Geez, I can’t get by with $500,000 if I have to run a big corporation like GM, or Bank of America into bankruptcy, woops, I mean run these companies!
Here is what some of the CEO‘s of these large companies made as they ran their companies into the ground according to The New Times
First a little update.
“Executives at companies that have already received money from the Treasury Department would not have to make any changes. But analysts and administration officials are bracing for a huge wave of new losses, largely because of the deepening recession, and many companies that have already received federal money may well be coming back”
Crucial details remained unclear on Tuesday night, including whether the restrictions would apply to all companies that receive money under the so-called Troubled Asset Relief Program, or TARP, or whether they would apply only to the “exceptional” companies that were being rescued from collapse.”
The Times went on to list some executives from severely troubled companies and their current salaries.
The chief executive of Bank of America Kenneth D. Lewis, , took home more than $20 million in 2007. Of that, $5.75 million was in salary and bonuses.
Vikram Pandit, who became chief executive of Citigroup in December of 2007 and previously held other senior positions at the bank, made $3.1 million.
The chief executive of General Motors, Richard Wagoner, made $14.4 million, much of it in stock, options and other non-cash benefits. He earned a $1.6 million salary.
Then there’s John Thain CEO of Merrill Lynch who gave billions of dollars to his employees just before his company went under and was taken over by Bank of America. He spent 1.2 million remodeling his office including a $1,450 parchment waste basket.
Darn, at $500,000 a year, the top dogs will not be able to buy parchment waste baskets for $1,450. How about they use a paper bag from the grocery store instead, that’s parchment, sort of.
By the way, in 2004, Bill Gates of Microsoft received a pay raise and with bonus made $901,667. The rest of his wealth came from the company making money and receiving his wealth from stock growth and dividends. What a concept, company makes money, CEO makes money.