Finally! "Breaching of fiduciary duty" - CEOs enriching selves at expense of company

[Phoebe Loosinhouse]

http://www.msnbc.msn.com/id/23830557/

AIG sues ex-CEO Greenberg for breach of duty
Insurer charges top execs misappropriated $20 billion in stock

How many times have I called excessive CEO enrichment a breach of fiduciary duties to the shareholders? And now finally someone is acting to curtail this disgusting excess whereby CEOs and their BODs think that publicly traded companies exist solely for them to TAKE the cookies, the crumbs and the whole damn jar.

Once people realize that many too publicly traded companies are little more than Ponzi schemes designed to enrich just a very few at the top, the whole game comes to a screeching halt. Just a modicum of restraint is all that is required. But, all these guys require "A Diamond as Big as the Ritz".

[opihimoimoi]

1. Greed will get them every time....

[SharonAnn]

2. Especially when articles say they "earn" these extravagant amounts.

The proper framing is that they get "paid" these extravagant amounts.

Using the word "earn" makes it seem like they're trading some extremely valuable skills for the money. They're not. In some cases, the providing only damage to their companies, though they are personally enriching themselves.

I was shocked, as I rose up the corporate ladder, to learn that executives often have as their only goal, the improvement or at least maintenance of their personal lifestyle. And they will do anything to accomplish it.