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(You
MAY need the FREE QuickTime
plug-in to view and hear s90tv) top top top op top • 102 / Internet TODAY'S
PUZZLE? This
Week's
Cover
Dear Editor LookRadio • 120
PIXELS 3 columns More
Articles • Converging
News 182006 / TeleCom BuyOuts, Spinoffs and Asset
Seizure Boom Respectfully
Submitted top top top 40 40+110+570=720
- 102 smart90.com/tvimagazine/2006/1806/102GoogleClooney$1Dollar.htm/
Movies
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IMAGES
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1.
Feature Story /
18th Week of
May, 2006 / The $1-dollar per year salaried boys at
Google, Warner Bros, and Apple, will earn their
money this year! The big difference in 'earning'
and 'making money' is simple," say those in the
know. "The only people that "make money" -- are
counterfeiters, print shops, and those who chaperon
the "Monetization of commodities on Wall
Street."
Hong
Kong
Triad
/
"Jockey Club"
RadioPlayMusic
•
•
Until now, none of the status symbols of Wall
Street, Silicon Valley nor Hollywood, would dare
publish the $1-dollar salaries paid to their CEOs.
Did it have something to do with China's President,
Hu Jintao's salary of only $200 per month, or
Schwarzenigger taking no salary as the governor of
California?
•
•
When companies file their annual reports disclosing
how much they pay their Company heads -- they would
inevitably ignite an outrage about exorbitant
executive salaries -- consider Google, Disney and
movie producer/actor, George
Clooney.
•
•
Despite the high stakes, Wall Street seems barely
to have noticed the danger posed by the $1-dollar
per year salary, especially after Enron's indicted
ex-CEO, Kenneth Lay, was asked by the prosecutor,
"if he planned to repay the $7.5 million he still
owed on an Enron line of credit."
•
•
Besides his
bonuses, the loan had been one of Lay's perks as
chairman. He explained the reasons for his high
salary and million dollar annual bonuses, was to
pay back the high credit line given to him by Enron
to buy stock in Enron and a few start-up companies
doing business with Enron, and resell the stock to
Enron.
•
•
After several days of grillings, Lay admited to
selling $70 million of his Enron stock back to
Enron to pay down a line of credit he had with the
company in the amount of $7.5-million. Evidence
shows he racked in about $62 million on the sale.
•
•
But the signs are there, for those inclined to read
them in world of "high salaries and court
proceedings in Texas." After the Enron and Adelphia
loan perks are long and gone, few status symbols
will ever compete against the one-figure $1-dollar
per year salary now paid to Googlers Sergey Brin,
Larry Page and Eric Schmidt; Richard Kinder, Steve
Jobs, Jeffrey Katzenberg, and George Clooney.
•
•
All represent the following respective
corporations: Google, Richard Kinder is the
co-founder of energy company Kinder Morgan Inc.,
Steve Jobs, Apple Computer Inc. Jeffrey Katzenberg,
Chief Executive of DreamWorks, George Clooney,
Clooney Productions.
•
•
Today,
in Hollywood, the external enemy of the film
industry, are the trade unions and the ability of
outside digital technology to project images on the
big screen. The people taking advantage of this
fear-factor, are the Internet users, the DVD
manufacturer, banks and the
FCC.
•
•
"For
example," says Troy, "it was just announced this
39th week, the last weeks of Michael Eisner,
heading Disney -- the company created Kingdom Films
to entice Credit Suisse First Boston to raise the
financing for making films. The bank will provide
40% of production and distribution costs for about
32 films over the next four years, and will receive
40% of the film profits, including from box-office
and video
sales."
•
•
"For
instance, take the cost of movies, it is so great
that sharing a little risk is not such a bad idea,"
said people close to the deal. The parlaying of
movies for $$$$, guarantees Disney distribution
fees and 60% of the profit. Disney last week said
its film unit would have a fourth-quarter loss of
as much as $300
million.
