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Justice@studentloanjustice.org
Albert Lord, and other Sallie Mae Executives Sallie Mae and its executives are clearly the chief architects, and chief beneficiaries of the changes in the HEA. In 10 years, Sallie Mae's Stock Price has risen by more than 1900%. According to opening comments made in their 2003 Annual report, CEO Albert Lord boasts that the company's 29% core cash earnings-per-share growth could be attributed to fees collected from defaulted loans, as well as loan origination growth. Lord, who personally invested hundreds of thousands of dollars (on the books) to politicians and PACs involved with education legislation is probably the largest individual beneficiary. His compensation in 2000 was estimated by Washington Business Forward to be $2.3 million. However, in 2001, US News reported that Mr. Lords' compensation had skyrocketed to over $33 million. According to Fortune Magazine, Lord has made about $225 million in just the last 5 years, while his number two man, Tim Fitzpatrick (now CEO), has taken about $145 million. Both men regularly top Fortune Magazine's list of highest paid CEO's in the Washington D.C. Area. It is instructive to note that Albert Lord recently put a bid in to purchase a major league baseball team, the Washington Nationals, with the wealth he has extracted from defaulted borrowers.
Stock Bonuses Sallie Mae staff have given themselves extraordinary, staggering, obscene amounts of money in the form of stock bonuses. Since 1999, Albert Lord and Tim Fitzpatrick together, have extracted about $367 million in Stock options from the company. In Total, Sallie Mae has set aside $3.6 billion in stock for offering to employees since 1997.
Sallie Mae stock registered to be offered to employees since 1997 (According to S-8 filings) NOTE: This Stock Has appreciated roughly 1900% since 1997
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