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.
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.
the compensation packages in the