Weekly Update

Greed at a Glance

A quick update on avarice in America and beyond

You may be in good hands at Allstate, as the classic ad line goes, but America’s wealthiest are going to stick with their buddies at the Federal Emergency Management Agency’s flood insurance office. Over recent years, an NBC News probe has revealed, FEMA has been redrawing flood maps to benefit the owners of beachfront mansions and luxury condos. The new maps are saving deep pockets as much as 97 percent off their flood insurance premiums — at the same ordinary homeowners in hurricane zones are facing record-high rates. Among FEMA’s biggest beneficiaries: Robert Watson, a former Westinghouse top exec with a $19-million beachfront bungalow on Florida’s west coast . . .

Daniel RiccioSmart phones from Samsung may have bigger screens than phones from Apple. But top execs at Apple are pulling in bigger paychecks. Much bigger. In fact, three executive sidekicks to Apple’s CEO each took in more individually in 2012 than the $31-million compensation bill for Samsung’s entire four-person top executive team. Apple operations VP Daniel Riccio pulled down just under $69 million for the year, about the same as Apple’s chief financial officer. Apple’s senior VP pocketed another $50 million. Executive rewards in Korea, notes one tech industry observer, run “a fraction of the norms in America.”  But within Korea, as Seoul National University analyst Kon Sik Kim points out, executive pay at Samsung actually runs well above national norms . . .

They call Jorge Bendersky the “Vidal Sassoon of the canine world.” This dog groomer extraordinaire has been attending to New York’s “power pups” since 1992, and his current clients range from Ralph Lauren to global super models. Bendersky charges $300 an hour for a grooming session. He also makes house calls. Clients have flown him from Manhattan to the Hamptons by helicopter — and to Miami by private jet.  One uptown New Yorker “who couldn’t fathom cleaning her dog’s soiled foot,” Business Insider noted last week, once had Bendersky summoned at midnight for an emergency visit.  Bendersky’s professional “signature”: “I tailor every haircut to the specific dog.”

This Greed at a Glance originally appeared in the Too Much weekly newsletter. To receive Too Much in your email inbox, just sign up here.

Discussion

2 comments for “Greed at a Glance”

  1. I like the way Greed at a Glance givs actual data on CEO salaries and severance pay. There’s no arguing with those facts.

    Posted by Theo Halladay | October 18, 2011, 9:10 pm
  2. Any idea who Joanne Margossian is? How did she make her loot? I’ve worked on that island and the upkeep is phenomenal.

    Posted by Dave Kenny | February 17, 2013, 9:51 am

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