Punch a Hole in Their Golden Parachutes

Once again big business has gambled with money that isn’t their own and are expecting American citizens to bail them out. After all, what choice does the middle class, tax-paying citizen have?

As we watch our 401k plans evaporate before our very eyes and shell out $5 for a gallon of milk, we are forced to watch as helpless bystanders as corporate giants suck us dry.

The next wave of the news cycle wll center around unemployment and number of employees laid off or put out to pasture.

While newcomers at Lehman Brothers are certainly handsomely rewarded (many entry-level gigs start at $60k), I’m willing to bet – dollars-to-donuts – that there is very little in place to help ease their fall. P In fact, these less experienced workers, don’t know from an economic downturn, and have probably saved very little cash. The best they can expect is a month or two of severance pay.

Likewise, fat cat CEOs have done little to protect their assets too. And why should they? Many of them will land soft and flawlessly, thanks to their cushy Golden Parachute.

Designed to help firms hire and retain ‘top-tier’ executives, it’s ironic that this exclusive benefit is made available to those who need it least; the already over-paid.

Enjoy that $23.5 million, Kerry Killinger, former WaMu CEO.
After an 85-percent decline in stock price and moves that eliminated thousands of jobs, you deserve to be rewarded for last quarter’s $3.3 billion LOSS.

At least the federal government grew a sack when it came to ousted Fannie Mae and Freddie Mac CEOS; declining to pay $24 million in exit packages.

If this is how they treat those who have failed, how are successful individuals rewarded? I don’t think I even want to know.

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