It’s time to pull the pants off of executive pay and fully expose the manner in which so many companies compensate those in the corner office. AIG is not the first, nor will it be the last company to grossly overpay executives for failing and royally screwing up. They just happen to be the biggest to do so on your dime and mine.
In Flint, Michigan, John D. Schwab, a former executive at Citizens Republic Bancorp, filed a lawsuit this week in the Genesee County Circuit Court. His claim is that former CEO William Hartman fired him as Executive VP after Schwab opposed a four-year contract and a $7.5 million bonus for Hartman. Schwab’s claim alleges that Hartman brokered the deal in anticipation of the bank receiving $300 million in federal aid.
Wouldn’t you love to see a side-by-side pie chart every year of all executive bonuses paid compared to the racial and gender make-up of the recipients. Then we could have a quick and frank debate with anyone stupid enough to argue the necessity and merits of Affirmative Action as well as the fact that the program has not come close to leveling a playing field that seems perpetually teetered to benefit white males.
Do tell, what bonus did your CEO receive and did they deserve it?
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