They offered more tax loot and less taxes.
Need it for salaries, don't you know?
"EMC paid new recruit $11.7m in ’09" by Todd Wallack, Globe Staff | March 19, 2010
EMC Corp. executives felt they pulled off a coup last year when they recruited top Intel Corp. executive Patrick P. Gelsinger to be the Hopkinton tech company’s chief operating officer.
Lot of that going on in the world all the time.
But (clink) it came at a price.
They always do.
Gelsinger received $8.2 million in stock awards, $2.7 million in options, and a $325,000 recruitment bonus last year, in addition to moving expenses and other benefits. Over four months in 2009, his total compensation was $11.7 million, of which $182,000 was salary, making him the highest paid employee at EMC last year.
That would keep Boston's libraries open four times over.
Meanwhile, his new boss, chief executive Joseph M. Tucci, had little reason to complain. Tucci’s total compensation for 2009 increased by nearly half, to $9 million, in a year in which EMC’s sales and profits fell.
Think of it as a "reward" for a job well done(?).
That includes stock awards of almost $6 million, nearly double what he got in 2008. Tucci’s salary dropped 13 percent to $872,000, reflecting a companywide salary cut. And he didn’t receive a bonus for the second year. But (and all I get is a nickel in my cup? How about some paper with important people on it?) as Tucci’s stock awards show, companies such as EMC have ways to mitigate economic problems for their executives by using compensation other than plain cash. Tucci also received nearly $1 million in stock options and more than $1 million in other incentive pay.
Oh, good! I was worried about him for a minute.
Like many companies, EMC felt the impact of the recession last year.
PFFFT!
Yeah, sure.
They STILL MADE PROFIT, hanh?
Its revenue fell 5.7 percent to $14 billion. And its net income dropped 15 percent to $1.1 billion.
Yeah, they are HURTING BIG TIME!
But (another nickel with a dollop of spit) its stock leaped 67 percent as the economy showed signs of recovery.
All bullshit numbers in a rigged game!
EMC also disclosed that it spent nearly $1 million in relocation expenses for Harry L. You, an executive vice president in charge of corporate strategy and new business development....
Grand of 'em, isn't it?
You’s compensation in 2009 was $3.9 million.... Yes, he definitely needed the help.
How much did you get from Obama to move, foreclosed-upon person?
"$1,500 in “relocation assistance....the lender’s assurance that they will not later be sued’’
THAT'S IT?
And then the Globe is making APOLOGIES and EXCUSES for LOOTING?
"Despite SEC rules, it’s tough to track executive pay" by Todd Wallack, Globe Staff | March 25, 2010
Did Joseph M. Tucci, EMC Corp.’s chief executive, receive a raise or a pay cut last year? Good luck trying to figure it out.
Last week, the Hopkinton technology company filed its annual proxy statement with the Securities and Exchange Commission, in which it reported Tucci earned $9 million in total compensation, up 45 percent from 2008. The figures were based on a formula required by the SEC. But (nickel, clink, cup) the Associated Press, using different figures from documents EMC has filed over the past two years, reported that Tucci’s $9 million package actually represented a 23 percent pay cut from 2008.
The poor f***er.
EMC itself said Tucci made $10.3 million in 2009, down 12 percent from the year before, based on its own calculations. Yet those figures do not appear anywhere in documents EMC supplied to the government. Despite the SEC’s efforts to force companies to disclose executive compensation in a clear, straightforward manner, investors can still easily get lost trying to sort out the numbers.
See: Looking Over the Shoulder of the SEC
Why are they not closed down?
They don't do the job they are supposed to do -- but trust 'em now!
Many companies add pages of elaborate footnotes, caveats, and tables to help explain the various pieces of compensation, ranging from stock awards, different kinds of bonuses, and retirement plans....
Why is all the SMOKE and MIRRORS NECESSARY if its the GREATEST ECONOMIC SYSTEM EVER DEVISED?
Oh, ONLY for a FEW, huh?
