Putnam Investments paid two of its top portfolio managers "lavish compensation" in 2000, according to todays Wall Street Journal, citing an SEC report. Justin M. Scott received $14.3 million, while Omid Kamshad got $8.7 million. The two are now under SEC and Massachusetts investigation for market timing.
And while their salaries eclipsed the $6.8 million that the CEO of Putnams parent company, Marsh & McLennan, received in 2000, Putnams CEO at the time, the now controversial Larry Lasser, got $35 million. Attorneys for Scott and Kamshad declined to comment for the Journal.