Latest Golden parachute Stories

2009-09-22 13:38:22

High executive salaries and multimillion dollar severance plans during a recession have undermined trust in U.S. corporations, a Conference Board report said. The report, The Conference Board Task Force on Executive Compensation, said corporations must take immediate and credible action, to restore public trust. The task force members that assembled the report included leading corporate executives, such as Joel Hyatt, a member of the Hewlett-Packard board of directors and David Dillon,...

2009-02-04 12:05:00

The White House Wednesday set new limits on executive pay for companies that receive federal bailout funds. The pay cap, with different rules for firms requiring exceptional assistance and those accepting generally available capital, is set at $500,000 a year with the exception of restricted stock that could not be vested until the federal funds are paid back, the White House said. President Barack Obama said the lavish pay for financial firms in the midst of this economic crisis is not only...

2008-11-25 14:27:40

Ten top executives at North Carolina's Wachovia Corp. could receive nearly $100 million in severance pay if displaced by a Wells Fargo merger, records show. Several executives are keeping their jobs and won't take part in the $98.1 million golden parachute contracts stipulate, The Charlotte (N.C.) Observer reported Tuesday. Golden parachutes -- hefty severance packages given to executives when they leave companies -- have been frequently criticized since the financial crisis began. Wachovia...

Word of the Day
  • A beast of burden; also, a beast in general.
'Jument' ultimately comes from the Latin 'jugum,' yoke.