I just wanted to put up a few choice selections as cities, towns, and taxpayers struggle to find a few millions in chump change.
"State Street awarded $5.4m to retired CEO; Logue also getting $6m for his role in transition period" by Beth Healy, Globe Staff | March 4, 2010
State Street Corp.’s newly retired chief executive, Ronald E. Logue, was awarded $5.4 million in incentive compensation for 2009 on his way out of the corner office, according to a regulatory filing by the company yesterday....
Logue retired Monday. The payments for 2009 come on top of a $6 million deferred cash “transition award’’ he was promised for agreeing to stay on as nonexecutive chairman until the end of the year.
Logue, 64, said he would retire late last year, following one of the rockiest periods in State Street’s history. The Boston-based financial services giant suffered large losses on various investments and customer assets from the credit crisis in 2007 and 2008. The firm is facing lawsuits brought by numerous parties and last month settled a $313 million case with federal and state regulators. Officials had alleged State Street misled pension funds, towns, and other large clients about risky investments in a bond fund it managed....
Yup, the bigger the lie the larger the "reward."
Also see: A Self-Serving State Street
Don't they all?
Carolyn Cichon, a State Street spokeswoman, said the compensation for Logue and other top executives was in line with evolving industry standards....
Oh, gee, look at how much he looted; I need that much or more.
Up comes the breakfast this morning.
Over the past few years, Logue has been among Boston’s most richly paid executives. Though he received no incentive compensation for the prior year, 2008, Logue’s total compensation for that period was more than $28 million....
And they bilked investors for how much?
"State Street paid Logue $8m last year" by Beth Healy, Globe Staff | March 24, 2010
State Street Corp.’s recently retired chief executive, Ronald E. Logue, took home $8 million in total compensation last year, down from $29 million in 2008, according to the firm’s annual shareholder proxy filing....
Oh, how is he ever going to make it?
The committee said Logue’s pay included more cash compensation than other executives got because he was retiring. Of his $8 million in pay, $3.7 million was cash; he also received $2.7 million in deferred cash and $1.6 million in restricted stock units.
Joseph L. Hooley, who became chief executive Jan. 1, earned $9.5 million in 2009, down from $11.6 million the prior year.
Yeah, he needs a tax break or taxpayer check cut for him.
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But don't worry; they will TAKE CARE of YOUR PENSION FUNDS, Massachusetts!!
"State Street to invest $2.1b for Mass." by Bloomberg News | April 7, 2010
State Street Corp. won two mandates to invest a total of $2.1 billion for Massachusetts’ public pension fund, beating BlackRock Inc. in each case.
Related: Pile of Pension Loot
And now it's on State Street.
The state’s Pension Reserves Investment Management Board, which oversees retirement funds for public employees and teachers, awarded State Street’s asset management unit $1.5 billion for non-US investments and $600 million for emerging markets, according to an agenda published yesterday....
So how much money did the give the state treasurer in campaign contributions?
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MASS. MOVERS Low interest rates hurting State Street (Boston Globe)
Then we better get 'em another bailout.
Want to make sure Logue gets to live a life of luxury.
Also see: Black Sunday: Naughty or Nice?
Why was my first thought Goldman?
So it was ALL PLANNED for PROFIT, huh?
