Things We Learned From Hank Paulson’s Book "On The Brink"
Basically, Goldman Victim ACA Was Wall Street’s “Town Bicycle”
Dan Wilchins at Reuters has a good profile on ACA, the collapsed firm that lost a boatload on the controversial abacus deal.
The nut of it is that the firm was “easy,” so to speak:
But many traders said it was an open secret that ACA would consider deals that few others would take.
“They’d say ‘yes’ to pretty much everyone who asked them to dance,” said one Wall Street professional who did business with ACA.
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Yahoo’s Bartz Made $47.2 Million In 2009 (YHOO)
Yahoo CEO Carol Bartz received a total compensation of $47,229,273 in 2009.
According to an SEC filing, this compensation includes a salary of $969,872, stock awards worth $12,974,722, an option award worth $29,169,334, a non-equity bonus of $1,500,000, and “other” compensation worth $2,615,345.
That’s a lot of green for the purple boss!
Some others made bank, too:
- CFO Timothy R. Morse – $6,170,193
- Ex-CFO Blake Jorgensen – $2,102,994
- EVP Hilary Schneider – $5,261,775
- Departing CTO Aristotle Balogh – $5,584,251
- Top lawyer Michael J. Callahan – $3,925,049
Despite the nice pay, Yahoo execs keep quitting. How come?
Find out: The Real Reason Top Yahoo Execs Keep Quitting
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See Also:
- REVEALED: The Startup Behind ‘Fake Carol Bartz’
- Yahoo Is Ready To Open Its Checkbook To Get Audience, Technology
- Carol Bartz’s 20-Day, $10 Million Challenge
THEY’RE GOING TO BREAK UP THE BANKS
MarketWatch:
Nine of the largest financial institutions including Bank of America Corp., Citigroup Inc. and J.P. Morgan Chase & Co. would have to scale down by about 40%, according to legislation introduced by a group of eight Democrats on Thursday… The measure limits the size of non-deposit liabilities at financial institutions to 2% of U.S. gross domestic product, or about $300 billion
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Dude Who ‘Found’ iPhone And Sold It To Gizmodo ‘Regrets His Mistake’ (AAPL)
Wired has unmasked the guy who allegedly “found” an iPhone prototype in a Silicon Valley bar and sold it to Gizmodo.
Brian J. Hogan, a 21-year-old, “regrets his mistake in not doing more to return the phone,” according to a statement his attorney sent to Wired.
His efforts to return the phone to Apple were pretty pathetic. As Brian X. Chen and Kim Zetter report for Wired, “A friend of Hogan’s then became involved, and offered to call Apple Care on Hogan’s behalf, according to Hogan’s lawyer. That apparently was the extent of his efforts to return the phone.”
Interesting: Hogan reportedly thought he was selling Gizmodo the exclusive right to review the phone, not ownership of the phone.
This could possibly be a legal escape for Gizmodo owner Gawker Media, which wouldn’t want to be accused/convicted of buying stolen property. (We obviously don’t know how this will turn out, legally.)
Either way, Brian is not a schmoe, according to his profile in Wired:
His attorney says he recently transferred schools and will resume his college education in the fall. He has been working part time at a church-run community center giving swimming lessons to children and volunteered at a Chinese orphanage last year while he was enrolled in a study-abroad program.
“He also volunteers to assist his aunt and sister with fundraising for their work to provide medical care to orphans in Kenya,” his attorney says. “Brian is the kind of young man that any parent would be proud to have as their son.”
Adorable.
Don’t miss: The Crazy Phones In Japan That The iPhone Is Competing With
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See Also:
- Apple Employees Tweet!
- Investigators Find The Person That Found The Gizmodo iPhone
- Here’s All The Stuff Cops Confiscated From Gizmodo Editor Jason Chen