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Fat Cat Fur Is Flying
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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...