Parachutes still golden for execs
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The top executives at 16 financial firms with potential or actual losses stemming from the sub-prime mortgage crisis have severance packages averaging $66.4 million, a corporate governance research firm says.
The firms, which include Bear Stearns Cos., Goldman Sachs Group, JPMorgan Chase & Co., Morgan Stanley and Lehman Bros. Holdings Inc., had exit packages totaling $1 billion for their chief executives as of Nov. 6, Corporate Library said in a report released Thursday. The study includes the exit packages of ousted CEOs Charles Prince of Citigroup Inc. and Stan O’Neal of Merrill Lynch & Co.
The exit packages range from a low of $13.3 million for Mitch Caplan of E-Trade Financial Corp. to $299.2 million for Lehman Bros.’ Richard Fuld.
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