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Old 05-23-2013, 10:14 AM  
gblowfish gblowfish is offline
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NEW YORK (AP) -- Wynn Resorts pays for founder and CEO Steve Wynn's residence at its tony Las Vegas hotel and casino at a cost of nearly $452,000.

Former IBM CEO Samuel Palmisano was guaranteed an administrative assistant and furnished office for life as a retirement gift plus a $1 million office renovation.

Chipmaker Advanced Micro Devices bought the house CEO Rory Read struggled to sell for $790,000 and gave him another $180,000 to cover his underwater mortgage.

These are not uncommon extravagances in the exclusive world of CEO perks, replete with bodyguards, chauffeurs and private jets. Last year, the median value of perks received by CEOs of big public companies was nearly $162,000, an increase of more than 9 percent, according to executive pay research firm Equilar. Perks declined in 2009, but have risen for three straight years.

Perks are just a small part of CEO compensation the median pay for CEOs of S&P 500 companies last year was $9.7 million. And some companies are cutting back on perks, or at least getting rid of the ones that shareholders find most offensive. Still, they're a reminder of how CEOs' lifestyles are far removed from those of their shareholders, customers and employees.

Last year, companies paid for their CEOs' country club memberships, let them use corporate planes for personal travel and gave them health care plans better than their employees, among other perks.

Some corporate governance experts say giving perks to executives already making millions just exacerbates the public perception fair or not that they're more interested in lining their pockets than helping the company.
"They might do without a plane," says Brandon Rees, acting director at the investment office of the AFL-CIO union group, referring to CEOs' use of company planes for personal travel. "And instead invest it in (research and development)."

Companies tend to defend perks as legitimate business expenses that ultimately benefit shareholders: Flying on private planes keeps the executives safe. Country club memberships help them network. An attractive package helps a company lure the best talent.

"It is in the company's best interest if that person doesn't have to think about daily things as much as you or I might need to," says Jay Meschke, president of CBIZ Human Capital Services, a compensation and human resources consultant outside Kansas City, Mo. "You want to make sure that 100 percent of this person's efforts are devoted to the company's success."

Wynn Resorts calls CEO Wynn its "creative and organizational force," and says having him "in residence" at the Wynn Las Vegas "is a tremendous benefit to our guests and shareholders." The company says Wynn spends most of his time at the resort, and doesn't own a home in Las Vegas.

IBM says that giving the retiring CEO an office and administrative support is consistent with past practice, but declined to comment further. Advanced Micro Devices says that buying Read's old home helped speed up his transition to AMD from Lenovo, where he was chief operating officer.

Here are some other notable perks from 2012, spotted with help from GMI Ratings, which ranks companies on corporate governance metrics, and Footnoted.com, which scans SEC filings for institutional investors:

AN EXCLUSIVE CLUB: Diebold, an ATM security company, got rid of country club benefits for all its executives except CEO Thomas Swidarski, who Equilar calculated would earn $6.1 million for 2012. The company said that "he, more so than our other executives, would benefit from the business development and networking opportunities." The company spent $72,280 on memberships for Swidarski, who stepped down in January under pressure from a board unhappy with the company's financial results.

A PLACE TO CALL HOME: Insurer Axis Capital Holdings gave Albert Benchimol a housing allowance of $25,000 when he became CEO last year. That was included as part of a pay package, mostly in stock awards, that could be worth $22.7 million. Axis says it gives housing allowances to certain executives to help them pay for second homes in Bermuda, where the company is based, so that "talented executives" won't be deterred from joining the company. Shareholders earlier this month voted against the pay packages for Benchimol and other executives. The company didn't comment at the time.

HOME, SAFE HOME: Las Vegas Sands spent $2.8 million to provide security for CEO Sheldon Adelson and his family. The company said it was acting on the advice of an independent security consultant for Adelson, a major donor to the Republican Party whose total pay for 2012 was about $10.7 million. That blew away the $1.6 million spent on a home security system by Amazon for Jeff Bezos, who is No. 2 in that category so far, according to GMI Ratings.

A DRINK WITH YOUR BENEFITS?: Constellation Brands, maker of Svedka vodka and Black Velvet whiskey, gave its CEO a $10,000 "product allowance," so he could enhance his "knowledge and appreciation of our products." CEO Robert Sands, who made $7.7 million in fiscal 2012, used up $5,532 last year.
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Old 05-23-2013, 10:18 AM   #2
blaise blaise is offline
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You hold stock in the company or something?
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Old 05-23-2013, 10:18 AM   #3
listopencil listopencil is offline
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Old 05-23-2013, 10:19 AM   #4
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You hold stock in the company or something?
Look at that guy over there. He has way more stuff than I do, and lots of money too! It's not fair! Mommy...make the bad man go away!
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Old 05-23-2013, 10:23 AM   #5
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Note to kids, work hard, move up and become a CEO.
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Old 05-23-2013, 10:32 AM   #6
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Note to kids, work hard, move up and become a CEO.
You don't need to be a CEO to get a great pension. Just work for the government. That seems to be working out well for California.
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Old 05-23-2013, 11:30 AM   #7
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I'm sure that the heads of the AFL-CIO have none of these perks, right?
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Old 05-23-2013, 11:34 AM   #8
gblowfish gblowfish is offline
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These lavish corporate CEO compensation deals wouldn't bother me so much if these ****ers and their companies paid their fair share of taxes.
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Old 05-23-2013, 11:37 AM   #9
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If BofA executive compensation was tied to stock performance it would be nice. Great to see the stock languish while some snot nose in NYC gets a multi million dollar bonus.
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Old 05-23-2013, 11:37 AM   #10
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These lavish corporate CEO compensation deals wouldn't bother me so much if these ****ers and their companies paid their fair share of taxes.

What constitutes a fair share? What percentage of government general revenues, or percentage of income?
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Old 05-23-2013, 11:37 AM   #11
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These lavish corporate CEO compensation deals wouldn't bother me so much if these ****ers and their companies paid their fair share of taxes.
They wouldn't bother you at all if you realized that the very wealthy pay the lion's share of the tax burden in this country.
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Old 05-23-2013, 11:38 AM   #12
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Bummer. I thought this was going to be a thread about Michelle Obama. Color me disappointed.
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Old 05-23-2013, 11:39 AM   #13
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Bummer. I thought this was going to be a thread about Michelle Obama. Color me disappointed.
Nah. She's probably trying to get her husband to sign an Executive Order outlawing cake even as we speak. It's unhealthy you know.
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Old 05-23-2013, 11:41 AM   #14
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If BofA executive compensation was tied to stock performance it would be nice. Great to see the stock languish while some snot nose in NYC gets a multi million dollar bonus.
Well Obama fans claimed we could count jobs not lost as jobs gained. Why doesn't the CEO just claim the stock would have fallen further without him?
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Old 05-23-2013, 11:46 AM   #15
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Note to kids, work hard, move up and become a CEO.
Lol might as well tell them to hope for the NBA.
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