Location: East Liverpool, Ohio

I am a Liberal and a Socialist, a Democrat only because there is no one else to vote for. My religious beliefs, Think Herbert W. Armstrong.

Thursday, November 15, 2007

How corporate America works

Or I should say, doesn't work.
Citigroup president Charles O. Prince III(with a name like that, you know he never earned anything on his own) has been forced to resign. Under his leadership the company lost 64 billion in market value. So what does he get on his way out the door? A 12.5 million bonus is what he gets. That in added to the 53.1 million in pay he has recieved the last four years.
And as he awaits his official retirement next month, Mr. Prince can rest assured that he will leave with $68 million, including his salary and accumulated stockholdings; a $1.7 million pension; an office, car and driver for up to five years — all in addition to the bonus. That is on top of $53.1 million he has taken home in the last four years, a period when $64 billion in the company’s market value has evaporated.
If the company lost 100 billion, he would have gotten a bigger bonus?


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