•
•
Disney shareholder reaction
to the increases in compensation is largely
subdued. Of
course, these Disney executives were not company
founders.
•
•
Today most of "real" company founders -- have
something else in common, they have been put been
put into the self-employed category by popular
stockholder demands. They are also the first to
admit they are rich because, thanks to ownership
stakes in the companies they helped build, they are
billionaires, as evidenced in Forbes Magazine.
•
•
Why! It was just last year," admitted one
billionaire, "I needed the $96-million dollar
salary and $100-million bonus just to pick up my
stock-options to show our investors we had buyers
for our Wall Street listed stock.
•
•
Salaries are always instructive and a measurement
of success, though often ambiguously so. The only
thing worse than pretending that life began on the
day of our birth is the notion that it can be lived
as an endless series of analogies to the past.
Salaries, in other words, is not an oracle. It
informs but does not direct; it influences but does
not determine.
•
•
Morgan and
his banks in the 20th century were defeated through
confrontation. Rockefeller's successors were
defeated through containment. Which is the correct
formula to apply to contemporary analogies that
might fit the economical straits today's investors
are finding themselves.
•
•
Before the "cashless and click society," was picked
up by the Dot Com, and before the Fannie Mae real
estate bubble popped, the only thing money bags
were used for, were to hold cash dollars printed on
paper.
•
•
It was at a time "when the buck stops here" --
meant something to the investor and the bank. It
was a time when the dollar gained real currency
value -- not a manufactured book value manipulation
by bookeepers and published by Forbes Magazine. It
communicated the importance of personal sacrifice
in inflationary times.
•
•
Now, the dollar sends a different message: Because
many of today's corporate leaders own so much of
the companies they run, their personal fortunes are
tied to corporate success. They succeed when the
company
does.
•
•
"It's a gesture to the shareholders saying 'I've
got more money than I could spend in 52 lifetimes
-- just pay me a dollar and I'm happy enough,' "
said Graef Crystal, an executive compensation
specialist.
•
•
Google founders Brin and Page have cashed in $2.2
billion and $1.8 billion, respectively, in company
stock since taking the company public in 2004, and
CEO Schmidt has pulled in $645 million, according
to Thomson Financial. The founders each hold nearly
$13 billion in stock, and Schmidt's shares are
worth about $5
billion.
Part
02 / Hollywood Movie Busines /
FOR
NON-FOUNDERS OF A MOVIE STUDIO IT'S A DIFFERENT
STORY -- In Hollywood, it was George Clooney who
first described
the formula
for $1-dollar salary per picture
deal.
•
•
In George Clooney's, "Good Night, and Good Luck,"
-- Clooney not only co-wrote, produced, and
directed the film, but he plays the role of (Fred
Friendly) -- the producer of the top rated CBS news
show of the 50s, "See It Now".
•
•
Section 8, a company created by Steven Soderbergh
and Clooney, in 1999, was the primary producer and
the Todd Wagner and Mark Cuban's 2929 Entertainment
organization, was contracted to provide the cost
for production and
distribution.
Parlaying
Movies - for
$$$$$.
•
•
In a way, Clooney has been able to carry on that
independent spirit developed by those in the film
industry, that is creating updated ways to produce
socially and politically relevant films -- that
have faded since the '60s and
'70s.
•
•
As the story goes, a tan, talkative and friendly
Clooney, while sitting inside his dimly lighted
cottage on the Warner Bros. studio lot in Burbank,
explained the parlaying movie process this way to
film and finance the 1954, Murrow vs McCarthy
event.
•
•
"I'm in the enviable position of being able to
force studios to make films that they wouldn't
ordinarily make," he said. Besides citing "Good
Night, and Good Luck," he mentioned his movie
production, "Syriana," a political thriller set in
the Persian Gulf, which he used to help persuade
Warner Bros. to co-produce, by agreeing to take no
upfront dollars as the principal actor in the
movie. CLICK
TO SEE MORE Movies For $$$$$
STORY.
