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Monday, May 08, 2006

Salaried in the Millions, Raytheon CEO Plagiarizes Ethics Rules

"American CEOs continue to impress the world. Take William H. Swanson, chairman and CEO of Raytheon, the giant defense contractor. It was recently revealed that he plagiarized major portions of his book, Swanson’s Unwritten Rules of Management, from a 1944 work by W.J. King, an engineering professor at the University of California Los Angeles, The Unwritten Laws of Engineering."

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"In response to the revelations of Swanson’s plagiarism, Raytheon’s board of directors announced that it was punishing him by freezing his salary at its 2005 level ($1.12 million) and cutting his restricted stock award by 20 percent (his restricted stock award in 2005 was $2.96 million). The reductions apparently amount to about $1 million in lost compensation. The company has stopped circulating the book of ‘unwritten rules.’"

FROM WORLD SOCIALIST WEBSITE via CURSOR.ORG

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