企業を食い物にする取締役会
株価低迷に逆行する高額配当を得る経営者
（ニューヨーク・タイムス紙）
Gilded Paychecks | Ties That Bind
With Links to Board, Chief Saw His Pay Soar
ホームデポのナルデリCEOは、過去5年間で株価を１２％落としたにもかかわらず、２４５百万ドルの報酬を得ています。これを決めた甘い取締役会に批判が集まっていますが・・・・・。
Every October, some 50 former Home Depot
managers, calling themselves the Former Orange-Blooded Executives, after the home-improvement chain's trademark bright orange color, gather in
The discussion inevitably turns to the changes at Home Depot under its chief executive, Robert L. Nardelli. A growing source of resentment among some is Mr. Nardelli's pay package. The Home Depot board has awarded him $245 million in his five years there. Yet during that time, the company's stock has slid 12 percent while shares of its archrival, Lowe's, have climbed 173 percent.
Why would a company award a chief executive that much money at a time when the company's shareholders are arguably faring far less well? Some of the former Home Depot managers think they know the reason, and compensation experts and shareholder advocates agree: the clubbiness of the six-member committee of the company's board that recommends Mr. Nardelli's pay. （後略）
独断的コメント：
この高額報酬には、年間5百万ドルの保証ボーナスというのも含まれており、ボーナスの保証は給与ではないかという批判もあります。
ホームデポの取締役会は、ナルデリ氏のGE時代の元同僚や同氏の採用交渉を担当した弁護士等々で、利害相反そのものとしか思えません。
米国の社外取締役は、別の会社のCEO、商売関係のあるコンサルタントやヘッドハンター、寄付を当てにしている大学やNPO関係者といった連中が相場で、全員がCEOの報酬を引き上げることに利害に一致を見出しています。
わが国でも阪神の社外取締役が一時物議をかもしましたが、今後米国の物まねの過程で報酬の高騰が始まるのでしょうか？
ホームデポ社の取締役会の驚くべき馴れ合いは、以下をご覧ください。
↓http://www.nytimes.com/2006/05/24/business/24board.html?_r=1&oref=slogin&pagewanted=print
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ステークホルダーを欺く経営者の手口
ストックオプション・スキャンダル！
（ファイナンシャル・タイムズ紙）
Probe generates rush of subpoenas
By Jeremy Grant in Washington
Published: May 24 2006 21:36 | Last updated: May 24 2006 21:36
アイオワ大学の副教授が調査した統計資料が発端で、ストックオプションが実際よりも以前の日付で付与されていたのではないかという疑惑が問題になっています。
The widening scandal over the timing of executive stock options snagged another victim on Wednesday as Analog Devices
, a Massachusetts-based maker of integrated circuits, said it had been subpoenaed for documents relating to its granting of stock options.
Several companies are undergoing Securities and Exchange Commission probes regarding their option-granting practices or have received subpoenas from the
While scrutiny was sparked by signs that companies may have back-dated the granting of options, concern revolves around whether such back-dating was properly disclosed to shareholders and accounted for.
Such concern has started to prompt lawsuits from shareholders, with UnitedHealth Group
hit with a suit on Tuesday from two
The suit alleges there was no disclosure to shareholders of the compensation plan of William McGuire, chief executive, that they say involved handing him control over the granting of options dates.
Mark Lindsay, UnitedHealth’s spokesman, said: “It’s our policy not to comment on proposed or ongoing litigation.”
The company recently launched its own board-level review of stock options policy.
Mr McGuire was not available for comment.
Bruce Vanyo, co-chair of the securities litigation group at Katten Muchin Rosenman, said: “There would be nothing wrong with an officer [of the company] watching the stock dip to a low, calling the compensation committee and saying ‘now would be a good time to grant me an option’ - as long as the option plan permitted that.”
“That’s not what people are asserting took place. They are saying that after the stock had reached a low and, with hindsight, a decision was made to grant options, as of some past date, so that someone immediately made a profit – and there was no disclosure or proper expensing of it,” Mr Vanyo said.
