I WAS 6 YEARS LATE

Back in 2007, I posted about a oil company CEO who made about $270 million through stock options which was described as "pay for performance" and showed that the CEO's performance had nothing to do with the company's increase in profits.  Today, I was reading Bloomberg News and came across this:

Proving CEOs Overpaid for Luck Helped Stir Pay Backlash
By Steve Matthews - Aug 21, 2013 9:53 PM MT

Marianne Bertrand helped unleash a shareholder backlash against CEO pay with research she began while still in graduate school.

In a 2001 paper based on her work as a Ph.D. candidate at Harvard University, the 43-year-old labor economist documented that chief executive officers at U.S. oil companies got raises when their company’s fortunes improved because of changes in global oil prices beyond their control. The same pay-for-luck phenomenon occurred with multinational businesses when currency fluctuations, rather than management strategies, boosted results, she found.