A few days later, Nicholas’s personal lawyer, Bill Hake, announced that Nicholas—who had a reputation as a hard-core partyer—was checking himself into the Betty Ford Center for a month of alcohol rehabilitation. (Nicholas, who was more interested in business, was finally granted his Ph. Pair Gain discovered that Nicholas had started cultivating his own business interests on company time, they say.
“A recent blood work-up showed a liver panel well out of the normal range,” said Hake. in electrical engineering), also saw something else coming. Nicholas left the company, he has admitted, “with a lot of hard feelings all around.”Man and Superman Nicholas also developed a reputation for extreme arrogance.
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Henry Nicholas isn’t just another tech-boom billionaire charged with backdating stock options. She grew up in Los Angeles, and people who know her describe her as “very nice”—the same words people use to describe Henry Samueli. She seemed innocent and demure—one friend described her as “super naïve”—and was athletic enough to keep up with Nicholas on long bike rides. In 1993, the couple’s first son, Brett, was born, followed by a second son, Matthew, and in 1998, a daughter, Shelby.
All the drive, arrogance, and aggression he poured into building microchip-maker Broadcom—one of the major success stories of the Internet Age—morphed into an increasing obsession with sex and drugs, according to federal prosecutors. Leach was a screenwriter and teacher who was best known for his scripts for the television series But the obituaries also prominently mentioned the fact that Leach’s stepson was Henry Nicholas, the 49-year-old co-founder of a staggeringly successful semiconductor company called Broadcom. In 1988, Samueli began to consult part-time for another start-up company, Pair Gain Technologies.
With respect to reducing excessive, non-performance-based compensation, many consider Section 162(m) a failure, including Christopher Cox, the then-chairman of the Securities and Exchange Commission, who went so far as to suggest it belonged “in the museum of unintended consequences.” Sen. These sophisticated folks are working with Swiss-watch-like devices to game this Swiss-cheese-like rule.
Charles Grassley (R-Iowa), the then-chair of the Senate Committee on Finance, was even more direct, saying: 162(m) is broken. Since Section 162(m) passed nearly 20 years ago, both academic and practitioner research has shown a dramatic increase in executive compensation, with little evidence that it is more closely tied to performance than before.
The author investigates the allegations about Nicholas’s out-of-control world: the parade of prostitutes, the spiking of clients’ drinks with Ecstasy, and the secret lair he built underneath the Orange County mansion he shared with his wife and kids. Nicholas is one of the world’s wealthiest men—this year, put his net worth at $1.8 billion. He brought Nicholas in as the director of micro-electronics. He has said that he left Pair Gain because the company didn’t want to pursue his ideas.
On April 12, 2008, a funeral was held at the Westwood Hills Christian Church, which is across the street from U. At a dinner held that evening at the Beverly Wilshire hotel, Nicholas, who helped plan the event, gave a poignant speech and showed the assembled crowd his favorite episode of Leach and Nicholas’s mother, Marcella, were married when Nicholas was a young boy, and although Leach had been ill for several years and died at 93, Nicholas, say friends, was distraught about the death of the man he called his father. But three former Pair Gain employees with knowledge of the situation say that is not the whole story.
In this paper, we estimate that corporate deductions for executive compensation have been limited by this provision, with public corporations paying, on average, an extra .5 billion per year in federal taxes. Because actual tax return data are, by statute, confidential, our estimates are somewhat imprecise, as we have to infer both the tax deductibility of executive compensation and the corporation’s tax status from public filings.
They continue, however, to deduct the majority of their executive compensation, with these deductions costing the U. Our key findings are: Section 162 of the Internal Revenue Code covers trade and business expenses.
In contrast to much of the debate today on the need of the federal government to raise tax revenue, the primary goal of Section 162(m), which limited tax deductions for executive compensation, was not to raise revenue but to reduce excessive, non-performance-based compensation—in other words, to do something about excessive compensation that 1992 presidential candidate William Jefferson Clinton campaigned against.