The AP announced its list of the top 10 paid CEOs for 2007. The figures were based on "AP’s compensation formula, which adds up salary, perks, bonuses, above-market interest on pay set aside for later, and company estimates for the value of stock options and stock awards on the day they were granted last year."

While these figures are for last year, a number of the companies on the list have had remarkably poor stock market returns over the last two years, making the pay packages unseemly.

John Thain at Merrill Lynch (MER) made $83.1 million. He has not been at Merrill for two years, but he has done nothing to arrest the slide in the value of the company’s shares which are down 70%.

Leslie Moonves at CBS (CBS) made $67.6 million. CBS is off over 40% during that last two years.

Kenneth Chenault at American Express (AXP) made $57.1 million and his stock is off 30% during the last 48 months.

John Mack at Morgan Stanley (MS) made $41.7 million and the firm’s stock has dropped 45% in two years.

Eugene Isenberg of Nabor Industries (NBR) made $44.6 million. At least his shares are up almost 10% over the last 48 months.

Douglas A. McIntyre

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