The problem is that "base salaries" are but a pittance of these executives' overall earnings. In 2012, Annaly's CEO earned a total of $25.8 million, only $3 million of which was designated as a base salary. In other words, while saying they have to own "six times their respective 2012 base salaries" may sound high and mighty, in reality, it looks like one big farce. The $18 million in stock that former-CEO Ms. Wellington Denahan will have to hold is 20% less than her performance bonus alone last year.