28 million wrongs
I guess I should not be surprised. We heap tons of accolades and money on our “whiz kids” of Wall Street. Mark Hurd was just the latest CEO to be backing up his truck and filling it with large sums of cash. Sure we’re in the midst of coming out of one of the greatest recessions in our history, but that doesn’t mean we can’t spend millions on CEOs. At least, this is the thinking in these board rooms of large corporations. Mark Hurd, of course, was working for Hewlett-Packard. He is the latest in a long string of CEOs to “turn around” a failing company. He has allowed Hewlett-Packard to leapfrog Dell Computers to become the largest technology company in the world. For his efforts he was about to be crowned with a $100 million contract. Unfortunately for him, a little scandal has ruined his big payday.
Now Mark Hurd has been asked to leave. When you and I are asked to leave or place of employment, we have to fight to get our last check. They don’t even pay out the year. There is no golden parachute. We will not have access to the company plane. Yet, Mark Hurd will be given $28 million in cash and stock for submitting falsified financial reports in order to hide a relationship. How is paying this guy an extra dime in the best interest of Hewlett-Packard or the country?
This is just another example of how there are separate rules for corporate executives. The rest of us, when we get fired, we get nothing.