Christopher Cox, SEC chairman, said on Tuesday that the settlement of accounting fraud charges against
独断的コメント：
エンロンの経営者に有罪の評決が出、SOX法の厳格適用で経営者への監視が強化されてきましたが、経営者の強欲は尽きることがないようです。これから暫くは、多くの企業がバックデートの疑惑でマスコミをにぎわせるでしょう。
更に興味のある方は、 ↓
http://news.ft.com/cms/s/47de6312-eb60-11da-823e-0000779e2340,s01=1.html
以下のビジネス・ウィーク誌に、より詳しい記事があります。
http://www.businessweek.com/print/investor/content/may2006/pi20060523_848601.htm
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ヘッジファンド・マネジャーの驚異的な報酬
ヘッジファンド・マネジャーの報酬ランキング
（インスティチューショナル・インベスターズ誌）
Really Big Bucks
By Stephen Taub -
昨年の長者番付でサラリーマン・ファンドマネジャーが100億円の報酬を得たとして、話題になりましたが、同じ年に米国では1千億円の報酬を得たヘッジファンド・マネジャーが出現しています。
今年は、二人がこれを上回り、他にもスーパーリッチが一層増加しています。
This is the golden age of hedge funds.
Yes, annual hedge fund investment returns for the past few years are only half of what they were during the 1990s. And sure, the proliferation of new funds has made it difficult for managers to rack up big gains in most hedge fund strategies. But when it comes to pure wealth creation — arguably the biggest motivation for the majority of hedge fund managers — times have never been better. Thanks to the power of hedge fund math, driven by management fees and performance incentives, more managers are making more money today than ever before, as evidenced by our fifth annual survey of the biggest earners.
One year ago Edward Lampert of ESL Investments made headlines when he became the first manager in our survey to earn $1 billion in a year. This time there are two who break the
billion-dollar barrier: James Simons of Renaissance Technologies Corp. and BP Capital Management’s T. Boone Pickens. In 2005 math whiz Simons, we calculate, earned a staggering $1.5 billion, edging out oil tycoon Pickens, who took home an equally astounding $1.4 billion from two hedge funds he quietly launched ten years ago. Although Lampert saw his earnings cut by more than half in 2005, he still made a cool $425 million, good enough for sixth place on our list. Rounding out the top five are three longtime managers: Soros Fund Management’s George Soros, $840 million; SAC Capital Advisors’ Steven Cohen, $550 million; and Tudor Investment Corp.’s Paul Tudor Jones II, $500 million. （後略）
独断的コメント：
実績を上げるファンドには投資家が殺到し、上げられないファンドは店仕舞いを強いられる厳しい世界ですが、ヘッジファンド業界は益々盛況のようです。
今年にNo.1は、元数学教授で15億ドルの報酬を得たようですが、ファンドの条件は年率手数料５％、成果報酬４４%という驚くべきものですが、それでも出資者は３０％のリターンを得たそうです。
上位者の経歴、実績等興味深い情報は、以下を参照ください。 ↓
http://www.dailyii.com/article.asp?PositionID=2753&ArticleID=1040590&pageID=285&LS=EMS75743
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経営者の懸念事項
コンプライアンスが頭痛の種！（インスティチューショナル・インベスター誌）
Compliance, Competition Top Concerns Of Financial Executives
PwCのアンケートでは、大企業経営者の心配は、コンプライアンス、競争、レピュテ―ショナル・リスクの順だそうです。
Issues related to compliance as well as industry competition are the top concerns of financial service executives, according to a survey by PricewaterhouseCoopers. Of the 350 executives attending the firm’s 2006 Financial Services Finance Executives Forum, 30% pointed to the cost, burden and risk associated with regulatory compliance as their key concern, followed by industry competition (29%), competition for talent (14%) and managing reputational risk (12%). In other results, the survey found that 58% of those polled see that distinctions between banks, insurers and asset managers will mean less in the future, nearly a third predicted more cross-border collaborations and 85% felt hedge funds should be regulated.
