Cause to Pause


At their annual meeting in Manhattan last week, stockholders of big Union Carbide & Carbon Corp. considered an "incentive" plan for executives. Under the plan, officers and key employes would be permitted to buy up to 464,000 shares of company stock at 25% below its market value, now $124, and pay for it with money borrowed from the company. By selling the stock, executives could get a quick bonus of nearly $12 million.

But wouldn't most of the bonus go to taxes? Not at all. Stockholders were told by the board of directors: "It is believed that any profit...

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