Biggie Smalls once said, "The more money we come across, the more problems we see." Today that mid-nineties rap hit would require a serious rewrite, as powerful CEOs that make millions of dollars in salary also score expensive gifts and perks. From multi-million-dollar bonuses to private-plane access and interest-free loans, it seems the impressive perks of being a big-time CEO far outweigh the perceived problems.

Looking at a CEO’s salary alone doesn’t give you the whole, gold-plated picture. Take CEOs Stan O’Neal of Merrill Lynch and Alan Mulally of Ford Motor Company, for example. Each of their salaries totaled between $660,000 and $700,000 in 2006, according to a USA Today report on executive compensation. Though that may be high, it is not ridiculous – yet. After payday, they both also received $18.5 million bonuses that year. Surely, we can all relate to these great bonuses. I received a coffee mug and travel sunscreen in “other” compensation when I was hired at my day job.

It makes sense for companies to pay for traveling expenses – these CEOs have very important jobs and traveling is often required – but some companies take this particular perk to the extreme. George David, CEO of United Technologies, spent $612,000 using corporate aircraft for personal trips in 2006. Michael McGrath of i2 Technologies trumped David, spending $942,000 on his travels between his office in Texas and his home in Maine last year. Apparently, companies want the best CEOs, even if home and work don’t share the same zip code.

In addition to mounds of cash and jet-fueled perks, some CEOs even receive interest-free loans. Sal Giordano, Jr., the Executive Chairman of Fedders Company, received a $6 million interest-free loan, according to MSN Money. Of course, who needs a free $6 million when you’re already making seven figures?

Many claim it takes excessive and extravagant perks to lure the top talent to their companies – maybe that’s why some companies go above and beyond. As if multi-million-dollar paychecks aren’t enough, here are some customized provisions from the last few years:

• $890,000 race-car driving lessons from Aaron Rents Inc. for their director and president of sales and lease ownership, as reported by MSN Money. Apparently, it’s not just the CEOs that profit.
• $1.8 million for CEO Barry Diller’s home “screening room” (read: movie theater), courtesy of his employer, USA Interactive, as reported by the St. Petersburg Times.
• $196,000 from Raymond James Financial Inc. to maintain CEO Thomas James's expansive art collection, according to USA Today.
• $178,211 for Miami Heat season tickets for Mickey Arison, according to USA Today. Carnival Corporation & plc must have forgotten that their CEO already owns a majority in the team.

Many companies fail to realize that providing for a CEO’s every desire doesn’t ensure better company performance. At Southwest Airlines Co., 2006 earnings were up 38 percent, but its CEO made a mere $1.4 million that year. On the other hand, the CEO of UAL Corp (parent of United Airlines), a company that just emerged from bankruptcy last year, made $39.7 million. United Airlines’ shareholders probably don’t appreciate the irony.

Sources:

moneycentral.msn.com; airportbusiness.com; usatoday.com; sptimes.com; salary.com; southwest.com