From last week’s Tuesday Morning Quarterback:
Meanwhile, previous AIG CEO Edward Liddy repeatedly said he was working “for $1 a year.” He asserted this on “60 Minutes” and in sworn congressional testimony, and was broadly praised for his dollar-a-year service. Now it turns out he was lying.
AIG quietly said Liddy received $38,368 for a New York apartment, $47,578 for personal airline flights, $31,348 for car services and $180,431 “to cover tax obligations.” In what sense are these not income? You work at a job in order to be able to pay for your housing and transportation. You must earn income to pay your taxes; nobody pays them for you. If AIG was paying for Liddy’s housing, personal travel and taxes, then he wasn’t earning $1 a year. Yet he lied through his teeth about this and got away with it. That’s the core lesson of corporate scandals — the CEOs tell lies, pocket cash and never pay any penalty. What does this encourage? More CEO lying.
Yeah. HP recently had something similar. “Everybody gets a haircut!” was the attitude. Upper got a 15% cut, middle got a 10%, and lower got a 5% cut. (Something like that, upper may have gotten 20%… it was similar to that, though.)
And then it came out that upper’s *BONUSES* were untouched. If the CEO makes only 2 million a year (or whatever) and it gets cut to 1.6 million but still gets a $24 million bonus?
Well, it doesn’t exactly communicate to middle and lower that everybody, in fact, got that aforementioned haircut.Report
Lord it’s crap like this that makes the left wingers sound halfway reasonable.Report
Lord it’s crap like this that makes the left wingers sound halfway reasonable.
10% at best.Report