mercoledì 28 luglio 2010

Populist day: le retribuzioni dei CEO a confronto con i guadagni ottenuti dagli investitori. E gli americani si impoveriscono sempre di più

Dal Wall Street Journal del 27 luglio: la classifica dei CEO più pagati degli ultimi 10 anni. Alcune sono storie di straordinario successo (Apple, NVR, XTO Energy, Chesapeake Energy...) altre assai meno: infatti in un terzo dei casi gli azionisti hanno avuto un rendimento negativo dall'investimento nello stesso periodo...in qualche caso spettacolarmente negativo...il Sig. Fuld è all'undicesimo posto. 

The Decade's 25 Top Earners

Many shareholders also saw big gains, but stockholders of seven of the 25 companies lost money. 

Oracle
Lawrence J. Ellison
$1,835.70
$6.70
$41.60
$0.00
$1,778.30
$9.10
$316.64
6/1/1999
5/31/2009
Interactive Corp/Expedia.Com
Barry Diller
$1,142.90
$7.60
$23.10
$0.70
$1,100.10
$11.60
$77.90
12/31/1999
12/31/2009
Occidental Petroleum
Ray R. Irani
$857.10
$12.80
$65.20
$206.70
$553.80
$18.70
$973.77
12/31/1999
12/31/2009
Apple
Steve Jobs
$748.80
$0.00
$45.80
$646.60
$14.60
$41.80
$1,171.00
9/30/1999
9/30/2009
Capital One Financial
Richard D. Fairbank
$568.50
$0.00
$0.00
$18.30
$549.30
$1.00
$86.14
12/31/1999
12/31/2009
Countrywide Financial
Angelo R. Mozilo
$528.60
$17.30
$93.40
$6.70
$406.50
$4.70
$81.07
12/31/1999
6/30/2008
Nabors Industries
Eugene M. Isenberg
$518.00
$6.30
$109.40
$47.10
$350.10
$5.10
$141.51
12/31/1999
12/31/2009
Yahoo
Terry S. Semel
$489.60
$2.80
$0.90
$0.00
$485.80
$0.10
$278.69
5/1/2001
6/18/2007
Cendant
Henry R. Silverman
$481.20
$21.20
$58.50
$0.00
$312.40
$89.00
$51.19
12/31/1999
8/23/2006
Unitedhealth Group
William W. McGuire
$469.30
$13.90
$29.10
$0.00
$420.10
$6.20
$707.08
12/31/1999
11/20/2006
Lehman Brothers Holdings
Richard S. Fuld, Jr.
$456.70
$6.00
$67.50
$26.50
$356.30
$0.50
$1.09
12/31/1999
9/30/2008
Dell
Michael S. Dell
$453.80
$9.70
$9.00
$0.00
$429.20
$5.90
$33.56
2/1/2000
1/31/2010
NVR
Dwight C. Schar
$451.50
$10.40
$28.90
$0.00
$410.60
$1.60
$1,488.40
12/31/1999
12/31/2009
United Technologies
George David
$447.80
$13.60
$42.10
$11.70
$357.10
$23.40
$253.36
12/31/1999
12/31/2009
Qualcomm
Irwin Mark Jacobs
$436.80
$7.10
$6.00
$0.00
$419.50
$4.20
$191.90
9/30/1999
9/30/2008
Fidelity National Financial
William P. Foley, II
$430.40
$10.60
$61.50
$21.90
$321.30
$15.10
$548.02
12/31/1999
12/31/2009
Cisco Systems
John T. Chambers
$393.20
$2.40
$14.00
$0.50
$376.20
$0.00
$70.86
8/1/1999
7/31/2009
Forest Laboratories
Howard Solomon
$385.50
$10.50
$5.80
$3.90
$364.60
$0.40
$148.45
4/1/2000
3/31/2010
Citigroup
Sanford I. Weill
$360.90
$6.00
$82.80
$0.00
$266.40
$5.70
$142.75
10/1/1999
9/30/2009
Starbucks
Howard D. Schultz
$358.40
$10.50
$13.50
$0.00
$328.10
$6.30
$333.32
12/31/1999
12/31/2007
Colgate-Palmolive
Reuben Mark
$357.60
$12.40
$25.10
$38.40
$279.70
$2.10
$137.18
12/31/1999
12/31/2009
XTO Energy
Bob R. Simpson
$350.60
$12.60
$156.20
$13.10
$166.80
$1.90
$3,559.52
12/31/1999
12/31/2008
Target
Robert J. Ulrich
$342.30
$13.80
$34.60
$51.70
$227.60
$14.50
$100.98
12/31/1999
12/31/1999
Freeport-Mcmoran Cop&Gold
James R. Moffett
$332.00
$23.90
$115.10
$1.60
$174.60
$16.80
$479.03
12/31/1999
12/31/2009
Chesapeake Energy
Aubrey K. McClendon
$331.60
$8.00
$87.40
$71.80
$154.70
$9.70
$1,178.92
12/31/1999
12/31/2009

