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Let the Good Times Roll: Another Lousy CEO Gets $140 Million for Getting FIRED

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  • #1

    Let the Good Times Roll: Another Lousy CEO Gets $140 Million for Getting FIRED

    What the hell is wrong with this place when people are getting this kinda crap after getting FIRED? This has become all too common and I'm sure I'll hear all the usual Captialist good soldier/whore crap about market value deciding compensation, blah blah.

    I wonder if any workers were laid off during his tenure. Certainly that 140 million could have been put to use in keeping their jobs.

    But this is PERVERTED.


    I'm gonna see if I can get fired too.

    404 Page Not Found - CNNMoney
    http://money.cnn.com/2005/08/09/news/fortune500/disney_ovitz.reut/index.htm?cnn=yes


    Ovitz keeps $140M severance package

    Judge rules that $140M severance package to Michael Ovitz should not be returned to Walt Disney.
    August 9, 2005: 5:24 PM EDT

    WILMINGTON, Del. (Reuters) - A judge ruled Tuesday that the Walt Disney Co. board did not breach its duties in awarding a $140 million severance package to Michael Ovitz, a Hollywood dealmaker ousted as the company's president after just 14 months in the job.

    The decision by Judge William Chandler of Delaware Chancery rejected the arguments of Disney shareholders, who said the media company should not have paid the severance to Ovitz.

    Shareholders contended that Ovitz, who left Disney in 1996, failed miserably as Disney president and should have been fired for cause. The lawsuit had sought the $140 million payout plus interest returned to the company.

    Shares of Disney (Research) fell over 1 percent in after-hours trading Tuesday.
    We the people are the rightful masters of both Congress and the courts, not to overthrow the Constitution but to overthrow the men who pervert the Constitution. - Abraham Lincoln
    Tags: None
  • #2
    So what exactly is the benefit of being president if they make the exact same wage as the janitor, as you seem to want?
    "The DPRK is still in a state of war with the U.S. It's called a black out." - Che explaining why orbital nightime pictures of NK show few lights. Seriously.

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    • #3
      Dude, that's like 9 years ago. Can't you find fresher material?

      Besides, all those guys are liberal Democrats. Real Hollywood pinkos.
      I came upon a barroom full of bad Salon pictures in which men with hats on the backs of their heads were wolfing food from a counter. It was the institution of the "free lunch" I had struck. You paid for a drink and got as much as you wanted to eat. For something less than a rupee a day a man can feed himself sumptuously in San Francisco, even though he be a bankrupt. Remember this if ever you are stranded in these parts. ~ Rudyard Kipling, 1891

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      • #4
        Originally posted by Patroklos
        So what exactly is the benefit of being president if they make the exact same wage as the janitor, as you seem to want?
        That's exactly what I said and the same line of reasoning too.

        Thanks.

        We the people are the rightful masters of both Congress and the courts, not to overthrow the Constitution but to overthrow the men who pervert the Constitution. - Abraham Lincoln

        Comment

        • #5
          Originally posted by DanS
          Dude, that's like 9 years ago. Can't you find fresher material?

          Besides, all those guys are liberal Democrats. Real Hollywood pinkos.
          The ruling was made today.

          And who cares what party they are? We all know they both suck.
          We the people are the rightful masters of both Congress and the courts, not to overthrow the Constitution but to overthrow the men who pervert the Constitution. - Abraham Lincoln

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          • #6
            Awwww, Ted,

            So cute when your indignent.
            "The DPRK is still in a state of war with the U.S. It's called a black out." - Che explaining why orbital nightime pictures of NK show few lights. Seriously.

            Comment

            • #7
              Sorry, Ted. I don't have much sympathy for anybody in this instance. Everybody let Eisner have his way with the company. They bought into the cult of Eisner when he was doing stupid crap like this. Reap what you sow, etc.
              I came upon a barroom full of bad Salon pictures in which men with hats on the backs of their heads were wolfing food from a counter. It was the institution of the "free lunch" I had struck. You paid for a drink and got as much as you wanted to eat. For something less than a rupee a day a man can feed himself sumptuously in San Francisco, even though he be a bankrupt. Remember this if ever you are stranded in these parts. ~ Rudyard Kipling, 1891

              Comment

              • #8
                Rich people fighting over money.
                I drank beer. I like beer. I still like beer. ... Do you like beer Senator?
                - Justice Brett Kavanaugh

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                • #9
                  Originally posted by DanS
                  Sorry, Ted. I don't have much sympathy for anybody in this instance. Everybody let Eisner have his way with the company. They bought into the cult of Eisner when he was doing stupid crap like this. Reap what you sow, etc.
                  The people I'm sympathetic towards are any staff workers in any company that may have lost their jobs because of resource misallocation.

                  Cult CEO worship has died down considerably since 1996-2001 era, but the compensation mismatch is certainly still there.
                  We the people are the rightful masters of both Congress and the courts, not to overthrow the Constitution but to overthrow the men who pervert the Constitution. - Abraham Lincoln

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                  • #10
                    Originally posted by Patroklos
                    Awwww, Ted,

                    So cute when your indignent.

                    I'm cute all the time.
                    We the people are the rightful masters of both Congress and the courts, not to overthrow the Constitution but to overthrow the men who pervert the Constitution. - Abraham Lincoln

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                    • #11
                      So what exactly is the benefit of being president if they make the exact same wage as the janitor, as you seem to want?


                      urgh.NSFW

                      Comment

                      • #12
                        I agree that executive compensation / poor corporate governance is a major problem. If shareholders can't get it together to put the brakes on the numerous abuses then perhaps they should simply sell their shares of the most abusive corporations and let the execs own the whole shebang. Let's see how brave they are when they are only allowed to play with their own money.
                        He's got the Midas touch.
                        But he touched it too much!
                        Hey Goldmember, Hey Goldmember!

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                        • #13
                          @ Az
                          (\__/) 07/07/1937 - Never forget
                          (='.'=) "Claims demand evidence; extraordinary claims demand extraordinary evidence." -- Carl Sagan
                          (")_(") "Starting the fire from within."

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                          • #14
                            Originally posted by Sikander
                            I agree that executive compensation / poor corporate governance is a major problem. If shareholders can't get it together to put the brakes on the numerous abuses then perhaps they should simply sell their shares of the most abusive corporations and let the execs own the whole shebang. Let's see how brave they are when they are only allowed to play with their own money.
                            Ah, but that's the thing. The shareholders are just as greedy and irresponsible as the CEOs.
                            I drank beer. I like beer. I still like beer. ... Do you like beer Senator?
                            - Justice Brett Kavanaugh

                            Comment

                            • #15
                              I think everyone who has a net worth of over $10 million should be executed... just in principle
                              To us, it is the BEAST.

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