MSN Money columnist and CNBC TV contributor Michael Brush, in his most recent "Corporate Profile" column, suggests Bermuda executives Dominic Frederico of Insurer Assured Guaranty and Axis Speciality's Michael Charman, Michael Butt and William Fischer represent the unacceptable face of management in the post-Global Crossing business environment.

Global Crossing chairman Gary Winnick and former CEOs Leo Hindrey and Thomas Casey have become synonymous with the excesses of the Enron era of corporate excess, each making personal fortunes from the Bermuda-domiciled firm while costing shareholders billions.

In addition, Mr. Winnick helped Democratic National Committee chairman Terry McAuliffe turn a $100,000 stock investment into $18,000,000. Mr. Winnick later gave a million dollars to President Clinton's presidential library.

In January 2002, the international telecommunications company declared chapter 11 bankruptcy, making it the fourth largest insolvency in United States history.

"Some (executives) get fleets of planes, maids or nannies, while shareholders get the bill," said Mr. Brush in a column titled 'Superperks' sweeten executives' pay".

"Are vodka-spouting ice statues, $6,000 shower curtains and fine-art freebies a thing of the past?

"Don't bet on it . . .

"Insurer Assured Guaranty (AGO) paid $240,000 for a home for its president and chief, Dominic Frederico, in Bermuda last year, even though he made $2.7 million in salary and bonus and received $2.1 million worth of restricted stock.

"He also got 166,667 options last year that the company estimates could be worth $1.9 million to $4.9 million if the stock goes up five to ten per cent a year during the term of the options. He gets the same number of options this year.

"Almost every single Bermudian public company provides that benefit to the chief executive," Sabra Purtill, the manager of investor relations at Assured Guaranty, told Mr. Brush. "In order to maintain the tax distinction between our US operation and Bermudan operation, we are required to pass a whole series of tests.

"The CEO residence is part of that. His housing allowance looks high, but it is comparable to what other executives at Bermudan companies get, says Ms Purtill, because housing is so expensive in Bermuda."

Axis Capital Holdings, another Bermuda-based insurer, spent $180,000 each last year for housing for chief executive and president John Charman and chairman Michael Butt. William Fischer, chief and president of a division of the company called Axis Global Reinsurance, did even better. He got $204,000 for housing last year.

"Shareholders paid these housing costs even though it doesn't seem the executives would be hard up for cash," said Mr. Brush.

"Charman got a salary, bonus and restricted stock worth more than $7.2 million last year. As of the end of last year he had 2.3 million exercisable options valued at $41 million.

"Butt got a pay package worth at least $3.8 million last year and he had options worth more than $2.1 million. Fischer took home pay worth $2.8 million and had options worth about the same amount."

Feedback from MSN readers to Mr. Brush's column was unanimously critical of the "superperks" afforded top executives.

"Those who do not learn from history are doomed to repeat it," responded one reader. "Greed by the rich has been going on since the beginning of time and will always continue.

"The danger to a society comes when the wealthy abdicate their responsibility to the middle and lower classes. In a healthy society, the wealthy understand their economic position and relies on a strong middle class. Shrinking the middle class weakens the support of the wealthy.

"Combine the stress upon a smaller middle class to succeed and to support the wealthy and you have the formula for social unrest leading to revolution. Please refer to the French in 1781."

Another reader whose comments are posted alongside Mr. Brush's column simply said: "Good article, now let's stop this nonsense."

Details of executive perks filed with the US Securities & Exchange Commission in recent weeks can be found at the web site www.footnoted.org which reports exclusively on standards of business conduct and ethics in large US and multinational corporations.