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Thursday, September 2, 2010
News / Biz YOU'RE FIRED! But, wait. There's more ...
Posted By Rhiannon Fionn-Bowman on Thu, Sep 2, 2010 at 11:07 AM
There's more news out about leaders of corporations behaving badly then walking away with fat wallets which would set most people up for life.
This type of payout makes no sense to me on a variety of levels, but here's one bit of dissonance I can't get past: These same companies will cut every conceivable corner, send jobs to other countries to take advantage of cheap workers and lay off the people who actually run their companies (you know, the worker bees) so they can squeak out another penny for shareholder dividends and, at the same time, pay their misfit CEOs lottery-size amounts to go away — sometimes more than what they pay competent CEOs to actually do something productive.
Case in point:
A new report concludes that chief executives of the 50 firms that have laid off the most workers since the onset of the economic crisis in 2008 took home 42 percent more pay in 2009 than their peers at other large U.S. companies.The report, from the Institute of Policy Studies, found that the 50 layoff leaders received $12 million on average in 2009, compared with an average compensation of $8.5 million for chief executives of companies in Standard & Poor's 500. Each of the 50 companies examined in the report laid off at least 3,000 workers between November 2008 and April 2010.
Read the rest of this MSNBC.com article, by Roland Jones, here.
Why aren't the shareholders revolting?
Carly Fiorina, another canned HP CEO given an enormous — $42 million — severance package (who also happens to be running for Congress in California) said, in a 2008 interview, the shareholders wanted her to get paid off big when the company shooed her away:
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