Reply #83: JEEZ! You gotta read this!

[ozymandius]

Exec Perks: An Ugly Picture Emerges

Executive perks have always occupied a special place in Corporate America -- largely hidden from view. Unlike information about salaries, bonuses, and stock options, which is readily available, details about executive perks have usually been skimpy at best and, for the most part, consigned to footnotes in the company proxy.

But thanks to reforms by the Securities & Exchange Commission, that's starting to change. Companies are being prodded to disclose more perks -- and in more detail -- than ever before. And the picture isn't pretty.

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"THE DAM BROKE." The reason for the sudden openness on the subject: The SEC's tough new stance on disclosure. In September, the agency issued a cease-and-desist order to General Electric (NYSE:GE - News), saying its disclosure of the perks former CEO John Welch Jr. would receive in retirement violated reporting rules. GE neither admitted nor denied wrongdoing.

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"IT'S JUST PLAIN UNSEEMLY." It's hard to imagine a giveaway more over the top than the one Moonves and Freston receive at Viacom. Moonves, who lives in Los Angeles, owns a home in New York. When he stays at that home while traveling on business, he's reimbursed -- to the tune of $105,000 in 2004. Likewise, Freston -- who lives in New York and owns a home in Los Angeles -- was reimbursed $43,100 for staying at his L.A. domicile last year. Both executives earned about $20 million apiece in 2004. The company declined to comment.

more... if you can stomach it

http://story.news.yahoo.com/news?tmpl=story&u=/bw/20050427/bs_bw/nf200504274085db042&e=3