It is time to abandon a corporate practice � stock options for senior executives � and a litigation fixture � punitive damages in tort cases. The first encourages executive greed while the second leads to pervasive abuse.
When I came to the bar in 1937, corporate officers were accustomed to receive salaries and often year-end bonuses; health and life insurance and other benefits; and a pension provided by the company. This compensation package was considered adequate to inspire maximum efforts by executives in the best interests of the corporation.
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