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Politics : High Tolerance Plasticity -- Ignore unavailable to you. Want to Upgrade?

To: Think4Yourself who wrote (3474)	4/17/2001 3:29:28 PM
From: cnyndwllr	Read Replies (1) \| Respond to of 23153

JQP, the nice thing about it is that it is so liquid. I've seen lots of 10-100k share blocks go by. This should help attract and hold large investors. Ed

To: Think4Yourself who wrote (3474)	4/17/2001 8:21:33 PM
From: Libbyt	Respond to of 23153

PG&E top execs got no bonuses But the CEO and the head of the troubled utility both received double-digit raises By Mike Taugher TIMES STAFF WRITER The heads of Pacific Gas and Electric Co. and its parent company were denied lucrative bonuses last year but still received double-digit salary raises, the companies disclosed Monday. Robert D. Glynn Jr., chief executive of PG&E Corp., the utility company's parent, saw his base salary bumped up $100,000 last year to $900,000. That brought his total compensation, excluding stock options, to $945,086. In 1999, Glynn's compensation package totaled $2.26 million. Glynn's counterpart at the utility, Gordon R. Smith, received an $80,000 raise that brought his base salary to $630,000. That brought Smith's total compensation to $659,780 compared with $1.1 million the previous year. The raises came in a year in which the finances of the now-bankrupt utility were drained by high wholesale prices and an inability to recoup that money from ratepayers. Consumer advocates have shown no sympathy for the utility, saying it helped write the electricity deregulation rules and was slow to react to signs last year that the electricity crisis was threatening its financial health. "Most of us would think that if we led a company into bankruptcy, we wouldn't get a raise," said Mindy Spatt, spokeswoman for the Utility Reform Network, a San Francisco-based organization that is highly critical of PG&E. "Management has run the companies into the ground, and yet they seem to be rewarded," Spatt added. The disclosure comes less than two weeks after PG&E awarded $53 million in bonuses to about 6,000 employees and implemented 2001 salary increases that had been delayed. Those bonuses came the day before it filed for voluntary bankruptcy. The employee bonuses prompted sharp rebukes from Gov. Gray Davis, but the governor's office had no immediate comment on the executive salaries disclosed Monday in a proxy filed with the U.S. Securities and Exchange Commission. The companies disclosed that top level executives in the utility were not awarded bonuses but those who head up PG&E National Energy Group, a profitable affiliate that generates power in other states, did receive bonuses of $300,000 to $441,000. The proxy statement comes in advance of a May 16 annual shareholders meeting in San Francisco. contracostatimes.com