Outrageous Executive Perks

May 10, 2010  |  

(ABCNews.com) — A funny thing happened after the Securities and Exchange Commission tightened up the disclosure requirements on executive perks in 2006: Companies began to scale back dramatically on the personal jet flights, sports tickets and other benefits they used to slip top executives unnoticed. Las Vegas Sands Chairman Sheldon Adelson must not have gotten the memo. Last year Adelson, worth $9.3 billion by our reckoning, reported $2.7 million in perks, nearly equal to his $2.8 million in pay and bonus. The bennies included $2.45 million for security for himself and family members, $168,812 for a car and driver, and $67,000 in reimbursement for the taxes due on $118,000 in personal aircraft usage. And by “personal”, we do mean personal: Adelson charged the company $6.1 million for the use of two 747 jumbo jets he owns through a Bermuda corporation.

Read More…

Trending on MadameNoire

Comment Disclaimer: Comments that contain profane or derogatory language, video links or exceed 200 words will require approval by a moderator before appearing in the comment section. XOXO-MN