独断的コメント：
又、アンケートの6割が金融機関の垣根が低くなり、８５％がヘッジ・ファンドを規制すべきとしているようです。
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全てのヘッジ・ファンドが成功しているわけではない。
失敗したファンド・マネジャーの末路
（インスティチューショナル・インベスター誌）
More Things Going Wrong For Wright
Institutional Investor Daily-Hedge Funds
ヘッジ・ファンドも失敗すれば、顧客の資金を詐取したとして、官憲が身包みを剥ぐという実例です。
Trying to track down about $100 million that hedge fund manager Kirk Wright allegedly bilked from investors, authorities are going after his personal assets. They have confiscated his home in
Wright, founder of Marietta, Ga.-based International Management Associates, was picked up last week at a
独断的コメント：
再婚した妻との共有住宅や前妻の資産まで追求するという話はまれかもしれませんが・・・・・・・。
http://www.dailyii.com/article.asp?PositionID=2753&ArticleID=1040424&pageID=285&LS=EMS75279
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中国の貿易黒字は過大計上？
公表対米貿易黒字の２/3は、資本流入？（ビジネス・ウィーク誌）
China
By Stephen Green
Standard Chartered Bank's senior economist argues that the enormous global trade surplus could be the result of data smoke and mirrors
中国の05年度の対米貿易黒字は1兆ドルということですが、この著者の推計では、僅か350億ドルだそうです。
（前略）China shocked much of the world last year when it reported that its global trade surplus had more than tripled to $102 billion or 4.5% of revised gross domestic product. To some trade hawks and
A CLOSER LOOK. Because of
Why? Well, first, we know countries that export a lot tend also to import a lot -- and none more so than
Economists also puzzled over what had changed from 2004 (when the trade account was only $32 billion) to 2005. A big swing like that usually means something serious is changing within the domestic economy, such as either a big increase in savings or a drop in investment inside
独断的コメント：
この差額の670億ドルは、様々な形態での資本流入ということだそうです。
先ごろ亡くなったガルブレイス教授は信用できる経済理論というものはなく、それ以上に無責任なのがエコノミストと呼ばれる人種だといっています。このグリーン氏のロジックでは、元高プレッシャーは誤りということになりますが・・・・・。
詳しい議論に興味のある方は、 ↓
http://www.businessweek.com/print/globalbiz/content/may2006/gb20060522_ 662112.htm
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東京三菱UFJ―ペレラの合弁の将来は？
ブティーク・インベストメント・バンクの上場ブーム（ニューヨーク・タイムス紙）
DealBook
Brand-Name Bankers Rule the Street Again, for Now
By ANDREW ROSS SORKIN
東京三菱UFJは、ペレラ氏のブティーク・インベストメント・バンクへの出資を決めましたが、ペレラ氏もいずれIPOを目指すと見込まれています。ブティークM&Aハウスだったグリーンヒル社がIPOし、その後も株価が高騰したことから、ラザード等のブティーク・インベストメント・バンクが次々上場しています・・・・・。
（前略）So should you invest in these firms? In the short term, the answer is probably yes. Greenhill, Lazard and Evercore will grow — perhaps faster than the big guys — especially as the mergers-and-acquisitions market remains hot.
But eventually the boutiques are going to hit hard times, and they will be hit much harder than the big institutions. Many of these firms have started restructuring practices for when the economy goes south, taking the M & A market with it.
But that may not be enough to make all things right.
Then there's the problem of the star system, which is both a blessing and a curse. What happens if any of Evercore's top performers decide to bolt? Some are approaching retirement age. There is not much of a bench. Indeed, one of the biggest issues at many of the boutique banks is that they aren't known for developing new talent the way the bigger banks do.
Even if bankers don't leave, they can become richly complacent. In several years, they will be able to cash in their shares for tens of millions of dollars. Will the motivation still be there? （後略）
独断的コメント：
ブティーク・インベストメント・バンクは、①スター・バンカーがレインメーカーとして、顧客を持ち込んでくる、②様々なビジネスに進出してきた結果、利害相反の恐れが増大しているバルジブラッケット・ハウスにたいし、そのような恐れがない、等から成功を収めてきました。逆に、①スター・バンカーがいつまでも美味しい取引を持ち込めるわけではない、②スター・バンカーが引退したり、リッチになりモチベーションが下がったりするリスクがある、と予想されます。
更に興味のある方は、 ↓
http://www.nytimes.com/2006/05/21/business/yourmoney/21deal.html?_r=1&oref=slogin&pagewanted=print
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エタノール学入門
エタノールはガソリンを代替できるか？（ビジネス・ウィーク誌）
Ethanol: Myths and Realities
Ten questions -- and answers -- about the fuel that's supposed to save the economy
昨年ゴールドマンが原油価格は105ドルまで高騰すると発表し、世界を驚かせましたが、今年に入って75ドルまで上昇したため、この予想が現実離れしたものとは誰も思わなくなっています。
その結果、代替エネルギーがまたまた話題を集めていますが、そのなかでガソリン代替として最も有望なエタノールについては、一般の知識は十分ではありません。
そこで親切なビジネス・ウィークが解説を行っています。
With high gas prices making alternative fuels increasingly attractive, no alternative fuel has received as much attention as ethanol. Some hail the fuel, which can be derived from plants including corn, wheat, barley and sugarcane, as a savior of American energy policy, while others see it as a fad popularized by its heavily subsidized corporate backers.
