Reply: Clawback to the Future
10 Pages Posted: 18 Dec 2010
Date Written: December 17, 2010
In an earlier article also available on SSRN, Clawbacks: Prospective Contract Measures in an Era of Excessive Executive Compensation and Ponzi Schemes, Minnesota Law Review, Vol. 94, p. 368, 2009, Professors Miriam Cherry and Jarrod Wong set out an initial description and analysis of contractual clawback provisions. In this Reply, Profs. Cherry and Wong address three aspects of Michael Macchiarola's Response: its application of the clawback doctrine to the recoupment of executive compensation; the criticism that the clawbacks doctrine introduces latent subjectivity into contractual analysis; and the apparent operational difficulties in implementing clawbacks.
Keywords: Clawbacks, Ponzi Schemes, Executive Compensation, Executive Bonuses
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