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Non-Tech : Green Tree Financial (GNT)
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To: Doug (Htfd,CT) who wrote (9)7/10/1997 12:03:00 AM
From: John Tancabel   of 169
 
A suit has been commenced in Minnesota alleging, among other things, that the compensation committee violated its obligaton to the shareholders for allowing such a generous compensation agreement.

I disagree with you comment that the compensation is in line with the size of the company. With the size of GNT, Coss should be receiving 3-4 million per year. This is not genetics or managing a company like GE. GNT is a lender. They lend money and try to get people to pay it back. How complicated can that be?

Right here in Minnesota you have corporate executives who have greater responsibilities with lesser pay. Example: President of Dayton Hudson; President of 3M; President of Norwest (which, by the way, is not only a bank, but a small loan company). They all have much greater responsibillities and require greater skills. Coss is a former used car salesman who has sold his compensation committee a crock.

Note: Studies show that where there is excessive compensation in corporate life, it typically comes from a board with members who do not consider themselves peers of the person they are supposed to govern. That is certainly true of GNT, with a board hand picked by Coss. They are people of modest accomplishments who do not have the you know what to stand up to him. Stacking the board with weak members is a tactic Coss learned form his former business colleague, Hal Greenwood, the discredited former head of Midwest Federal, the failed Savings and Loan.
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