The reality is complex. Though still a tiny industry compared to gas, ethanol could become a more prominent part of the
Still, as ethanol's public profile rises, there's plenty of misinformation swirling around and a host of questions. What exactly is ethanol? How is it made and used? And is it really a viable alternative to gas? Here's what you need to know now. （後略）
独断的コメント：
エタノールについてはほとんど話題にならないわが国ですが、何故でしょうか? 政治力を駆使して、世界中で原油を買い漁る中国やインド(Chindiaと言うそうですが)と対比して、ほとんど無策のわが国は原油100ドルでも民間の努力に任せればいいということなのでしょうか？
更に興味のある方は、 ↓
http://www.businessweek.com/print/technology/content/ may2006/tc20060519_225336.htm
原油市場の憂鬱な予想記事については、以下をご参照。
http://www.businessweek.com/print/investor/content/may2006/pi20060519_952692.htm
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ダビンチ・コード・ブーム！
フランス人もダビンチ・コードに夢中（ビジネス・ウィーク誌）
Paris
Even the decorous Louvre has relented and joined the marketing frenzy surrounding the movie's opening in France
アメリカ嫌いのフランス人も背に腹は替えれないようで、誇り高いルーブルさえもダビンチ・コード・ブームにあやかろうとしています。
Then, of course, there's the merchandising. Bookstores and gift shops all over
What's happening in
独断的コメント：
長々しい小説には余り感心しませんでしたが、宣伝に煽られるように初日の公開日に映画を見てきました。ストーリーは少々違っているようで、結末も中途半端な感じを受けました。公開後は、前宣伝ほどのブームにはならないという気がします。
それはさておき、キリスト教徒とこの話をすると、かなり拒否感があるようです。
無心論者から見れば、風刺画に激怒したイスラム教徒を批判するなどとても出来ないのではないかと思ってしまいます。一神教は人を不寛容にするのでしょう。
更に興味のある方は、 ↓
http://www.businessweek.com/print/globalbiz/content/may2006/
gb20060517_148204.htm
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弁護士よ、お前もか！
集団訴訟で名を馳せ、ぼろ儲けした弁護士事務所が危機に？
（インスティチューショナル・インベスターズ誌）
Securities Law Firm May Settle, But Will It Survive?
ミルバーグ・ワイス法律事務所は、クラス・アクションを次々に起こし、企業から巨額の賠償金をせしめて来た大手法律事務所のひとつですが、原告に訴訟を起こさせる見返りにキックバックを行ってきたとして告発されかかっています。
Milberg Weiss Bershad & Schulman, a leading law firm in securities class actions, may dodge indictment, but it is unclear whether the firm will be able to return to its preeminence or survive in the long run. The Los Angeles Times reports that the departure of two key partners in the six-year investigation of the firm may signal an effort on the part of Milberg Weiss to demonstrate to the U.S. Attorney’s office its eagerness to avoid indictment or at least have it deferred by cleaning up its act. The two partners, David Bershad and Steven Schulman, who left recently, were warned earlier this year that they may face indictment on charges of engaging in a kickback scheme in which individuals received referral fees so that the firm could gain lead counsel status, and the additional fees associated with it. Legal experts say that even if the firm avoids indictment, it isn’t clear how the matter would affect its ability to attract clients in the future.
独断的コメント：
米国の会計事務所は、エンロン問題からアンダーセンが崩壊し、４社体制になってしまいましたが、その後も組織的に脱税商品を販売したとして、厳しい処罰を受けています。
エンロン事件で登場した悪名高いSPCのオフ・バランスや脱税商品でも肯定的なリーガル・オピニオンを多くの法律事務所が出してきましたが、処罰を免れてきているようです。法匪の法匪たるゆえんでしょうか？この事情は、わが国でも同様で、処罰はいつも会計士のみです。
ミルバーグ・ワイスは主要パートナー2名を辞めさせることで訴追を逃れようとしていますが、集団訴訟や巨額賠償の乱用を戒めるためにも、弁護士連中の暗躍を阻止すべき時期なのでしょう。
更に興味のある方は、 ↓
http://www.dailyii.com/article.asp?PositionID=2648&ArticleID=1040305&pageID=273&LS=EMS74889
又、もっと詳しい内容は以下のファイナンシャル・タイムス紙の記事をご参照ください。
http://news.ft.com/cms/s/5b39f21a-e6b9-11da-a36e-0000779e2340,s01=1.html
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