He noted, for instance, that AvalonBay Communities, a company for which he has a positive outlook, has had flat expense growth this year, compared with a 2 to 3percentt increase during typical years.
The tax base remains flat while expenses rise.
David Nicholson, the chief executive of the NHS, earns between £255,000 and £259,999 – including £45,000-£50,000 for a rented flat and expenses for living in London.
When Ms. Meeker looked at the income statement, her takeaway was straightforward, and it remains the main message of "USA Inc".: "Revenues have been flat, while expenses have gone up dramatically".
With splendid irony, the panel will include the former Liberal Democrat leader Sir Menzies Campbell, fingered by the Telegraph for claiming a flashy makeover of his London flat on expenses, going head-to-head with none other than Benedict Brogan, the chief political commentator of, you guessed it, the Telegraph.
That sort of revenue growth, plus flat overhead expenses for 2009, means a handsome increment to the bottom line, says Connor Browne, comanager of the Thornburg Value fund.
However, flat interest expenses and a lower effective tax rate helped boost net income by 26.1% to $32.93 million, or 39 cents per share.
The sequential decline in Nokia Siemens Networks' non-IFRS operating margin in the first quarter 2012 primarily reflected the lower seasonal net sales, lower gross margin and flat operating expenses.
"If our revenues are flat, our expenses are going to need to be flat," Norelli said.