•
•
On January 12, 2006, Walt
Disney announced that its Chief Executive Robert
Iger got not only a big promotion last year but
also a pretty nice
raise.
•
•
According to the company's
proxy statement made public, Iger's annual salary
jumped 33% to a minimum of $2 million when he took
over as CEO in
October.
•
•
Under his new five-year
employment agreement, Iger also will be eligible
for an annual bonus of $7.25 million, depending on
Disney's growth. He also received 500,000 shares of
restricted stock that is tied to Disney's long-term
performance.
•
•
That pay bump comes after
Iger earned a $1.5-million salary, $7.7-million
bonus and $500,000 restricted stock grant as Disney
president, the No. 2 job, during the 2005 fiscal
year ended Sept. 30. He also received stock options
for 274,241
shares.
•
•
Departing CEO Michael Eisner
didn't do so badly himself, according to the
filing.
•
•
Since then, it has largely been adopted by CEOs
trying to restore shareholder confidence in their
struggling companies, like Lee Iacocca started at
Chrysler.
•
•
Like Iacocca, in the late 1970s. Gerrold Perenchio,
chairman and CEO of Univision Communications Inc.,
passed on the buck. He draws no salary at all, but
his ownership stake in the Los Angeles-based
Spanish-language media company is worth nearly $1.3
billion.
•
•
"They're not working for free," say those in the
know. "Saying it's a dollar salary doesn't really
get to the fact that they're all having outside
income produced by their stock-ownership or Family
Trust."
3.
Editor's Note
/ Cash
Deferments Silicon Valley vs
Writers Guild
Cash
Deferment
107PayDerferredWritersGuild
/ Writers on Low-Budget
Films to Get Guild
Pay.
•
•
On January 19, 2006, the
Writers Guild of America said it was extending
union pay and benefits for the first time to
writers of low-budget feature
documentaries.
•
•
The contract is aimed at
writers of films with budgets of less than $1.2
million. Affecting about 100 writers, the agreement
allows producers to partially defer compensation to
the documentary writers who are not also employed
as directors or producers.
•
•
Documentaries have been
increasing in popularity, with more than 130
documentaries released in 2005, up 90% from
2002.
•
The same gestures made by Silicon Valley, was often
undercut by corporate boards granting those CEOs
hefty awards of stock options that could be sold
with only a mild stock-market recovery. Buck-a-year
chiefs who reaped stock-option windfalls include
John Chambers of Cisco Systems Inc. and Tom Siebel
of Siebel Systems
Inc.
•
•
Larry Ellison of Oracle Corp. gave up his salary
for 2001 through 2003, when the company's stock was
struggling, but he cashed in $706 million in stock
options in 2001 and $41 million in
2003.
•
•
Jobs' current Apple shares are worth $670 million.
Kinder is due to pull in $84 million this year in
dividends from his Kinder Morgan stock.
Josie
Cory
Publisher/Editor
TVI Magazine
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Magazine, tviNews.net, YES90, Your Easy Search,
Associated Press, Reuters, BBC, LA Times, NY Times,
VRA's D-Diaries, Industry Press Releases, They Said
It and SmartSearch were used in compiling and
ascertaining this Yes90 news
report.
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Six Media Entertainments. Tel/Fax: 323
462.1099.
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In world of the one-figure $1-dollar per year
salary. Kenneth Lay and his Enron Texas Trial
Testimony about "high salaries." The Sergey Brin,
Larry Page, Eric Schmidt, Richard Kinder, Steve
Jobs, Jeffrey Katzenberg, and George Clooney crowd
are paid $1-dollar per year. The Writers Guild,
Silicon Valley. The big difference in "earning and
making money is simple," -- MORE
STORY
• NEWS
Convergence - 18th Week of 2006 Spring
Issue
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Feature
Story / • 102GoogleClooney$1Dollar.htm
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