I'm just trying to get into the Christmas spirit like all our elected officials who just seem to think it's ok to Bailout a bunch of mis-managed companies with our tax dollars!!
Take Richard Syron, Chairman and Chief Executive Officer of Freddie Mac. In the picture above he is addressing the Boston College Chief Executives.
In 2005 at the podium he warned of a "bubble" on the horizon of the real estate market with regard to falling home prices. and a dampening of the US economy.
Over cocktails I am sure he counseled his fellow execs to get out there and get your pay now cause pretty soon the shit is gonna hit the fan !!
According to Executive PayWatch the SEC reported that in 2007, Richard F. Syron raked in $18,289,575 in total compensation.
Not Bad for a CEO that has led his company to a 13.8 billion dollar deficit. He was removed from his post and the US government has stepped in to "rescue the institution"
Whenever the Government steps into my life it's never been to "rescue me". I guess Mr. Syron will have to find a new job, but at least he has that 18 Million dollars he made last year.
How about Charles O. Prince, the former Chief Executive Officer over at Citigroup. He stepped down in November and released the statement,
"It is my judgment that given the size of the recent losses in our mortgage- backed securities business, the only honorable course for me to take as chief executive officer is to step down."
HHHmmm, "the only honorable course" ?? It looks more like Run AWAY!!
According to Executive Pay Watch, In 2007, Charles O. Prince raked in $15,105,376 in total compensation according to the SEC. According to the AFL-CIO's calculation method*, this CEO raked in $25,520,621 in total 2007 compensation.
Not bad for a CEO who's company just announced a 10 BILLION Dollar loss in quarterly earnings which just happens to be the biggest loss EVER in the company's history.
In 2006 Prince's base salary was a paltry 11.6 million but he was able to earn a 13.2 million dollar bonus and received 10.4 million dollars in stock options !! I sure hope he sold his stock before he left !!
As part of The Prince's compensation after stepping down, he is entitled to an office, an Executive Assistant and a car WITH driver for the next 5 years !!
I think the HONORABLE THING would be to give all that money AND the car back!!
And I thought that being a TV Weatherman was the only place you could be wrong and still get paid !!
In 2007, G. Richard Wagoner, GM's CEO, raked in $14,415,914 in total compensation according to the SEC. According to the AFL-CIO's calculation method*, this CEO raked in $19,761,874 in total 2007 compensation.
And now they are getting their bailout courtesy of the US Taxpayer !!
And DICK is telling us he's gonna only take a salary of One Dollar....Well I am sure DICK has a couple bucks from last years salary to hold him over.
I wonder how many CEO's of failing companies are named DICK??
Well Uncle Sam, I need a bucket full of CASH as I have made some mistakes in the past so I'm gonna need some of those TAX Dollars back???
Bucket of Cash
My bailout won't be too bad in comparison, I only need maybe 50 THOUSAND dollars, TAX FREE, and I should be ok.
More dirt on Charley Prince: HERE
Executive Pay Watch, courtesy of the AFL-CIO, where you can compare your salary with the CEO of your company.