We’re focusing today on Mack “MackDaddy” Whittle, longtime CEO of South Financial Group, who pushed up his retirement last month so he could cash out with a $18 million Golden Parachute just before sending his bank hat in hand to the Feds to get $347 million in choice Grade A Prime bailout money.
Announcer: “Last week, another bank went under — but its CEO could walk away with $19 million. John McCain’s advisor, Carly Fiorina: The fired CEO who left with $42 million.”
Obama: “You’ve got corporate executives who are giving themselves million dollar golden parachutes and leaving workers high and dry. That’s wrong, it’s an outrage.” *
It is indeed an outrage. This has been a problem for a long time… and it’s contributed to the current financial crisis because these people haven’t had meaningful consequences to their poor decisions and bad management. Firing people who do a poor job running your company by giving them multi-million dollar “golden parachutes” is not accountability… it’s a reward! If only I could be fired with such a severance package, I wouldn’t worry about screwing up either!
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