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Fossil of unknown animal that lived at least 50 million years BEFORE the dinosaurs is found by a high school.One man's trash! Scientists use laser flashes to make tiny DIAMONDS out of plastic bottles - in breakthrough.When will fall arrive in your area? Interactive map guides leaf peepers to the best foliage spots.A cute cuddle or something more sinister? Bonobo that appears to be cradling a mongoose may actually have.“I mean, maybe Janet Yellen should get higher pay for that, but CEOs certainly shouldn’t. “If you’re really talking about performance, you should not get higher pay when your stock price goes up because the interest rate goes down,” he explains. What’s more, says Stiglitz, the performance exception didn’t really reward “performance” as much as any number of other factors, such as monetary policy that boosted stock prices. Why does this matter so much now? Because it contributes to growing inequality and a lackluster economic recovery, by putting more and more tax-free compensation into the hands of the wealthy (who tend not to spend it after a certain point, which is a problem in an economy based mostly on consumer spending). I argued very strongly during the nineties that the whole stock option pay trend caused a lot of incentives for non-transparency, and that it was directly responsible for what I call creative accounting.” It allowed firms not just to deceive the market but also to avoid paying the taxes that they should have paid. I had written a lot about this before, that it was largely phony. As Stiglitz puts it, “It just opened up this huge span of bonus pay which was not for performance. This further fed the cycle of short-termism since executives would from then on be focused primarily on boosting stock prices, by any means necessary. That’s because it created a tremendous incentive for companies to pay more compensation in options. Joseph Stiglitz, a former head of Clinton’s Council of Economic Advisers, remembers this move as “one of the worst things that the Clinton administration did.” The measure limited corporate tax deductions for regular salaried income to $1 million but exempted “performance-related” pay above and beyond that-pay that was typically awarded in stock options. Key legislative changes that fueled the trend happened under Democratic president Bill Clinton, whose administration passed a 1993 provision on corporate pay. It marked a turning point toward short-term decision-making in corporate America. It’s worth understanding just why, and how, stock-based compensation became such a huge deal to begin with. After all, employee compensation, whether paid in cash or stock, is obviously an expense that should go on the balance sheet. (This piece is a great primer on how the funny math works.) But recently, Facebook started including stock comp in its reporting, and there’s a big push within corporate governance circles to get more companies to do that in order to get back to a more realistic version of earnings. LinkedIn isn’t alone in this sort of crafty accounting–most companies in the S&P now do it.
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