 This July 2019 story forwarded as a comment this morning by our own NN2N1
[Forbes] William Barr made his name serving as attorney general for two presidents, George H. W. Bush and Donald J. Trump. But he made his fortune out of office, collecting more than $50 million in compensation as an executive and director for some of America’s largest companies.
Today Barr, who did not comment for this story, has an estimated net worth of $40 million, after accounting for taxes, personal spending and modest investment returns. That figure is more precise than what’s on Barr’s public financial disclosure report, a document that deals only in broad ranges and shows assets worth somewhere between $24 million and $74 million.
The money started piling up around 1993, when Bush left the White House and Barr reentered the private sector. The next year, Barr became general counsel at telephone giant GTE Corporation. When GTE merged with Bell Atlantic to form Verizon in 2000, Barr stayed onboard as executive vice president and general counsel. From 2001 to 2007, he raked in an average of $1.7 million in annual salary and bonuses, according to documents filed with the Securities & Exchange Commission. Barr also received valuable stock options, some of which he traded while at the company, collecting an estimated $3 million after taxes from 2003 to 2007.
The Verizon job came with other benefits. Barr got a $31,000 flexible spending allowance, $10,000 or so for financial planning, plus use of the company jet for personal purposes. The biggest benefit, however, came upon retirement. Barr stepped down from the company at the end of 2008, receiving a $17.1 million distribution from Verizon’s income deferral plan, according to an SEC filing. On top of that, company documents also detail an additional $10.4 million separation payment for Barr.
At the time, the global economy was in a tailspin. Corporate pay was under close scrutiny, and Barr’s exit package made for an easy target. An independent research firm named the Corporate Library graded Verizon with a "D," noting "high governance risk" and "very high concern" in executive pay. In a filing, Verizon specifically pointed to Barr’s pay package in connection with the assessment.
Retiring did not mean Barr was done working. The year after he left Verizon, he joined the boards of two publicly traded companies, Dominion Resources and Time Warner. From 2009 to 2018, Dominion paid Barr $1.2 million in cash and granted him another $1.1 million in stock awards, according to SEC filings.
Emphasis added. 
|
