Tough times for execs

As in public companies now having to report executive perks over $10,000 (from $50,000). The new SEC rule is already resulting in some juicy filings, as noted by Michelle Leder on her blog footnoted.org (courtesy of NYT's Dealbook). For example, Lockheed Martin, which still has a big presence in Socal, will be eliminating such perks as country club fees, tax preparation, financial planning services, tickets to sporting events and the use of Town Cars for local transportation. But here's the kicker: In return for losing these priveleges, the Lockheed executives will get modest raises! OK, so just for fun I looked up Lockheed's highest paid execs for 2006. (Figures, courtesy of the Washington Post, are for total compensation, which cover salary, bonuses, etc.)

-Robert Stevens (Chairman and CEO) - $15.7 million
-Robert Couts (Executive Vice President) - $4.1 million
-Frank Menaker (former Senior Vice President) - $3.9 million
-G. Thomas Marsh (Executive Vice President) - $3.8 million

Now I ask you: Why on earth should these guys require raises so that they can pay for country club membership, football tickets and financial advice? Or, put another way, has the world just turned completely cockeyed?