And some companies, including drug maker Eli Lilly & Co., Boston financial services giant State Street Corp., and banking giant Capital One Financial Corp., have come up with alternative calculations for their top executives’ total compensation — alongside the SEC-mandated totals....
Also see: Executive Payday: State Street Escape
“We encourage companies to present alternative compensation tables to supplement the required tables, if they believe there is something about their compensation programs that is better presented in a different fashion,’’ said Meredith Cross, an SEC official.
State Street, for instance, included a table showing the total compensation approved by the compensation committee. In some cases, the figures were virtually identical to what it included in the required chart. Both show chief executive Ronald Logue earned about $8 million. But incoming CEO Joseph L. Hooley earned $13.9 million, according to the table based on the SEC formula, while the company calculated he got $9.5 million.
State Street directors said the second table was intended “to assist shareholders in understanding the elements of total compensation as determined by the Committee.’’
In many cases, companies said the figures in the SEC-mandated charts were skewed by the timing of the stock awards.
For example, Capital One said its chief executive, Richard Fairbank, earned $6.1 million last year. Using the SEC formula, that worked out to 89 times what he earned in 2008.
If you can call it "earned."
But (another nickel) Capital One said that’s because some stock awards for his 2008 performance were made in January 2009 — and under the new SEC disclosure rules they had to be counted toward his 2009 pay. By the company’s calculations, Fairbank earned roughly $11 million last year, down 35 percent from 2008.
Don't you LOVE the PLAYING with the NUMBERS?
It is what EVERY HONEST and GOOD BUSINESS does, isn't it?
EMC outlined a similar issue.
Its compensation committee approved a batch of stock awards for Tucci in August 2008, but some were not finalized until the following February — effectively shifting the awards into another calendar year and making it seem like Tucci received a hefty raise in 2009....
But he didn't really!
David Wise, a senior consultant with Hay Group LLC who advises boards on compensation, said EMC’s incentive system has some positive qualities, such as rewarding Tucci for long-term performance. But (clink) he said EMC’s explanation of how Tucci received a pay cut is “way too complex.’’ “I think that any investor who tried to trace back the numbers would have a difficult time doing so,’’ he said.
THAT is what you NEED TO DO when you are RIPPING SOME ONE OFF!
Ask Bernie Madoff!
An EMC spokesman, Michael Gallant, said the company tried to include additional information to help investors understand the changes in Tucci’s pay.
Yeah, they are real forthcoming; that's why they need all the complex formulas and lingo.
But (a few more of these and I'll be in Tucci range) Gallant said the company decided against including an alternative table with the $10.3 million figure because the SEC has criticized companies for straying from the standard format. Tucci’s compensation is particularly sensitive because 2009 was a tough year for EMC.
Oh, no!!!
Its revenue and profits fell, the company cut 2,400 jobs, and it imposed a 5 percent salary cut for several months.
Related:
"Profit declines 45% at EMC
Executives took even deeper salary cuts — 10 percent in January 2009 and 5 percent in May....
Better cut 'em a taxpayer gift, quick.
--more--"
They need it for the court case:
"EMC suing pair over rival business" by Globe Staff | March 18, 2010
Data storage giant EMC Corp. is suing two men who helped sell it a consulting firm and later started a firm that EMC says competes against it in violation of the first firm’s sale conditions, according to court documents....
Like I give a shit.
--more--"
EMC Corp., the world’s biggest maker of storage computers, will restate 2009 earnings, lowering profit by 2 cents a share, because of costs from an expected settlement of a US Department of Justice lawsuit....
Court again -- for ripping off taxpayers.
Last year, the Justice Department joined an existing suit that alleges EMC made improper payments to its partners and failed to disclose commercial pricing practices while negotiating with the General Services Administration. EMC said it won’t admit liability in the case, which involves contracts dating back to the late 1990s.
And for a long time, too.
--more--"
Also see: SEC Gets Inside EMC
I'm actually glad they are leaving.
Who needs a company like that around?
That makes the Globe's singing of their profits even more offensive.
