Saturday, December 8, 2007

Where's the Pain?

"In the largest executive-pay giveback in history, former UnitedHealth Group Inc. Chief Executive William McGuire has agreed to forfeit about $620 million in stock-option gains and retirement pay to settle civil and federal- government claims related to stock-option backdating. ... In the second action, by the [SEC], Dr. McGuire agreed to pay a $7 million civil penalty, the largest to date against an individual in a backdating case without admitting or denying wrongdoing. ... McGuire still faces a criminal inquiry into the UntedHealth stock options scandal", WSJ, 7 December.

$7 million? Big deal. Another SEC nothingburger. I wait to see what it anything the Justice Department does with this.

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