The Wall Street Journal is reporting that McGuire has called for a suspension of his and other executives' compensation packages. Despite its unprecedented nature, this is a noteworthy move as the vast majority of McGuire's compensation package exists in stock options (an estimated $1.6 billion).
But there's more to the story. Because of UHG's lax restrictions on when CEO's can choose to receive stock options, it appears that McGuire greatly increased the value of his compensation package. In fact, a statistical analysis by WSJ found that the chances of McGuire's options attaining their current value, if new options packages were chosen at random, was approximately two hundred million to one.
The SEC is looking into it, and there's another lawsuit in Minnesota from allegedly wronged shareholders.
Apparently I'm not the only one feeling a bit uncomfortable with that level of compensation...