“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
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.