Sources: Kevin Murphy, University of Southern California; Execucomp; WSJ research
*Restricted stock reflects value at vesting and gains on options reflects value at exercise
**Value of $100 investment in company stock from the start to the end of the decade, or over the CEO's tenure during the decade
Write to the Online Journal's editors at newseditors@wsj.com
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Dedico quindi al sig. Fuld l'indimenticabile perorazione di Michael Douglas a favore della cupidigia:




Nel frattempo il New York Times invece si occupa delle famiglie americane che hanno subito una diminuzione di almeno il 25% del reddito nell'ultimo anno. Purtroppo sono numerose, nono solo tra quelle povere. Sicuramente tra queste c'è....la famiglia del Sig. Fuld. Secondo una ricerca della Yale University
Economic insecurity has been increasing for at least a generation and perhaps longer, with very dangerous levels being reached in this latest recession. Professor Hacker discussed the ominous trend lines in an interview.
In 1985, at a time when the unemployment rate was 7.2 percent, the portion of American families that would be counted as economically insecure by the terms of this new index was 12 percent. Professor Hacker explained that the percentage would naturally tend to rise or fall with improvements or a deterioration in the economy.
But what has happened over the past few decades is that the percentage of insecure Americans relative to any given level of the economy has tended to steadily rise. So in 2002, coming out of a mild recession, there was a 5.8 percent unemployment rate, but the percentage of economically insecure families had jumped to 17 percent.
All of the data for 2009 are not yet in, but the research team projects, conservatively, that more than 20 percent of Americans experienced a 25 percent or greater loss of household income (without a financial cushion) over the prior year — the highest in at least a quarter of a century.
A decrease of this magnitude in available income is a heavy blow. As the study points out, “The typical individual who experiences a decline of at least 25 percent in household income requires between six and eight years for income to return to its previous level.”
“What we’re seeing, basically, is what we’re calling ‘the new normal,’ ” said Mr. Hacker. “We’re slowly ratcheting up this level of economic insecurity.”
Put another way, the bottom is falling out for increasing numbers of Americans, and with the national employment situation stuck in an extended horror zone there is little to stop the free fall. In addition to tracking the percentage of Americans suffering household income losses of 25 percent or more, the index also shows that families are suffering steeper income declines than in previous decades.
According to the study, “Between 1985 and 1995, the typical (median) drop among those experiencing a 25 percent or greater available income loss was about 38.2 percent; between 1997 and 2007, it was 41.4 percent.”
Only the very well-to-do are out of the range of this buzz saw. “The fact that Americans are facing a very real and growing risk of large-scale economic loss is true across the spectrum,” said Mr. Hacker. “It’s true of blacks more than whites, but it’s true of whites, as well. It’s true of less affluent people more than more affluent people, but it’s true of the more affluent as well.
“If anything, we’re understating how bad things are out there right now.”


Dedico quindi agli americani impoveriti, compreso il Sig. Fuld, una vecchia canzone italiana:


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