Thursday, September 8, 2011

Investors Take Aim At J&J's $150 Million CEO

Jim Edwards at BNET has;

By | September 6, 2011

"A shareholder lawsuit that demands Johnson & Johnson(JNJ) CEO William Weldondisgorge a large part of the compensation he has received since 2006 could force J&J to explain why it pays Weldon more than any other pharmaceutical company CEO even though the company has languished during his reign.

Weldon has received $150 million in compensation since 2006, the suit says, and he earns more than the next four highest-paid drug company CEOs combined. That “lavish and excessive” package, the suit says, came despite J&J’s stock, revenues, and operating cash flow staying flat, its R&D declined and its liabilities increased. There have been 26 product recalls from all areas of the company (16 of those were Tylenol-related), including the recall of 93,000 artificial hips after they were implanted in patients.

The company paid kickbacks to the government of Saddam Hussein and operated a bribery scheme in Greece in which, a British judge said, “corruption was, in effect, a company policy.” Yet during this period, Weldon’s pay doubled from $14.3 million in 2005 to $28.7 million in 2010.

As I noted earlier this year, Weldon’s pay is rigged to only go up, and the board conceals this scheme by making it fiendishly complicated — it requires 37 pages in its annual SEC filing to describe it. Technically, Weldon only receives his bonuses if he meets certain performance requirements linked to the price of the stock, and the company’s financial performance. But those bonuses are all based on a benchmark that rises every year, a benchmark that has nothing to do with Weldon’s performance: That Weldon will always be paid more than the average drug CEO (see page 28):

The Company’s target pay philosophy positions total compensation for its executive officers between the 50th and 75th percentiles of the Executive Peer Group.

That’s why Weldon’s total compensation last year sank only 7 percent to $28.7 million despite his bonus award being cut 45 percent.

“No excuses”

Interestingly, the suit uses Weldon’s own words to justify its demand that he “disgorge the compensation which he has received” that was unlinked to his performance. When Weldon testified to Congress about the Tylenol recalls, he repeatedly said there was no excuse and that he would take full responsibility for the company’s performance, the suit says:

I accept full accountability for the problems at McNeil and I will take full accountability for fixing these problems … I do not want to make any excuses for what we should have done in 2008.

The plaintiffs — The George Leon Family Trust, which has owned JNJ stock since 2008 — believe that J&J’s board has made “materially false and misleading” statements about Weldon’s pay because its compensation policy is to reward him based not just on results “but also for the manner in which they achieve them” (see page 22). The board continued to reward Weldon despite repeated violations of the J&J Credo, on which the compensation policy is based.

J&J has yet to file a response, but it defended Weldon’s pay in an April disclosure to the SEC.


Thank You Very Much Mr Edwards & BNET

It's amazing how Few of our visitors here at psychroaches bother to DOWNLOAD even Allen Jones Full Whistleblower Report. So we'll quote it again.
pg 6

(Johnson and Johnson's) Janssen needed a mouthpiece.

Enter TMAP

TMAP began in 1995 as an alliance of individuals from within the pharmaceutical industry and the Texas state university, mental health and corrections systems. Start-up funds included a 1.7 million dollar grant from the Robert Wood Johnson Foundation; a Johnson&Johnson related foundation. Johnson&Johnson owns the pharmaceutical companies Janssen

Pharmaceutica and Janssen/Ortho McNeil.

(According to the non-profit group Texans for Public Justice, Robert Wood Johnson IV, heir to the Johnson & Johnson fortune, raised over $100,000 for George W. Bush’s 2000 presidential campaign. Johnson has raised over $200,000 for Bush’s 2004 campaign.)

The group’s goal was to develop a model mental health treatment program for incorporation into public mental health and prison systems. This model program would ensure that newer, expensive medications would be heavily used.

But the drug industry had a problem: Clinical trials simply did not favor their new products. Alternative justification for favoring these drugs would have to be developed.

“Expert Consensus Guidelines”

This consortium sought to “legitimize” the medications recommended in the model program’s “drug menus”. The group elected to utilize “Expert Consensus Guidelines”, rather than clinical studies or drug trials to form these recommendations. Essentially, TMAP opted to “establish” new drugs as the best drugs for various illnesses by surveying the opinions of doctors and psychiatrists of TMAP’s own choosing. No hard science, no patients, no study review, and no clinical trials – just the “Expert Opinions” of

persons TMAP elected to survey.

The “Expert Consensus” process became TMAP’s standard mechanism for creating the appearance of superiority for certain drugs and it was employed repeatedly from 1996 to 2003.

The doctors who were surveyed included persons who had already published articles favoring the new drugs. The survey included doctors with strong ties to the drug industry.

America; You have to get up to speed on this issue, because the 'Mentawhee Ihwll' aren't somebody Else. They're You: ALL OF YOU. Every Last Single One of You!

and This is what they want to Do to You, and Will do to you, for your 'Mentawl Ihwllneth', ...... on Uncle Sam's Dime.

and This is a look at quite a few of South Carolina's & Uncle Sam's Dimes being reclaimed from the same pot Paying J&J CEO Weldon's $30 Million Compensation pkg.

And, In that post, you'll find the Mind Blowing, Actual Psychiatric Diagnostic Bio-Science Raking In all of Uncle Sam's Dimes to Pay J&J CEO Weldon those Dimes, consists of a bunch of New Age, Multi Culti Mooches sitting on their asses at the Esalen Institute Watching Movies FOR the 'Mentawhee Ihwll'.

see also:

Or perhaps you'd prefer This one, updated with New & Improved, Explanatory Graphics courtesy of The Peoples Cube

The Illuminati are not inviting the Mentawhee Ihwll to watch the movies With them. They're watching the movies On Behalf of the Mentawhee Ihwll, and You're Paying the Film Reviewer in Chief $181,600 a year to watch the movies For you.

And if you look down Here (hope we're not boring anyone with Old News) you'll find that the Movie Reviewer in Chief hasn't found any films, Yet, to teach him that telling LIES which are Directly tied to Federal Healthcare Benefit Program Monies, is a Bozo No No.

And Here, you'll discover the Success, which You are paying for, achieved by Dr Lu's Socialist Ideates at a NATIONAL TRAINING CENTER for Socialist Ideates in applying those crucial lessons that Dr Lu FAILED to learn from watching those Movies, ....... to Hewlp, the Mentawhee Ihwll.

Should we Continue with more of these Boring old back links, or would you rather just help yourself to ALL of the Free Info we've assembled and linked to under P$ychiatry 101: Start Here?

J&J's Bill Weldon, Dr FG Lu, and the entire Mentawhll Illneth crew are looking to sell All of you, phony diseases, drug addictions, time release chemical lobotomies, and premature death.

And their Diagnostic acumen/justification/brain trust for Selling you lobotomies & death turns out to Be? Well, for starters, try these 3 FRAUDS.

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