The board of directors of Diana Stores Corp. last week got an unusual shock. Diana's president, Harry Greenburg, turned down a bonus of $450,000. And he did not do it because of sky-high taxes.
The taxes, said Harry Greenburg, would be moderate: he would have to pay only capital gains. In 1944, when industrial bigwigs were setting up their own incentive plans through stock options, Harry Greenburg got warrants from Diana Stores to buy 20,000 shares of the company's stock at $7 a share. As the stock has since been split, 4-for-1, Greenburg could buy 80,000 shares at $1.75 a...
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