John Snow, the nominee for U.S. treasury secretary, earned $50 million over a decade in which his company's sales and profits declined and its stock suffered. Snow's pay in these years skyrocketed -- from $1.6 million in 1991 to $10.1 million by 2001. In 1996, he borrowed $25.4 million from CSX to buy company stock. This was part of a program designed, as The New York Times explained it, "to align the interests of the executives with those of the company." By 2000, CSX shares on Snow's watch had fallen by 40 percent, following which CSX "canceled the program," according to The Times and forgave the loan. Forbes magazine notes that extending and forgiving such CEO loans requires approval by a company's board. William Donaldson, President Bush's pick to chair the Securities and Exchange Commission, was a member of that board. Donaldson, 71, is a long-time Bush family friend. Forbes recounts how in April 2002 -- after the collapse of Enron -- Donaldson was a board member at an Internet company, Easylink Services, that chose to loan $200,000 at 5 percent interest to its CEO. This loan, too, was forgiven, both principal and interest, on the stern condition the CEO stayed on the job through May 29.