Richard Handler’s $19 million pay package — and $58 million
in future pay — is the latest eye-popping Wall Street bonus story but it really
shouldn’t come as any surprise.
Handler, the chairman and CEO of Jefferies Group engineered the sale of the company to
Leucadia National Corp. earlier this year. The deal, valued at $2.48 billion in
stock at the time of the announcement in November, was hailed for giving the
brokerage firm ample capital — and shareholders a 24% premium.
Unlike other CEOs, Handler has been relatively modest when
it comes to pay. He rejected a $4.9 billion bonus last year after Jefferies
stock tumbled over fears of exposure to the European debt crisis.
Moreover the new payout is “subject to 100% forfeiture for
one year and a lesser scale of forfeiture over a period of four years from the
date of grant, and must be repaid in whole or in part if a forfeiture event
occurs,” according to a regulatory filing…..
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