Another Failing Dot Com CEO Gets Paid Off

from the disturbing-trends dept

Well one thing is clear. CEOs who came in to take “risky” jobs at dot coms aren’t having to take any sort of responsibility for the messes they caused. The latest example is George Shaheen who has been forgiven from paying back the $6.7 million loan the company gave him. It’s not as bad as some others, in that Shaheen needed the money to payoff the Alternative Minimum Tax on options granted to him, but never made that much money off the actual shares anyway. Of course, for any normal employee who had a huge AMT bill to deal with, I somehow doubt that the companies involved paid off their bills. In fact, unlike the rank and file workers who got killed on the AMT this year, I’m sure Shaheen had a clear understanding of what was happening, and what the risks were. I guess when you’re a big enough big shot, risks are “taken care of” for you.

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