New SEC Regulations for CEOs

From (who else?) The Onion:

“Securities and Exchange Commission officials are calling it the strictest regulatory reform since the Great Depression: CEOs of major financial institutions will now be required to humbly shrug and smile sheepishly before accepting huge salary bonuses.

The new regulation, SEC rule 206(b)-7, will reportedly target Wall Street executives who accept disgustingly bloated annual payouts, forcing them to raise and then lower their shoulders in a manner that conveys a mild degree of humility or a sense of “Aw, shucks. Who? Me?”

“This sweeping new reform sends a clear message to fat-cat CEOs at firms like Goldman Sachs and AIG,” SEC chair Mary Schapiro said Monday. “Never again will they be able to receive massive bonuses unless, at a minimum, they flash a gee-I-don’t-think-I-should expression and say something like ‘Well, all right, but only if you insist’ first.”

“Mark my words,” she continued, “The days of greedy, out-of-touch executives pocketing outrageous $40 million bonuses without acting slightly embarrassed about it are over.”

The crackdown comes on the heels of Wall Street’s 2010 bonus season, during which not one executive was observed to look at the floor meekly, sink his hands into his pockets, or dig his right toe awkwardly into the ground before taking his cut of the estimated $55 billion in payouts.”

New Law Forces CEOs To Humbly Shrug Before Receiving Massive Bonuses

>

>

Source:
New Law Forces CEOs To Humbly Shrug Before Receiving Massive Bonuses
The Onion, May 6, 2010 | ISSUE 46•18
http://www.theonion.com/articles/new-law-forces-ceos-to-humbly-shrug-before-receivi,17380/

Print Friendly, PDF & Email

What's been said:

Discussions found on the web:

Read this next.

Posted Under

Uncategorized