Tuesday, September 23, 2008
Where's the Pain?-2
"Former UnitedHealth Group Inc. Chief Executive William McGuire agreed to pay $30 million and forfeit 3.7 million stock options to settle shareholder claims related to options back-dating, adding to what was already one of the largest executive-pay givebacks in history. ... McGuire, who reaped about $530 million in pay and options gains while running UnitedHealth from 1991-2006, still retains 20 million stock options that could be exercised for a gain of $307 million at the current share price. ... To resolve other civil and government claims, Dr. McGuire already had agreed to forfeit 9.2 million stock options and nearly $100 million in retirement pay, in addition to a $7 million penalty to the [SEC]. ... He still faces a criminal inquiry into UnitedHealth's options scandal by the U.S. attorney for the Southern District of New York, Vanessa Fuhrmans at the WSJ, 11 September 2008.
This is a joke. Mike Garcia's office has time to send Craig Gile, my 25 June 2008 post to prison and he's waiting to act in this case. Amazing. Will the PCAOB act against Deloitte & Touche, UnitedHealth's CPAs, who should have found this? Why ask?