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Executives stayed wealthy as firms they should have managed failed
11/23/09
NYT: Executives Kept Wealth as Firms Failed, Louise Story, November 22, 2009
Bear Stearns and Lehman Brothers paid their executives largely in stock, and that stock lost most or all of its value when those companies collapsed.
Many people on Wall Street say these examples help make the case that pay incentives were not what caused executives at these fallen firms to take excessive risks.
But three professors at Harvard are disputing that logic in a new study, saying it is an urban myth that executives at Bear and Lehman were wiped out along with their companies. read more
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