Millions Paid to Dead CEOs: Outrage Over 'Golden Coffins'

by Sunnygal41 2 Replies latest social current

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  Sunnygal41

  Millions Paid to Dead CEOs: Outrage Over 'Golden Coffins'

  Posted Jun 10, 2008 12:08pm EDT by Aaron Task in Investing Related: CMCSA, NBR, SGR, OXY

  If you think "golden parachutes" for CEOs are scandalous, then brace yourself for the latest outrage: "golden coffins."

  Yes, that's right. It's not enough that American CEOs get paid gigantic sums, many are also due to collect huge severance packages after they die, The Wall Street Journal reports.

  Among the more outrageous posthumous packages:

  • $298.1 million for Comcast CEO Brian Roberts
  • $288 million for Nabors CEO Eugene Isenberg
  • $115.6 million for Occidental CEO Ray Irani
  • $17 million for Shaw Group CEO J.M. Bernhard to not compete with the firm after he dies

  The practice is time-honored but was largely hidden until a recent change to disclosure requirements. Defenders say the packages are merely "deferred compensation" or geared to aid estate-planning and tax efficiency.

  Even after the scandals of Enron and WorldCom, it's pretty clear that many CEOs -- and their boards -- have no shame when it comes to compensation.

  Barring an act of Congress, the only way these practices will change is if shareholders demand it and/or stories such as the Journal's embarrass companies into reviewing these practices.
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  Farkel

  That practice is outrageous, to be sure. But what much more outrageous is that you think Congress should put a stop to it. Congress has no right to interfere like that in business unless people (like you) are willing to let them claim they have a right.

  Let the shareholders throw out the bums when do that kind of stuff, or let the press do their part to embarrass those bums so they won't do it again, but for God's sake, don't let those slimeball, scumbag, corrupt, lying, thieving, immoral, elitist assholes in Congress stick their filthy fingers where they don't belong.

  Farkel
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  asilentone

  well, it will help his family!