Monday, November 5, 2007
POWER FAILURE
The nation is reeling from the credit crunch and poor housing market, but Stan O’Neal is living the American Dream while so many Americans are living a nightmare. Don't know who Stan is?
He was CEO of Merrill Lynch until last week. He resigned after his company posted a 3-and-a-half billion dollar loss in the third quarter.
He was CEO of Merrill Lynch until last week. He resigned after his company posted a 3-and-a-half billion dollar loss in the third quarter.
He didn’t exactly walk the plank, though. He floated down in a $161 million golden parachute.
“You failed, Stan. You failed so spectacularly, here’s $161 million in retirement and benefits. Now go play golf.”
And that he does, playing to a single digit handicap, according to GHIN.com (Golf Handicap and Information Network). He played quite a bit in the third quarter, by the way.
Executives can do quite well without actually doing quite well.
Now comes news that Northeast Utilities and Connecticut Light & Power want all of us who pay for power to pay for their powerful.
As reported by Mark Peters of the Hartford Courant, CL&P wants state regulators to let the company pass along the cost of its executive bonuses. TO US.$3.5-million dollars in bonuses…to be divvied up by about 15 executives, one of whom, NU president and CEO Charles Shivery, made $4.2 million in 2006.
Shareholders used to pay for the bonuses.
Now they want US to pay as part of a 4.6% rate increase requested by CL&P for January 1st.
CL&P says it’s “in a war for talent”, that the incentives are “part of doing business.”
What, $4.2 million isn’t incentive enough?
Just out of curiosity, can he play third base?
Posted at 10:19 PM by Gerry
2 Comments:
Wow. That's infuriating. Thank you for pissing me off again about something that I was quite happy not knowing anything about! :)
I subscribe to the bumper sticker mentality of "If you're not mad as hell, you're not paying attention".
Thanks for paying attention, Ger.
Lynn in Durham
Lynn, sometimes ignorance IS bliss, but it pisses me off, too.
Thanks for writing.
Post a Comment
<< Home