As long as you are set for life, the rest of the world can go to hell. This is the absolute greed Wall Street and corporate America represents. That is the same exact attitude of the Bush administration. A bunch of rich elites just wanting more money and power. They are, and never will be satisfied with, the amount of control or money they have. It's never enough.
Nader was right.My Avaricious Hero
By Richard Cohen
Tuesday, February 8, 2005; Page A23
After it was revealed that Richard A. Grasso, once the chairman of the august New York Stock Exchange, had made an unseemly amount of money -- in other words, almost as much as his bosses -- a lawyer was hired and an investigation was launched, which proved, to my immense satisfaction, that his greed knew no bounds.
His willingness to spend other people's money extended even to his secretary, paid $240,000 a year, and to his two drivers, each paid $130,000, and probably, for such is the custom, entitled to take the car home with them at night. Grasso is the face of corporate America. Put it on the $100 bill.
I have written before about the sainted Grasso and admitted that he is my hero. I confessed this even before the report prepared by Dan K. Webb, a former federal prosecutor, was recently made public by court order. Now that we know the full extent of Grasso's heroic sense of entitlement, my admiration for him grows by the storied leaps and bounds -- and throw in a scissor step. Here is a man who watched others make obscene amounts of money and figured that he could do the same. A little applause, please.
The critical difference between Grasso and his bosses, we are always reminded, is that he was running a nonprofit organization and his members, the banks and brokers of Wall Street, were not. It is this nonprofit status that has engaged the New York state attorney general, Eliot Spitzer, who has sued Grasso, pointing out that under the law, executives of nonprofit corporations are supposed to receive only "reasonable" compensation. For some reason, Spitzer considers Grasso's $139.5 million payout in 2003 to be unreasonable. Go figure.
Now let us turn our attention to the payout James Kilts is going to get. Kilts is the chairman and chief executive of Gillette, which he recently sold to Procter & Gamble, ending 104 years of glorious razor blade history. According to the Wall Street Journal, Kilts will realize more than $153 million from the deal -- and that does not include his $1.2 million-a-year pension. Some of this money comes from the value Kilts supposedly added to the Gillette stock and so, in the tradition of American business, more power to him. But some of it -- $23.9 million, to be precise -- is what the Journal called a "one-time sweetener from P&G," and an additional $12.6 million is a "change in control" payment.
Add it up and Kilts got $36.5 million for selling King C. Gillette's little company to P&G -- and, in the process, eventually eliminating some 6,000 jobs. I bet those workers will not be getting a "change in control" payment. More jobs gone. Yaaaay!! You see where this is headed? Asters, Gettys, Carnegies, the BUSHS. Where is the sacrifice from these rich scumbags? Why does everyone else have to get hit while they make out so well?http://www.washingtonpost.com/wp-dyn/artic...6-2005Feb7.html[right][snapback]49165[/snapback][/right]
. Those thiefs will have to pay taxes at a lower or zero rate on their loot. And their heirs, for the great feat of having chosen their parents carefully, will get to enjoy their unearned benefits tax-free. It's grand.