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GOVERNMENT / THE ELITE -
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Trusting the Marketplace

Posted in the database on Monday, March 20th, 2006 @ 17:41:38 MST (1461 views)
from Billmon.org  

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Confronting critics of the Bush administration's economic record, Treasury Secretary John Snow said the widening gap between high-paid and low-paid Americans reflects a labor market efficiently rewarding more productive people . . . Mr. Snow said the same phenominon explains why compensation for corporate chief executives has climbed so sharply.

"In an aggregate sense, it reflects the marginal productivity of CEOs. Do I trust the market for CEOs to work efficiently? Yes. Until we can find a better way to compensate CEOs, I'm going to trust the marketplace."

Wall Street Journal
Snow Defends President's Handling of Economy
March 20, 2006

Before coming to Treasury [in February 2003] Snow was Chairman and Chief Executive Officer of CSX Corporation, where he successfully guided the global transportation company through a period of tremendous change.

Treasury Department
Official Biography of John Snow

Price change, 10 years ending Jan. 2003
CSX common stock: -3.89%
S&P 500 Index: 92.49%

Earnings per share growth, 10 years ending Jan. 2003
CSX: 18.90%
S&P 500 Index: 33.43%

Revenue growth, 10 years ending Jan. 2003
CSX: -6.75%
S&P 500 Index: 43.12%

Cumulative return, 10 years ending Dec. 2002
CSX: 5%
Dow Transportation Average: 62.7%
S&P 500 Index: 144.3%

Total compensation paid to John Snow by CSX shareholders, 10 years ending Dec. 2002:
$56 million

Total compensation paid to John Snow by CSX shareholders, including the then-present value of his stock option awards:
$112.2 million

And he's not done. As the company's most recent proxy reads: "Mr. Snow will be provided with certain employee benefits and perquisites including office space and secretarial support, maintenance of country club memberships, executive physicals, discounts at The Greenbrier, and use of private aircraft for the remainder of his life."

Slate
Snow Job
December 10, 2002

If had the scummy old bastard's track record, I guess I'd trust the marketplace, too.



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