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Disney Executive's Severance Ruled Legal - Yahoo! News:
"NEW YORK, Aug. 9 -- Hollywood super-agent Michael S. Ovitz spent 14 disastrous months as the No. 2 executive at Walt Disney Co., taking $140 million in severance when he was forced out, or $10 million for each month on the job. On Tuesday, a Delaware judge ruled that the severance package, while 'breathtaking,' was perfectly legal and that directors did not violate their duty to protect shareholders when they approved it."
or take for example this executive for Delta (as mentioned by Backslider's Wine):
RONALD ALLEN'S 'GOLDEN PARACHUTE'
Delta CEO Gerald Grinstein with U.S. Sen. Johnny Isakson, U.S. Rep. Tom Price and U.S. Rep. Lynn Westmoreland as they push for a bill that would allow Delta to have an extra 12 to 15 years to make up the deficit to their pension plan.
Excess executive pay is a result of one type of thinking; "We deserve this money because we are better than you."
The other day I made on offhand comment to a coworker, that being rich changes the way you think. After thinking about how I would go about justifying that remark, I realized, I should have said that being rich CAN change the way you think. More specifically, it makes you start believing that you are somehow better than other people. You must be, people listen to you, stores and restaurants go out of their way to cater to your needs and people pay attention to you even if you're saying the most ludicrous things.
Living a life of excess doesn't feel so bad as long as the people around you are doing so as well. Its all relative. But take that two story house with two and a half baths, a library, den and pool house and plop it down into a shanty town full of people living elbow to elbow and it starts to feel selfish and unneccesary. Because it is.
Human beings don't need much to survive. That's obvious when you look at the squalid conditions that fellow human beings endure on this earth.
At some point, as you construct a rationale for the material excess that surrounds you, you must start to believe that you deserve to have more than others. Thus, the idea of class is born.
.. and I'm not talking about people who are mortgaged up to their eyeballs either. I'm talking about people like our dear leader, and these executives that feel they deserve the equivalent of 30 respectable working class incomes plus perks for simply being them.
I consider that immoral. These days we've demoted greed as a sin, and focused all our attention on things like sex.
Its not that we should restrict what salaries companies pay, but we should cry foul when we see another person being a greedy motherfucker. And that's why I have to laught at people when they refer to Our Deal Leader as being moral. That GM took a huge wad of cash for simply sitting there and looking pretty.
In early January, Bush and his baseball partners hit a home run, selling the Texas Rangers to Thomas Hicks for $250 million. Bush himself hit a grand slam. For his 1.8 percent share of the club -- which cost him $605,000 -- the Governor gets paid between $10 and $14 million. That is a return of up to twenty-three times his original investment -- in less than nine years.
Why? Because the people involved needed Bush's political connections. The taxpayers paid for the stadium that Bush and his cohorts sold for a neat and tidy profit. Tidy, except for the fact that they seized the land to do it.
As member of the ruling class Bush felt entitled to money that he did not earn, all the while preaching about the evils of government dependency.
repeat after me...
Bush's personal wealth = taxpayer money.
Its all related, CEO's walk off with huge paychecks while workers are left fretting about the pensions they were promised, politicians and well connected businessmen walk away with huge government financed riches while taxpayers wonder why we can't afford the programs we want.
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