[ FreeCourseWeb ] Money for Nothing - How CEOs and Boards Are Bankrupting America

[ FreeCourseWeb.com ] Money for Nothing: How CEOs and Boards Are Bankrupting America

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English | 2011 | ISBN: 1416597700 | 336 pages | EPUB | 2.4 MB
A Bank of America director questioned the CEO's $76 million pay package in a year when the bank was laying off 12,600 workers and found herself dropped from the board without notice a few months later.

According to their employment agreements -- approved by boards -- 96 percent of large company CEOs have guarantees that do not allow them to be fired "for cause" for unsatisfactory performance, which means they can walk away with huge payouts, and 49 percent cannot be fired even for breaking the law by failing in their fiduciary duties to shareholders.

The General Motors board gave CEO Rick Wagoner a 64 percent pay raise -- to $15.7 million -- in 2007, when the company lost $38.7 billion. The company went bankrupt two years later at a cost of $52 billion to shareholders and another $13.4 billion to all taxpayers.

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