...The Wall Street Journal reported in December 2002 that 27 current and former Bristol-Myers Squibb executives had said the accounting tricks were carried out under strong pressure to meet Heimbold’s high earnings targets. Those tricks appear to have paid off well for the former CEO. A perennial pay leader, in 2001 alone Heimbold cashed in $70 million in stock options. What would those options have been worth had Bristol-Myers Squibb not been cooking the books? We’ll never know. We do know he was never forced to pay back a dime. Heimbold’s story is actually not that uncommon. In a report I co-authored at the Institute for Policy Studies, we analyzed 18 extremely highly paid CEOs who led companies that had to shell out more than $100 million in fraud-related settlements. Eleven of the CEOs had left their firms before the fraud charges were fully resolved. This finding is part of a larger IPS “performance review” of CEOs who made the annual top 25 highest-paid lists over the past 20 years. Theoretically, these CEOs should be the cream of the crop of American corporate leadership. But instead of stellar performance, we found that nearly 40 percent were bad performers -- even by the most narrow, incontrovertible definitions... alternet.org/corporate-accountability-and-workplace/how-highly-paid-ceos-rip-their-companies-and-public-fraud-and
Posted on: Thu, 29 Aug 2013 07:14:41 +0000
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