Pacificare's CEO got 1.7 Billion dollars in Compensation for services rendered!
- From: chatnoir <wolfbat359a@xxxxxxxxxxxxxx>
- Date: Mon, 9 Feb 2009 15:03:25 -0800 (PST)
So, how many people were denied services due to his compensation for
10 years service?
Controversy, salaries rise; Ranking of CEO pay at publicly traded
companies shows that as pay rises, so does federal interest in
Publication: Modern Healthcare
Publication Date: 31-JUL-06 Format: Online - approximately 1835
Byline: Vince Galloro, Laura B. Benko, and Jessica Zigmond
The rabid interest in the pay and perks of chief executive officers
shows no signs of abating, and healthcare is smack dab in the middle
of the intensifying controversy.
At least three healthcare companies-insurer Group, Care...
....UnitedHealth dialysis provider Renal Group (now part of Fresenius
Medical Care) and pharmacy benefit manager Caremark Rx-have been
served subpoenas by the U.S. attorney in Manhattan as part of a probe
of the practice of backdating stock options. When options are
backdated, the executives pick a date on which the stock price hit a
low, which means executives receive the shares for a lower price than
they would have if the options were dated on the day the company
granted them. The Sarbanes-Oxley Act of 2002 made this more difficult
to do by requiring disclosure of the option grant within two days of
the granting, while the previous disclosure window was 30 days.
UnitedHealth Group also is under fire for the staggering pile of stock
options it has awarded to its executives, especially Chairman and CEO
William McGuire. The 1.7 million stock options that UnitedHealth
bestowed on McGuire last year pushed his total to 35.2 million
options, valued at $1.78 billion-a figure that has turned the 57-year-
old executive into critics' poster child for exorbitant corporate pay
in recent months. Among the 10 insurance CEOs surveyed in Modern
Healthcare's annual look at corporate healthcare CEO pay, median
unrealized gains from vested and unvested options totaled $53.2
million on Dec. 31, 2005, more than twice the 2004 median of $21.8
Not-for-profit healthcare providers also are embroiled in questions
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