"Only dull people are brilliant at breakfast"
-Oscar Wilde		 Brilliant at Breakfast title banner "The liberal soul shall be made fat, and he that watereth, shall be watered also himself."
-- Proverbs 11:25
"...you have a choice: be a fighting liberal or sit quietly. I know what I am, what are you?" -- Steve Gilliard, 1964 - 2007

"For straight up monster-stomping goodness, nothing makes smoke shoot out my ears like Brilliant@Breakfast" -- Tata

"...the best bleacher bum since Pete Axthelm" -- Randy K.

"I came here to chew bubblegum and kick ass. And I'm all out of bubblegum." -- "Rowdy" Roddy Piper (1954-2015), They Live
Monday, September 08, 2008

Wow...and all I got was 6 weeks notice and 6 weeks vacation pay for time I hadn't taken
Posted by Jill | 11:09 PM
But of course, I'm just a Web developer who left my former workplace with stellar references. I didn't mismanage an entire company, endangering the financial system of the entire country. If I'd done that, I'd never have to work again:

But even after the government seized the mortgage finance companies on Sunday and dismissed their chief executives, the companies’ outgoing leaders could see big paydays — a prospect that angers many investors, particularly because ordinary stockholders could be virtually wiped out.

Under the terms of his employment contract, Daniel H. Mudd, the departing head of Fannie Mae, stands to collect $9.3 million in severance pay, retirement benefits and deferred compensation, provided his dismissal is deemed to be “without cause,” according to an analysis by the consulting firm James F. Reda & Associates. Mr. Mudd has already taken home $12.4 million in cash compensation and stock option gains since becoming chief executive in 2004, according to an analysis by Equilar, an executive pay research firm.

Richard F. Syron, the departing chief executive of Freddie Mac, could receive an exit package of at least $14.1 million, largely because of a clause added to his employment contract in November of last year as his company’s troubles deepened. He has taken home $17.1 million in pay and stock option gains since becoming chief executive in 2003.


$9.3 million to get fired? Hell, I'll run a company into the ground for HALF that.

Labels: , ,

5 comments
Bookmark and Share
5 Comments:
Blogger D. said...
Berthold Brecht had the right of it. (Direct quote from Wikipedia: It asks the central and highly political question, "Who is the bigger criminal: he who robs a bank or he who founds one?")

And of course Woody Guthrie's line about robbing more with a fountain pen is also appropriate here.
9/8/08, 11:24 PM  
Blogger Charles D said...
I hate to remind you that your 6 weeks vacation pay went in part to Uncle Sam to fund those golden parachutes for Freddie's Fanny.

Where the hell does the Bush Treasury Dept. think they are going to get $300M? Borrow it from the Chinese? Print it? And what do you bet F&F never have to pay back a dime?

Once more we privatized reward and socialized risk.
9/8/08, 11:49 PM  
Blogger Cujo359 said...
$9.3 million to get fired? Hell, I'll run a company into the ground for HALF that.

I keep saying that to all these companies, and so far none of them have taken me up on it. You'd think they'd appreciate the cost savings, but no. Apparently, the illusion of profitability is too powerful an urge to resist.
9/9/08, 3:28 AM  
Blogger Bob said...
Oh Jill, you were supposed to start an info tech company, maybe some whacko website scheme, rip off greedy investors, pay yourself an outrageous salary, then bankrupt it. & for doing that, you would have become a pricy consultant guiding others to do the same.
9/9/08, 4:25 AM  
Anonymous Anonymous said...
Jill's vacation pay paid for Freddie's Fanny?

I'm going to need pearls to clutch!
9/9/08, 6:17 AM  
Post a Comment
<< Home