SALARIES: Bonus Bounces

Eight present or former officials of General Motors Corp. must pay to the company $4,348,044 principal plus estimated interest of $2,222,000, if a decision by Judge Vincent L. Leibell in U.S. District Court sticks. The suit, brought by three small stockholders, has been dragging on for five and a half years. The men who must pay are Alfred P. Sloan Jr., Donaldson Brown, Junius S. Morgan, George Whitney, James D. Mooney, Albert Bradley, John Thomas Smith and Seward Prosser.

The court said these men had wasted corporate assets, mainly in transactions involving General Motors Management Corp., which administered G.M.'s famed...

Want the full story?

Subscribe Now


Learn more about the benefits of being a TIME subscriber

If you are already a subscriber sign up — registration is free!