How the system works

[Seshmeister]

http://mashable.com/2015/01/22/target-ceos-severance-package/


Total payout for 17,600 Canadian Target workers roughly the same as ex-CEO's

http://rack.1.mshcdn.com/media/ZgkyMDE1LzAxLzIzLzllL0dyZWdnU3RlaW5oLmRlNTliLmpwZw pwCXRodW1iCTk1MHg1MzQjCmUJanBn/442ec3a4/157/Gregg-Steinhafel.jpg
#WINNING

On first blush, Target's 16-week severance package to its 17,600 Canadian workers sounds fairly generous. That is, until you compare it to what former CEO Gregg Steinhafel got last May.

The Minneapolis retailer fired Steinhafel last May, six months after a data breach affecting up to 110 million customers occurred under his watch. Though investor activists succeeded in cutting Steinhafel's "golden handshake," Fortune reported that the ex-CEO's total payout was $61 million.

Flash forward to Jan. 15. As Target announced it was pulling out of Canada, the company noted that its "employee trust" package for its Canadian workers is $59 million — $2 million less than the amount Steinhafel got.

[Seshmeister]

It's even worse than that - many employees have to work their 16 weeks severance in other words they are getting a salary not a handout.

Also to add insult the CEO is the guy who fucked up the company by trying to over expand too quickly.

[Kristy]

Corporate retail is going the way of the dinosaur. Target's Canadian stint was a precursor to future store closings in the US later this year. The CEO's are clearly seeing the writing on the wall so it's no surprise they are getting out while the getting out is good. Soon, America will be one big corporate retail shit hole with a "Super-Mega WalMart/Soviet style warehouse where price points are fixed and final nail in the mom and pop markets will be hammered. They will be the Trollvis welfare oasis, and if you think WalMart exploits the poor now...just you wait. The only competition will be on-line buying also owned by the "Mega-Mart" shitholes.

[Nickdfresh]

I hear Wal-mart has cheap latex pants...

[Kristy]

Pants? Thought you said "paints."

[Nickdfresh]

Pants. Worn by silly bartenders...

[Seshmeister]

http://www.marketwatch.com/story/fraud-failure-and-bankruptcy-pay-well-for-ceos-2013-08-28


Fraud, failure and bankruptcy pay well for CEOs

Published: Aug 28, 2013 6:15 a.m. ET


Richard Fuld had a $66 million payday in 2000 because, well, he was a great chief executive officer, now wasn’t he?

Though the Internet bubble popped and the Nasdaq peaked in 2001, he made another $105.2 million. In 2002, he bagged yet another $28.7 million; 2003, $52.9 million; 2004, $41.8 million; 2005, $104.4 million; 2006, $27.3 million; 2007, $40 million.

His tab for eight years of CEO work came to $466.3 million.

You may still remember the name of his company. It was called Lehman Brothers. In 2008, it set a record as history’s largest bankruptcy, setting off the nuclear reaction we now call the financial crisis and cementing America’s future as a socialist state for giant banks and corporations.

Fuld is among the cast of characters enumerated in a retrospective report released by the Institute for Policy Studies: “Executive Excess 2013. Bailed Out, Booted, Busted: A 20-Year Review of America’s Top-Paid CEOs.” Before 2008, he made the list of America’s top 25 highest-paid executives for eight years in a row.
http://ei.marketwatch.com//Multimedia/2013/08/27/Photos/G/MW-BH492_fuld_d_20130827150541_G.jpg?uuid=d9dfdf4a-0f4b-11e3-b648-002128040cf6
Dick Fuld’s performance at Lehman Brothers was unbelievable — and not in a good way, a study of CEO pay concludes.



“To be in the top 25 for eight consecutive years before you crash and burn the economy, it’s just unbelievable,” said Sarah Anderson, one of the report’s authors.

Her study analyzed 500 corporate executive positions that have been listed in The Wall Street Journal’s annual executive pay surveys over the past 20 years.

When she began this research, she expected bailed-out, booted and busted CEOs would make up maybe 15% of the sample. But no, it tallied 38%.

Watch a video report on the study.

“These poorly performing chief executives either wound up getting fired, had to pay massive settlements or fines related to fraud charges, or led firms that crashed or had to be bailed out during the 2008 financial crisis,” the report says.

• CEOs whose firms received taxpayer bailouts or ceased to exist held 22% of these 500 slots over the past two decades.

• CEOs who were forced out of their jobs made up 8%. (This is not bad work, if you can get it: The average golden parachute was valued at $48 million.)

• CEOs who led companies paying significant fraud-related fines or settlements comprised another 8% of the sample. (Most of these settlements totaled more than $100 million.)

http://ei.marketwatch.com//Multimedia/2013/08/27/Photos/MEV/MW-BH494_ceos_h_20130827154355_MN.jpg?uuid=1375375a-0f51-11e3-b648-002128040cf6