Sen. William Proxmire (D-Wis.) accused Federal Reserve...
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Sen. William Proxmire (D-Wis.) accused Federal Reserve Board nominee John P. LaWare of attempting to dodge taxes in negotiating a $2.5-million “golden parachute” compensation agreement with Boston-based Shawmut National Corp. of which he is chairman. At his confirmation hearing LaWare said, “I’m not sure a tax dodge was involved” in the agreement, which he said was offered to assure him that his annual income of about $500,000 would be continued until he reaches age 65. He turned 60 on Feb. 20. Despite Proxmire’s concern that the bank--not LaWare--is obligated to pay a special excise tax on the excessive portion of the pay agreement, there was no indication the issue would affect LaWare’s nomination.
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