Eugene David ...The One-Minute Pundit |
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Tuesday, April 03, 2007
General Electric Co., SunTrust Banks Inc. and Eli Lilly & Co. failed to follow U.S. rules that require companies to eliminate jargon when explaining how they pay their top executives....
GE paid CEO Jeffrey Immelt $17.9 million in 2006, saying in its proxy that performance-based compensation is ``based on a multiple of the named executive's base salary in effect in February 2006 and the annual bonus awarded in February 2006 for the 2005 period. The potential payment in 2009 as a multiple of salary and bonus at February 2006, for each named executive, is .75X at threshold, 1.50X at target and 2.00X at maximum.'' Huh? And please, don't tell me Huh? isn't the point.
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