Nike spent nearly $104 million on pay and benefits for John Donahoe during his near five-year tenure atop the sneaker-maker, before replacing the former Bain & Co. executive in a bid to revive the brand. During that time, Nike lost nearly $40 billion in market value. Donahoe collected $83.6 million from salary, bonuses and shares granted to him, according to calculations by Bloomberg News based on regulatory filings. While the haul isn’t unusual for a chief of a high-profile publicly traded business, it serves as a reminder of how bosses can collect astronomical sums even during controversial runs that end with their ouster. It reached such a level for Donahoe partly because Nike gave him equity awards worth $35 million to replace pay he forfeited when resigning from his former employer. —Natasha Solo-Lyons The US Federal Trade Commission sued units of CVS Health, Cigna and UnitedHealth on Friday, accusing the drug middlemen of engaging in illegal rebate programs that drove up the price of insulin. The agency said it filed a complaint in its administrative court alleging that CVS’s Caremark, Cigna’s Express Scripts and UnitedHealth’s Optum Rx accepted money from drugmakers in exchange for keeping lower-cost insulin off their lists of approved drugs. The companies’ affiliated group purchasing organizations — started in recent years to negotiate rebate payments with drugmakers — were also named. JPMorgan CEO Jamie Dimon said he remains skeptical about a soft landing in the US following the Federal Reserve’s first rate cut in more than four years — and said he wouldn’t “count my eggs” on that outcome. “I am a little more skeptical than other people. I give it lower odds,” he said at The Atlantic Festival event in Washington on Friday. “I hope it’s true, but I’m also more skeptical that inflation is going to go away so easily.” Jamie Dimon. Photographer: Al Drago/Bloomberg It happens every year: The United Nations General Assembly convenes in Manhattan, setting off a wave of road closures and police escorts that snarl traffic. But this time around, the commuter nightmare is set to be particularly bad. The UN meeting that kicks off Sept. 22 comes as New York streets are already jam packed amid an increase in post-pandemic driving and growing skepticism about the reliability of mass-transit trains and buses. Malaysia’s king is planning to seek funding from Chinese investors for a multibillion dollar high-speed rail project between the Southeast Asian country and Singapore, according to people familiar with the matter. Sultan Ibrahim Iskandar is looking for investment from a Chinese state-owned company, the people said, asking not to be identified because the information is private. What would a Kamala Harris presidency look like? To answer that question for Bloomberg Businessweek's October issue, we mined interviews dating back to 2005 that Bloomberg News’ Karen Breslau conducted with Harris, her mother and other family members. Here’s what a Harris presidency could mean for Americans, the US economy and the world. US Vice President Kamala Harris. Photographer: Rebecca Noble/Bloomberg Eli Lilly is asking people who took copies of its blockbuster weight loss drug to give the company access to their medical records for safety reasons, a move that comes as it builds a case against businesses selling the compounded drugs. Compounding pharmacies have used a legal provision that allows them to make knockoff versions of Lilly’s Zepbound and Mounjaro while they are in a shortage. The owner of the shuttered Three Mile Island nuclear plant in Pennsylvania will invest $1.6 billion to revive it, agreeing to sell all the output to Microsoft Corp. as the tech titan seeks carbon-free electricity for data centers to power the artificial intelligence boom. Constellation Energy, the biggest US operator of reactors, expects Three Mile Island to go back into service in 2028, according to a statement Friday. While one of the site’s two units permanently closed almost a half-century ago after the worst US nuclear accident, Constellation is planning to reopen the other reactor, which shut in 2019 because it couldn’t compete economically. Sun, sea and an infinity pool — former Morgan Stanley CEO John Mack is hoping to sell his beachfront mansion in the British Virgin Islands. The house has six en-suite bedrooms (there’s an additional half-bath), a huge outdoor entertainment area, and carefully landscaped grounds. The house is shaped like a U, with a central core facing the beach, and two wings extending toward the rear of the property. And it’s on the market for $29.5 million. Click here for a closer look inside. Photographer: DOES Media Get the Bloomberg Evening Briefing: If you were forwarded this newsletter, sign up here to receive Bloomberg’s flagship briefing in your mailbox daily. Bloomberg Tech: Humanity has always relied on technology to drive growth. With the emergence of artificial intelligence, society is being asked to trust tech with economies, media and health like never before. Join visionaries, investors and business leaders in London on Oct. 22 to discuss the risks and rewards of this new age. Speakers include Monzo CEO TS Anil, Cohere Co-Founder and CEO Aidan Gomez, ŌURA CEO Tom Hale and ASML President & CEO Christophe Fouquet. Buy tickets today. |