I have finally figured out why the rest of the world thinks America is the greatest. It's not because we are a democracy or that we are a very friendly country, or that we have more food than any other place.
No, it's because only in American can you get fired from your job and still walk away with a
$160 million dollar package. This is what happened today to Merrill Lynch Chairman, Stan O'Neal. While he was in charge of Merrill Lynch, the company lost $8 billion dollars and the board decided to fire him. So how does one fire a chief under whose watch the company lost so much money? Of course you punish him by giving him an exit package including unwarranted bonuses, stock, perks and whatever else you can find probably including free coffee for life, and I am willing to bet he still can use the company jet whenever he wants. All told, Stan's exit package totals $160 million dollars.
How monoric is this??? When the average person is relieved of their job, all they get is a boot in the butt but if you are an executive, you get this great package. Even the chairmen and presidents of other companies who have been found guilty of stealing company money and go to jail, still somehow end up with a ton of money so that after they get out of jail, they can live exactly the way they did before they were incarcerated.
This is wrong!!! I don't know who can get this corrected, but something has to be done pretty soon. Am I the only person who is irked by this legal thievery?
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8 comments:
It makes me angry too, but apparently those people live in a different world than the rest of us, and they feel entitled.
This is why I stay away from the news (other than the weather) and stick to the comics.
Ok, I'm just gonna sit here in good 'ole BC, Canada where it's safe and sound, for now, and not worry about stuff like that. Sounds pretty messy.
It sure is so unfair isn't it?!!! It just makes me so angry when I read about something like this happening!!!!!!! Great post, I agree with you 100%!!!
It bothers me to no end. When I retired after 26 years of loyal service as a public employee all I got was a certificate. I guess, instead of retiring, I should have done something illegal OR unethical OR just plain incompetent and maybe I would have gotten a severance package worth millions!!! Bah!!!
Joan, your problem is that you are to honest. When you retired, you should have taken some books and kept them out to let the fines grow.
Michele, I am not sure the high ups in Canadian corporations don't get the same exit deal but I am willing to bet they probably don't steal from the corporations they work for. At least we don't hear about it happening up there.
You'd think these already wealthy guys would suck it up and walk away and learn from their managerial failures...
No doubt people like this have some pretty slick lawyers who managed to get them some sort of guarantees and promises before they even took the job. Otherwise how do you end up with this sort of exit package? It makes no sense to me at all.
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