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Darla
We are practically living in a Marxist Hell already!
In October 2010, private-equity baron Henry Roberts Kravis, in one of the grandest gestures of his life, pledged $100 million to his alma mater, Columbia Business School, to help pay for the expansion of its upper Manhattan campus. His ability to throw that kind of cash around was helped by the start of trading of his buyout company, KKR & Co. (KKR) (KKR), on the New York Stock Exchange three months earlier.
While the listing swelled Kravis’s personal wealth, it also exposed him to the rigors of the U.S. corporate reporting process. As a result, the world now knows that in 2011, Kravis was awarded $30 million in salary and other compensation by KKR’s board, Bloomberg Markets magazine reports in its July issue.
That makes him No. 1 in the Finance 50, the magazine’s annual ranking of the best-paid CEOs at the largest U.S.-based financial companies by market capitalization.
Kravis, 68, is followed in the ranking by George Roberts, his cousin and co-chief executive officer, who earned $29.9 million. The two men founded the firm with Jerome Kohlberg in 1976. The trio first worked together more than 40 years ago at Bear Stearns & Co.
Since it was founded, KKR has done more than 200 buyouts with a combined value of more than $465 billion, according to company data. The cousins’ stake in the firm was $1.22 billion in mid-April, according to corporate filings.
Average 20% Rise
Kravis and Roberts, 68, lead a list of 50 financial CEOs whose compensation collectively rose by an average of 20.4 percent in 2011 -- a year when most big banks and brokerages saw their revenues, profits and stock prices plummet. The 2011 pay rise followed a 26 percent increase in 2010 for CEOs who held the same job in both years.
In a comparison of 2011 financial CEO incentive pay against stock returns over three years, Citigroup Inc. (C) (C) CEO Vikram Pandit, who was awarded $15 million in 2011, ranks as the executive who provided the least shareholder value. That award is being reconsidered after shareholders rejected it.
Berkshire Hathaway Inc. (BRK/A) (A) CEO Warren Buffett provided the best value.
Financial-company boards need to take stock performance more seriously when setting executive pay, says Hugh Johnson, who oversees $2 billion, including financial stocks, as chairman of Albany, New York-based Hugh Johnson Advisors LLC.
“The performance was abysmal, and people were overpaid,” he says.
http://www.businessweek.com/news/20...y-rises-20-percent-with-kkr-s-kravis-no-dot-1
In October 2010, private-equity baron Henry Roberts Kravis, in one of the grandest gestures of his life, pledged $100 million to his alma mater, Columbia Business School, to help pay for the expansion of its upper Manhattan campus. His ability to throw that kind of cash around was helped by the start of trading of his buyout company, KKR & Co. (KKR) (KKR), on the New York Stock Exchange three months earlier.
While the listing swelled Kravis’s personal wealth, it also exposed him to the rigors of the U.S. corporate reporting process. As a result, the world now knows that in 2011, Kravis was awarded $30 million in salary and other compensation by KKR’s board, Bloomberg Markets magazine reports in its July issue.
That makes him No. 1 in the Finance 50, the magazine’s annual ranking of the best-paid CEOs at the largest U.S.-based financial companies by market capitalization.
Kravis, 68, is followed in the ranking by George Roberts, his cousin and co-chief executive officer, who earned $29.9 million. The two men founded the firm with Jerome Kohlberg in 1976. The trio first worked together more than 40 years ago at Bear Stearns & Co.
Since it was founded, KKR has done more than 200 buyouts with a combined value of more than $465 billion, according to company data. The cousins’ stake in the firm was $1.22 billion in mid-April, according to corporate filings.
Average 20% Rise
Kravis and Roberts, 68, lead a list of 50 financial CEOs whose compensation collectively rose by an average of 20.4 percent in 2011 -- a year when most big banks and brokerages saw their revenues, profits and stock prices plummet. The 2011 pay rise followed a 26 percent increase in 2010 for CEOs who held the same job in both years.
In a comparison of 2011 financial CEO incentive pay against stock returns over three years, Citigroup Inc. (C) (C) CEO Vikram Pandit, who was awarded $15 million in 2011, ranks as the executive who provided the least shareholder value. That award is being reconsidered after shareholders rejected it.
Berkshire Hathaway Inc. (BRK/A) (A) CEO Warren Buffett provided the best value.
Financial-company boards need to take stock performance more seriously when setting executive pay, says Hugh Johnson, who oversees $2 billion, including financial stocks, as chairman of Albany, New York-based Hugh Johnson Advisors LLC.
“The performance was abysmal, and people were overpaid,” he says.
http://www.businessweek.com/news/20...y-rises-20-percent-with-kkr-s-kravis-no-dot-1
