CEO’s Do Not Sympathize With Their Companies

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“The government and big business went up a hill to fetch the taxpayer’s money. 

Big business fell down, their CEO’s took their crowns and the economy came

tumbling after.” 

 

Now in that story, everyone is supposed to take some lumps and bruises, but it appears that the CEO’s abandoned ship and didn’t look back.  CEO’s have been taking these “golden parachutes” without any remorse or even shame for the messes they’ve left behind.  It appears that they viewed themselves as trailblazing risk takers.  But, now that the bottom has fallen out and they’ve been allowed to make grand exits, what do they look like now?  Did someone say smart? Hush up!  Well, the government has begun to take notice and the parachutes are being retired…at least for Fannie Mae and Freddie Mac’s CEO’s. 

USA Today reported last week that Fannie and Freddie’s CEO’s, Daniel Mudd and Richard Syron, respectively, could have taken home “up to $25 million”.  This must be heartbreaking for them as they just stood with their hands out waiting for their fortunes a mere two and a half weeks ago.  And to add insult to injury, there’s the lucky leprechauns like Merrill Lynch CEO Stanley O’Neal, who reportedly received a package now worth nearly $66 million and Chuck Prince of Citigroup left with a consolation prize now valued at $16 million.  But let us not forget, the Washington Post’s report of Home Depot’s Robert L. Nardelli, who in just six years of service abruptly left the company with nearly “$210 million in cash and stock options, including a $20 million severance payment and retirement benefits of $32 million.” 

They should be ashamed you say…well, they’re not.  They’re laughing all the way to the bank and will be vacationing at some remote island until the U.S. gets “their” mess together.  Read all about the new severance packages here.

3 thoughts on “CEO’s Do Not Sympathize With Their Companies”

  1. Can you blame them? I think I would do the same thing. Everyone is trying to protect self in this crazy economy. Either you learn early how to manage your money or you are gonna be in for a big surprise. Some only have themselves to blame, living above their means, not reading the small print, not saving for a raiy day. We are an Instant Gratificaiton Society.. No one understands the meaning of work anymore. I look at what my grandparents had to work with, less than a high school education but they owned lucrative businesses and were home owners.. They understood why it was important not to live beyond your means.
    They experienced a depression, recessions etc.. So this is our wake up call, unfortunately it will take longer for some to recover than others..who prepared for this nonsense.

  2. Darn it! I went to school for the wrong profession. I could have been the one on an island right now in another country with a better economy.

  3. Its awful when you’re in that hole with depression, but I believe you can climb out of it, its a long journey but boy is it worth it, as the suffering and the experience in the long term becomes an asset. Would you agree?

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