Free

A scandal trifecta!

I’m sure it was purely coincidental, but earlier today, Adelphia Communications (ADELQ), Healthsouth (HRC), and AIG (AIG) all managed to file something with the SEC. I haven’t had time to look through the filings yet, so it’s too early to say if there’s anything interesting buried in them. But it’s definitely a strange coincidence.

UPDATE: Last night, after a quick skim of AIG’s proxy, I noticed some hefty transition payments, including $4.875 million paid to Martin Sullivan, who replaced Hank Greenberg as CEO, $1.1 million paid to COO Donald Kanak and $1 million to CFO Steven Bensinger. Granted, all three received promotions back in March when AIG announced the management changes. But it’s a lot of money for investors to pay for a few changes in titles, given AIG’s other problems.

A regular footnoted.org reader pointed out something else interesting in AIG’s proxy: a $335K cost-of-living adjustment for Kanak. But as the reader points out: “I didn’t realize the yen had appreciated so much against the dollar.”

Today’s NY Times has an interesting article by Gretchen Morgenson that goes into detail on some of the other forms of hidden compensation.