Terrible CEOs, Same Big Egos & Paychecks
Great post on blownmortgage about the hubris of Indymac's chief monorail/band uniform salesman, CEO Mike Perry. Said he deserved every penny of his overly huge compensation package for the great shareholder returns he delivered. Now that his stock is a laughingstock, his company is on the verge of oblivion, doing whatever it can just to scrape by, how much of that huge pay package do you think he'll be returning?
Hint: It's the same amount that major (money) losers like Chuck Prince will give back. Nothin.
We need a shareholder revolution in this country to make sure that pompous clowns like these don't frontload their rewards and build vast personal fortunes based on having been lucky enough, greedy enough, and short-sighted enough to have built empires on piles of sand (or bad credit). They should not be able scamper away to live like kings while the owners of the companies pay the price.