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UnitedHealth Executives Refund $390 million in Ill Gotten Gains
posted by MR WAVETHEORY at 11/09/2006 04:10:00 AM
Just when you thought Dick Grasso had it bad (he had to repay $150 million of his "retirement money"), the top two executives at UnitedHealth Group Inc. (NYSE UNH), well, they have it worse. They are forfeiting $390 million in backdated stock options. UnitedHealth Group is the largest US insurer.
The two top executives of UnitedHealth Group agreed to forfeit about $390 million in stock-option compensation -- by far the biggest sum returned to a company under scrutiny for backdating options awards -- a move that was announced at the same time the giant health insurer disavowed more than a decade's worth of earnings statements.