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Non-Tech : The ENRON Scandal

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To: Mephisto who started this subject	9/23/2002 8:52:17 AM
From: Mephisto	of 5185

New Microsoft exec got $12 million loan Friday, September 20, 2002 seattlepi.nwsource.com SEATTLE POST-INTELLIGENCER STAFF AND NEWS SERVICES Microsoft Corp. lent $12 million to a former Lazard Freres & Co. managing director to oversee the company's acquisitions and partnerships, according to documents filed with the Securities and Exchange Commission. The company made the loan to Richard Emerson when he was hired as a senior vice president in November 2000. Microsoft said it stopped granting such loans because of a law enacted in July that makes it illegal for companies to extend personal loans to directors and executive officers. Investors have criticized corporate loans to executives, partly because the debts sometimes aren't repaid. Earlier this month, Microsoft disclosed that it forgave a 15 million loan plus interest to former President Rick Belluzzo when he quit in May. Microsoft said Emerson's loan, which now totals $13.2 million including interest, still must be repaid by January 2005. "The arrangement was appropriate and necessary to recruit an executive of this caliber," Microsoft spokeswoman Caroline Boren said. seattlepi.nwsource.com E-mail this story

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