Corporate America still rewarding failed execs with outsized packages

[IDemo]

By ERIC DASH
updated 1 hour 14 minutes ago 2011-09-30T13:40:28


The golden goodbye has not gone away.

Just last week, Léo Apotheker was shown the door after a tumultuous 11-month run atop Hewlett-Packard. His reward? $13.2 million in cash and stock severance, in addition to a sign-on package worth about $10 million, according to a corporate filing on Thursday.

At the end of August, Robert P. Kelly was handed severance worth $17.2 million in cash and stock when he was ousted as chief executive of Bank of New York Mellon after clashing with board members and senior managers. A few days later, Carol A. Bartz took home nearly $10 million from Yahoo after being fired from the troubled search giant.

A hallmark of the gilded era of just a few short years ago, the eye-popping severance package continues to thrive in spite of the measures put in place in the wake of the financial crisis to crack down on excessive pay.

http://www.msnbc.msn.com/id/44729175/ns/business-us_business/

[MineralMan]

1. How do they know those execs have "outsized packages?"

Do their packages show in their normal clothes? And why did they fail? :rofl:

[prairierose]

2. Very funny headline....

I had to click on it to see what the story was really about.

After :rofl:

my first thought is

the new gilded age still sucks.

[kestrel91316]

3. Corporations, and NOT Social Security and Medicare, are the real Ponzi schemes.