Executive Incentives

Investors in the U.S. stock market have lost more than $9 trillion since the peak a year ago. But in industries at the center of the crisis, some executives managed to emerge with substantial fortunes. A study by The Wall Street Journal analyzed the cash compensation and net proceeds from stock sales of top executives at financial and home-building companies, over a five-year period. The list includes executives at companies that have performed relatively well, in addition to poor performers. Click on the columns below to sort the top 25 CEOs by total amounts they received. (See related article.)

	Charles R. Schwab	Charles Schwab	19405100	797200946	816606046	-44
	Dwight C. Schar	NVR	12181300	614141072	626322372	-64
	Angelo R. Mozilo	Countrywide Financial	92158109	378528752	470686861	-91
	Robert I. Toll	Toll Brothers	109121708	318646592	427768300	-73
	Richard D. Fairbank	Capital One Financial	716977	244627228	245344205	-71
	Richard S. Fuld Jr.	Lehman Brothers	45291012	139322037	184613049	-100
	James E. Cayne	Bear Stearns	51982623	111257780	163240403	-95
	Bruce Karatz	KB Home	30591262	161215737	191806999	-88
	R. Chad Dreier	Ryland Group	95966246	85454697	181420943	-85
	Maurice R. Greenberg	American International Group	17566576	115266874	132833450	-98
	Paul C. Saville	NVR	4688550	125772147	130460697	-64
	Lloyd C. Blankfein	Goldman Sachs	103114404	27002439	130116843	-79
	Stephen L. Way	HCC Insurance Holdings	26413944	95387302	121801246	-41
	Larry A. Mizel	MDC Holdings	69000940	41545979	110546919	-73
	Robert F. Greenhill	Greenhill	42824958	77410519	120235477	-33
	Richard M. Kovacevich	Wells Fargo	44241874	51891175	96133049	-39
	Daniel M. Meyers	First Marblehead	9402300	86418000	95820300	-99
	Thomas A. Renyi	Bank of New York Mellon	29398322	50367150	79765472	-49
	Ara K. Hovnanian**	Hovnanian Enterprises	41639052	48431376*	90070428	-97
	Albert L. Lord	SLM	8038823	78664391	86703214	-90
	Michael A. Gooch	GFI Group	6464600	76034135	82498735	-87
	Kenneth D. Lewis	Bank of America	36450000	44510000	80960000	-76
	Jerry A. Grundhofer	US Bancorp	21066861	54564900	75631761	-38
	Joseph H. Moglia	TD Ameritrade	20438733	55054546	75493279	-62
	Phillip B. Lassiter	Ambac Financial Group	2809924	71696383	74506307	-99

Note: *Period measured is July 1, 2003 to June 30, 2008. Stock proceeds defined as gross proceeds from stock sales, minus out-of-pocket costs to purchase shares and exercise employee stock options.
**$24 million of stock sales were as trustee for family members' trusts, for which Mr. Hovnanian disclaims any beneficial interest
Source: InsiderScore.com; Standard & Poor's ExecuComp; WSJ research

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