Fat Cat Fur Is Flying

ERIK UNGER/AP

CAT'S MEOW: Aldinger's $37.5 million package went through despite howls

When Jean-Pierre Garnier's proposed $36 million severance package got slapped down by angry GlaxoSmithKline shareholders two weeks ago, it looked as if the U.K's revolt against fat-cat compensation — the movement against oversize salaries and bonuses for CEOs, especially those in charge of underperforming companies — might actually have some teeth. The stage seemed set for a major showdown at the annual shareholder meeting of banking giant HSBC last Friday. A new American board member, William F. Aldinger III, was up for an eye-popping three-year, $37.5 million financial package, and shareholders would get a chance to vote on...

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