Wednesday, July 13, 2005

"Work three months, make $32 million!"

The New York Times

Departing Morgan Exec Takes Home $32 Million for Short Stint

Published: July 12, 2005

Loyalty is a prized commodity on Wall Street, and in the case of Stephen S. Crawford of Morgan Stanley, it has paid a $32 million dividend.

Mr. Crawford, a former investment banker who was appointed co-president by Philip J. Purcell in March amid a power struggle, left the firm yesterday. His contract cast a spotlight on the Morgan Stanley board, which remains under fire for its close ties to Mr. Purcell even weeks after his departure as chairman and chief executive.

Mr. Crawford's pay package is particularly unusual because he was co-president for only three months, yet he will take home a severance package that pays him as if he had been co-president for two years and allows his stock to vest - the executive-suite equivalent of hitting the lottery.



BBC News

Big jump in South African HIV cases

Last Updated: Monday, 11 July, 2005, 12:57 GMT 13:57 UK

South Africa's health department has released figures suggesting that HIV infection rates in the country may be greater than previously thought.

A study of women in antenatal clinics suggests that more than six million of South Africa's 40 million people are infected with HIV.

In May, the state statistics agency estimated that 4.5 million South Africans were carrying the virus.

South Africa has often been critised for not taking firmer action on Aids.

Results from the study, conducted last year, indicate that between 6.29 and 6.57 million South Africans are infected, the health department said.

The department said the corresponding figure for the end of 2003 was 5.6 million.

Conflicting figures

However Statistics South Africa, the state statistical agency, announced in May that 4.5 South Africans were estimated to be infected.

That statistic implied that South Africa had been overtaken by India as the country with the highest number of HIV-positive people.

Official figures say India has 5.1 million people with HIV.

However, the South African government's latest announcement suggests that South Africa does indeed have the largest number of people living with HIV.

The health department published the new findings only days after the opposition Democratic Alliance launched a legal bid to obtain a copy of the report.

DA spokeswoman Dianne Kohler-Barnard told Business Day newspaper that the release of the report was "a triumph".

But health department spokesman Sibane Mngani told the newspaper the release was unconnected with the DA's application.



Post a Comment

<< Home