It pays to be “in-network”

images3.jpgAll apologies to Verizon (VZ) for stealing their "in-network" slogan for the headline of today’s post, particularly when we’re quibbling with wireless product partner Qualcomm (QCOM).  Qualcomm, which filed its 2006 proxy last week, hasn’t given investors much of a raise in the stock price during the last year, at least not according to this chart.  The same’s not exactly true for Qualcomm’s network of family member-employees. 

Indeed, sons of founder Irwin Jacobs received significant pay raises compared to 2005.  CEO Paul Jacobs received $2.66 million in salary and bonuses for 2006, up some 130% from 2005.  Irwin Jacobs’ other son, Division President Jeffery Jacobs, earned $693,471 in salary and bonus during fiscal 2006, up 43% from $484,248 in 2005.

The Jacobs family wasn’t the only group bellying up to the Qualcomm bar.  Director Duane Nelles’ sons, Duane Nelles III and Paul Nelles, also received raises of 52% and 13%, respectively. 

All of which prompts us to say, "Can you pay my tab now?"