51. GOLDEN
PARACHUTES: What
this actually is, is when someone works for a company, then after a very short
time, or any minor length of time, then leaves the company, and is paid a huge parting
gift, such as $45 million, or $400million. This is a rape of the finances of a
company that deprives the stockowners of the rightful profit of the company.
I will establish that person may be paid up to one months pay (per
years/of employment) as a parting gift “Maximum” (still taxable), and not to
exceed 25 times the pay/(per monthly income @ 40hr/week, that would still be
about $125/hr) received by the lowest paid employee. Above that, I will tax
those individuals super aggressively, until they stop stealing what belongs to
the stockholders to end the stealing of the stockholders money.
Wednesday Jan 24, 2007 San Francisco:
GAP Inc. was struggling financially, so in Sept.2002 the company hired Mr.
Paul Pressler as CEO, but since Mr. Pressler did not perform, “The GAP” decided to let Mr. Pressler
go (fired). Mr. Pressler, and The GAP, mutually agreed to end his employment.
Mr. Pressler received a parting GIFT of $14 Million. How many of you
citizens can expect that kind of parting gift when you are FIRED? What about
the stockholders for that company? A company already in financial stress, and
they pay $14 Million of the stockholders money to some one they are firing.
WRONG! This is just one of thousands of such common events in Corporate
America.
In Los Angeles this last
year, the Los Angeles Unified School District had hired a Superintendent to run
the entire school district. He was not able to do so, because the District
blocked changes he wanted to make, so they fired him, well NO, actually they
gave him $500,000 to quit, after only 2 years of employment. Your money,
citizens of Los Angeles.
Now your government wants YOU to invest in the stock market,
for your retirement, instead of relying on Social Security. Your government
loves you, don’t they? The Gap’s Mr. Pressler previously worked for Disney
Corp. I wonder how much Disney Corp. paid him to leave?
These are the millionaires
that elect your politicians. Had enough of this? This happens all the time,
enough is enough.
A number of the more than 100 CEO-pay proposals on ballots
at shareholder meetings this year are likely to pass, he said. There is a lot
of interest this year, he added, largely because of such well-publicized cases
as Lee Raymond, chairman of Exxon Mobil, who got a $400 million package heading
into retirement.
None of the compensation packages in the Toledo region is
even close the $249 million of Richard Fairbank, of Capital One Financial
Corp., or $133 million for Henry Silverman, of Cendant Corp.
http://toledoblade.com/apps/pbcs.dll/article?AID=/20060430/BUSINESS03/604300350/-1/BUSINESS