New Accountants Board Tin Ear Now Golden: Set Own Pay at $452k

TheStreet.com ^ | Jan. 13, 2003 | Rebecca Byrne

[berserker]

Has the credibility of the new Public Company Accounting Oversight Board been destroyed before it's even up and running?

That's what some critics contend following an announcement last week that members set their own pay at $452,000 per year and the new chairman's salary at a whopping $556,000.

"This doesn't speak well to the ethics and integrity of its members when the first thing they want to do is pad their own pockets," said compensation expert Graef Crystal.

Although the board says the pay is necessary to attract the best talent, others note that $452,000 is more money than any other government employee receives, including the president of the United States. ...

See the full article.

[irv]

They coulda had me for half that money!

[El Sordo]

I think I'll set my salary at $325,000 a year and see how well that works for me.

[Moonman62]

There's a new tone in Washington. Highly paid officials are much more effective than any market.