Wednesday, June 06, 2007

Rich Getting Richer

This is rich....with the full ironic meaning behind the word.

Much Too Golden Years

A growing number of chief executives, like AT&T's Ed Whitacre, are getting rich, lifetime compensation deals.

Fat cat chief executives are almost always used as Exhibit A in the national debate about the rich getting richer.

Bolstering that case is a growing body of evidence showing that a burgeoning cohort of chief execs are getting lush compensation deals that last long after they've driven out of the corporate parking lot.

Whitacre's golden parachute has quite the platinum lining. His pension package includes $4.5 million in annual payments for life, plus an $18.8 million lump sum. He'll also get $25,000 in country club fees, $6,500 in annual home security costs and access to the corporate jet for 10 hours a month. AT&T will also cover up to $19,000 in taxes for these benefits, except for use of the aircraft. Whitacre and his family will also receive free health insurance for life. Plus, he'll get just over $1 million a year for three years to work as a consultant to AT&T during his retirement.

CEO Cream Sour Milk for Workers

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