Posted by Jack
As a gesture for his several months of loyal service Time Warner Cable Chief Executive Rob Marcus is in line to receive $79.9 million. Chief Financial Officer Arthur Minson Jr. is set to get $27.1 million, Chief Technology Officer Michael LaJoie would get $16.3 million and Chief Operating Officer Philip Meeks is to receive $11.7 million.
In the case of Mr. Marcus, don’t cry foul, he dedicated well over two months of his life to insuring the well being of his company. Given his labor, who could deny him his just rewards, a golden parachute of $79.1 million. Certainly not the board of directors, then again it’s not their money, it’s the stockholders. Let remember, Marcus has had to scrimp and squeak by on a meager $10,000,000 annual salary, plus stock options worth another $22 million. That’s roughly $31,000 a day, if he had worked a whole year. Prorated it actually works out to roughly $1.3 million per day, not counting overtime and a free parking place.
These golden parachutes include cash, stock and benefits that the executives were to receive for the next two to three years and the final totals could change. However, it’s just the board’s way of saying thanks and good-bye, have a nice life! They’re good fella’s and it’s nice work if you can get it.
When it comes to a CEO’s salary…enough is never enough. The more they earn – the more the demand to earn and the greedier they get. Without the collusion of the board of directors stocked full of good ol boys the CEO’s could not pull it off. Who are the good ol boys? Well, they are CEO’s from other companies willing to help out a pal because they will get their turn soon. It’s a very nasty situation here and it happens to be the only game in town, so if you’re thinking of going elsewhere…there is no elsewhere. You buy your stock, take your chances, knowing much of your profit will be stolen before it gets to your personal dividend check. Sure, it’s theft, sure it’s a conspiracy to loot corporate coffers and yes we have laws to punish wrong-doers, but all of this doesn’t matter. There’s too much money involved and too much cronyism and our gov. watchdogs are deaf, dumb and blind, it’s how Bernie Madhoff got away with blatant theft for years!
It was Obama’s gift of the QEs that helped fund the 1%mega salaries for the 1% mega businesses.
With Bernanke gone, the remaining Fed members knowing full well they will be crucified, metaphorically of course (if not literally) when it all inevitably comes crashing down, are finally at liberty with their words… and the truth is bleeding out courtesy of the president of the Dallas Fed, via Bloomberg.
•FISHER SAYS QE WAS A MASSIVE GIFT INTENDED TO BOOST WEALTH
Which incidentally coincides with Bernanke’s heartfelt “admission” that “my natural inclinations, even if it weren’t for the legal mandate, would be to try to help the average person.” As long as helped to boost the wealth of the non-average billionaire., all is forgiven. “The result was there are still many people after the crisis who still feel that it was unfair that some companies got helped and small banks and small business and average families didn’t get direct help,” Bernanke said. “It’s a hard perception to break.” The truth, as again revealed by Fisher, will not help with breaking that perception.
We wonder how President Obama, that crusader for fairness, equality and all time Russell 200,000 highs, will feel about that? In the meantime, just like the Herp, QE is the gift that keeps on giving.. and giving… and giving… to the 0.001%.
Check out chart in link.
http://www.zerohedge.com/news/2014-03-21/qe-was-massive-gift-intended-boost-wealth-fed-president-admits
Peggy, that’s so true. Obama intervened in the natural order of things and artificially propped up private businesses that should have failed. Failure is how we learn, it’s how businesses are taught to run smarter, it’s a natural way of culling the herd, and it’s just good capitalism. There’s no such things as too big too fail, unless the government illegally allowed a monopoly to grow like a cancer among other businesses.