Lance Knobel on US Treasury Secretary-designate John Snow: The Wall Street Journal reports that Treasury secretary-designate John Snow’s company, rail freight giant CSX, is no great shakes. “For all its progress, CSX still has the worst operating ratio, a common measure of railroad efficiency, among big North American railroads.” That sounds like a recommendation.
But wait! There’s more!
And in 2001, Snow earned “$2.2 million in cash, plus $7.1 million in restricted stock awards. In addition he received $753,057 in additional compensation, including $117,900 in life-insurance premiums and $323,266 in ‘above market’ interest on deferred earnings”. When he retires he qualifies for Welch-like perks, including “use of private aircraft for the remainder of his life”. Just the man to tackle concerns about corporate governance.
