My two cents on Richard Handler's pay:
1. Read Handler's 10 page letter during the misinformation attack in Nov 2011.
2. Brian Friedman and Handler devised and executed a plan that saved Knight Capital and grossed the firm a huge mark to market profit.
3. Friedman and Handler requested their bonus to be 0 in 2011.
4. For 2012 they asked for their bonus to be reduced.
5. Joseph Steinberg & Ian Cumming are both on the compensation committee for JEF.
2012 10K:
According to the Pay for Performance program for Mr. Handler, his bonus should have been $8,116,669, but Mr. Handler volunteered to reduce his bonus compensation to $5,000,000, for a reduction of $3,116,669. The subcommittee of the Compensation Committee accepted Mr. Handler’s proposal and awarded him a $5,000,000 cash bonus for fiscal 2012.
According to the Pay for Performance program for Mr. Friedman, his bonus should have been $6,087,502, but Mr. Friedman volunteered to reduce his bonus compensation to $3,750,000, for a reduction of $2,337,502, which was proportionately commensurate with Mr. Handler’s voluntary reduction. The subcommittee of the Compensation Committee accepted Mr. Friedman’s proposal and awarded him a $3,750,000 cash bonus for fiscal 2012.
2011 proxy:
"In early 2011, the Committee established a 2011 Pay for Performance program for Mr. Handler that included a Base Salary, Cash Bonus and Long-Term Equity Incentive. According to the Pay for Performance program for Mr. Handler, his bonus would have been $4,879,565, but Mr. Handler requested that the Committee exercise its negative discretion to reduce this award to zero. "