Brian Grosso
Investment advisor, long only, long-term horizon, value

Bridgepoint CEO Clark: 'Stay Classy, San Diego!'

The title above from a line by Will Ferrell in one of my favorite movies, Anchorman, is quite funny, but the situation I'm referring to with this line is no laughing matter.

Bridgepoint Education (NYSE:BPI) is a for-profit education company that CEO Andrew Clark co-founded in November of 2003. He has been in charge ever since. His base salary for 2012 was $600,000 and in total he made about $2.7 million or 2.13% of BPI's FY12 earnings. In short, he makes a lot of money. So does the rest of management. The company just approved $25.25 million in new stock for compensation purposes. That's about 20% of what the company earned this year. Why do shareholders pay...

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