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NEWS ABOUT: golden parachutes

Even Loser Execs Still Getting Mammoth Exit Pay

'Pay for failure' bleeding troubled firms dry, say critics

(Newser) - Remember the furious demands in the wake of the Wall Street crisis that exorbitant executive exit pay be cut? Not happening. Even big-time loser executives are still reaping incredible windfalls. Take Léo Apotheker, bounced from the top of Hewlett-Packard after a year that saw company stock plummet. His punishment... More »

Hayward to Get $18M Golden Parachute

Lawmakers slam payoff for Tony Hayward

(Newser) - Booted BP boss Tony Hayward will be getting a compensation package worth more than $18 million to soften the blow of having to step down amid heavy criticism. Hayward, who is leaving by mutual consent in October after 28 years with the firm, has a contract which includes a $930,... More »

Lewis Due a Mere $53M From BofA Pension Plan

But President Obama's pay czar could yet step in on that, millions in stock

(Newser) - An executive pension plan Bank of America stopped in 2001—along with “golden parachute” balloon payments to execs leaving the company—will yield about $53 million for departing CEO Ken Lewis. Lewis, 62, participated for years in the plan, which was frozen the year he ascended to the top... More »

Ousted GM Boss Gets $20M Retirement Payout

(Newser) - If Rick Wagoner is upset about being forced out of his job as GM’s CEO, his $20 million retirement package should provide some consolation, ABC News reports. Though Treasury rules prevent Wagoner from collecting severance pay, the ousted exec is still eligible for an “Executive Retirement Plan” and... More »

Bailout Exec Pay Limits Have No Bite

Critics say White House added language to bailout bill that blunted super-pay language

(Newser) - Thanks to a last-minute change pushed by the Bush administration, the $700 billion bailout has a giant loophole Wall Street executives will be able to float golden parachutes through. Congress put unprecedented restrictions on lofty pay into the final bill, but the only enforceable one became inapplicable after a one-sentence... More »

Put the Brakes on Car Chiefs' Pay: UAW Boss

Loans necessary to escape temporary bind, he adds

(Newser) - The nation's Big Three automakers should pledge to limit executive pay—including bonuses and severance packages—in exchange for federal money, insists the president of the United Auto Workers. Ron Gettelfinger warned that everyone is going to have to tighten his belt, including the rank-and-file, in order to save jobs.... More »

NY Probes AIG's Golden Parachutes, Spending

Attorney general charges insurer with 'unwarranted and outrageous expenditures'

(Newser) - New York's attorney general today called on AIG's directors to recover millions in “outrageous expenditures,” including golden parachutes to executives even as it neared the collapse that brought an $85 billion federal intervention, the Wall Street Journal reports. Andrew Cuomo is investigating whether the insurer broke state law... More »

White House Caves on Golden Parachutes

Paulson bows to pressure from lawmakers opposed to bailout paydays for CEOs

(AP) - The White House bowed on a crucial change in the $700 billion bailout today ahead of a speech tonight in which President Bush hopes to pull loudly resistant lawmakers on board. Republican officials said Henry Paulson agreed to demands from critics in both parties to limit the “golden parachute”... More »

Her Golden Parachute Fine With McCain

'No analogy' between Fiorina's $45M from HP, subprime payouts

(Newser) - John McCain and Sarah Palin made a point yesterday of blasting CEOs who left their companies with multimillion-dollar golden parachutes while workers and shareholders suffered. But McCain’s top economic adviser deployed just such a shiny parachute when Hewlett-Packard ousted her, ABC News reports. Carly Fiorina pocketed $45 million, even... More »

Fannie, Freddie CEOs in Line for Millions in Severance

Mudd, Syron each stand to net at least $6M; critics rip 'pay for failure'

(Newser) - The CEOs of Freddie Mac and Fannie Mae will receive millions in severance pay, pension payouts, and other benefits after the government’s takeover of the mortgage giants, the Los Angeles Times reports. Fannie’s Daniel Mudd stands to take away $7.3 million, and Freddie’s Richard Syron will... More »

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