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A Safe Harbor For CEO Compensation

Maybe Adair Turner was really onto something when he made a plea for banks to focus on socially useful endeavors. While CEO after CEO was coming forward to advertise their decision to work for $1/yr until their respective institution returned to non-government supported profitability, some of their counterparts in the nonprofit world were enjoying record paydays free of Congressional and Ken Feinberg scrutiny. While the median comp number for nonprofit CEOs was at a Chinese bank like $361,538, healthcare CEOs showed that working for a nonprofit doesn't necessarily mean taking a vow of poverty.

The nation's highest earning nonprofit CEO is J. Mongan, chief executive of Partners HealthCare Systems in Boston. He got a 99% pay bump in 2008, meaning he took home $2.7 million, including nearly $1.3 million in deferred compensation. He also received nearly $700,000 in benefits, which pushed his total compensation above $3 million. Nonprofit hospitals have the highest median CEO pay at more than $830,000.

Given last year's performance at many banks, qualifying as nonprofit shouldn't be too difficult a task.
These nonprofit CEOs are getting raises [CNNMoney]