Much is always said about government spending; how fiscally irresponsible it is. The same is said about reigning in the oil company profits by taxing them. What would that accomplish? Less money for reinvestment into drilling or alternative energy research and more money for which the government can continue to be - fiscally irresponsible!I'll give government a break today and focus instead on corporate irresponsibility, or more precisely corporate board irresponsibility. It's bad enough corporate executives are paid kazillions while workers are being laid off. Salary aside, there are the bonuses and perks. Plus the "golden parachutes" they receive when they themselves retire or are replaced.
It goes even further. The Wall Street Journal today outlined some of the "golden coffins" executives get when they die! Now granted, all of us would like to see our families well cared for should we meet a premature end - and even if we live out a long and natural life, but for companies to shell out $263.6 million "severance" payment to an estate, like Eugene Isenberg of Nabors Industries, Ltd., should he die in office, is insane.
Another example of total insanity is the $17 million that would be paid to the CEO of the Shaw Group, Inc. for a non-compete after dies. Hello?
Consider, as the campaign heats up and economic issues will be a hot topic, that one of McCain's economic advisers is Carly Fiorina, former head of Hewlett Packard who got booted after forcing through the acquisition of Compac. Her severance package back in 2004 was $14 million, $7.4 million in bonus money for a failed strategy plus $21.1 in "additional" compensation. That's a lot of "vacation" pay! $42.5 million total! Some economic adviser!
Maybe it is time for change. Instead of retired military, over the hill politicians and personalities with dubious credentials who make up many corporate boards how about some actual stockholders or even employees of those corporations? People in who's lifetime couldn't imagine earning anywhere near a million dollars what's more the figures thrown about here!
Now that would be change I could believe in!
1 comment:
While K-mart was shutting stores left and right, they were giving their President 2 million plus another 4 million more of stock. And the new President coming in got double that for coming on board, with another double after one year.
Also where is it where people get money for being fired. No company that I worked for did that. At least not down at my level.
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