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FUMARE

Law, culture, and Catholicism...up in smoke!

Sunday, July 31, 2005

Somebody needs new coporation counsel

The Salt Lake Tribune has this on the travails of writing employment contracts for corporate CEOs:

Leading economic indicators: In June, Co-President Stephen S. Crawford of the financial giant Morgan Stanley (who was installed in the job in order to ensure management ''stability'' during the company's currently shaky status with investors) signed a two-year contract at $16 million a year which allowed him, if he changed his mind, to resign and promptly collect all $32 million. A few days later, he resigned. The ''stability'' was needed at faltering Morgan Stanley because longtime CEO Philip J. Purcell had just been eased out, but his contract called for $113 million in severance pay.

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