Big Bonuses Still Flow, Even if Bosses Miss Goals

By Gretchen Morgenson
Published: June 1, 2006 

It was the kind of mistake that wage
slaves can only dream of.  

Because of what the company
called an "improper interpretation" of his employment contract, Sheldon
G. Adelson, chairman, chief executive and treasurer of the Las Vegas Sands
Corporation, received US$3.6 million in salary and bonus last year, almost
US$1 million more than prescribed under the company's performance plan. 

Four more top executives of the
Las Vegas Sands, which owns the Venetian Resort Hotel and Casino, received
more than they should have. The total in excess bonus payments for the
five men was US$2.8 million. 

The compensation committee of the
board conceded that it had made an error. But it said that "the
outstanding performance of the company in 2005" justified the extra
money, and it allowed the executives to keep it. 

Shareholders of Las Vegas Sands
did not fare as well. The value of their holdings fell 18 percent last
year.

Where's the cookie jar?