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I seem to recall being shocked when I heard that a Mr. Nobody-anyone-ever-heard-of bank president (I think that was his title?) at a No-big-deal bank in the late 1980s made over a million dollars in a year, and in that year, he was one of the top earning bank presidents.  I'll see if I can dig up that information.  It was so shocking, but it was the beginning of a trend as I remember it.

After that, the smash-and-grab was on, and the CEO class never looked back.

by jjellin on Thu Jun 25th, 2009 at 09:25:42 PM EST
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His name was Baldini, and he was the president of Comfed mortgage who was paid over $2 million in 1987.  Here is a link to an archived article which makes the point that his earnings were really something at that time:

http://www.highbeam.com/doc/1P2-8010445.html

and here is a link to some document related to the FDIC investigation a decade later which mentions his base pay and bonuses in 1987 adding up to over $2million.  I can't remember what eventually happened to Baldini, but he got into some trouble after the bank/mortgage company failed.  It was an 80s thing.

http://www.qui-tam.net/USga1121.htm

by jjellin on Fri Jun 26th, 2009 at 08:45:54 PM EST
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