Comments on: Pretty sneaky at FTI…

By: Lawyer

Lawyer — Tue, 28 Apr 2009 22:43:00 +0000

What is more interesting than the fact that this is buried in a footnote is that it appears the company is underreporting the amount paid to the executives in the summary compensation table itself. As you can see, the “All Other Compensation” column ties to the amount disclosed in the footnote 4 table. So, they are not only trying to hide it by putting the disclosure in the middle of a footnote to a footnote, they failed to properly report it in the SCT. Assuming the $1M is split equally, the “All Other Compensation” and “Total” columns are underreported by approximately $333,000.

By: Vineeta

Vineeta — Mon, 27 Apr 2009 15:42:10 +0000

Another reason for further reform of the SEC executive pay disclosure rules to ensure companies can’t obscure the truth. The 2006 rules were a good first step, but the SEC needs to push for better disclosure, and in plain English, not legalese.

By: tom brakke

tom brakke — Mon, 27 Apr 2009 13:08:02 +0000

It is a large amount, although what it actually represents is further obscured by the description that it respresents “deposits paid by us on account of golf club memberships.” That’s odd terminology; the word “deposits” would usually indicate an initiation fee for new memberships, although this is probably indicating the direct payment of ongoing membership fees. It’s impossible to tell exactly what it is (other than a questionable use of corporate funds).

By: Frank Graham

Frank Graham — Fri, 24 Apr 2009 15:51:08 +0000

Wow, nice catch for sure. Somewhere along the line I got educated to beware certain affected things like guys adding ESQ to their name, and III or IV.
hmm Never saw a V, and IV is rare. Bloodlines like that
run way thin. See those super long chins on old Spanish
inbred kings. Chins were even longer since painters fixed them up somewhat. Eventually lines perished along
with theit New World plunder.
Too bad IV wasn’t approached by a Madoff man at the club. He’d have no golf bag by now nor fees.