The deal includes a $17 million signing bonus spread out over six years, and it is heavily backloaded, with Giambi earning $61.5 million over the final three years.
And Fannie's chief executive, Herbert M. Allison Jr., quickly struck back in a note to employees, decrying the injustice of letting the firestorm surrounding A.I.G.'s bonuses spread to Fannie Mae.
How else to explain his outsized compensation package, which includes a minimum salary of $1.5 million this year that rises to $2.5 million in 2004, $2 million in signing bonuses spread over two years and options this year on three million shares.
With profits and bonuses spread throughout a firm, everyone benefited from a comprehensive relationship with each individual client be they company, private investor or institution.
Bonuses are spreading beyond the City, even as evidence mounts that the payouts are not good for companies in the long run.
The Yankees signed Brackman for a guaranteed $4.5 million, although General Manager Brian Cashman said the present-day value was around $3.7 million because Brackman's $3.35 million signing bonus was spread over six years.
Note that under the salary-cap rules the signing bonus is spread evenly over the stated life of the contract, even though everybody knows that upfront dollars are worth more than back-end dollars.
Citing the "insatiable greed" of some financial players and their "destructive irresponsibility," the draft calls for the G-20 to impose a policy that would prohibit guaranteeing bonuses for more than a year and would require that bonuses be spread over several years.
"The big bonuses have spread to thousands of people around the globe and particularly with the poor shareholder performance, that is what is so puzzling about it".
In most schools, the bonuses were spread evenly for classroom teachers, with several giving less to special-education aides and other staff members.
