Bernie Ebbers Set For Life

from the stupid-executive-compensation-plans dept

How’s this for punishment for screwing up a company? First, after you make a bunch of stupid personal investment moves and are close to declaring personal bankruptcy, your company loans you over $400 million at next to no interest. Then, after Wall Street properly freaks out about that (as well as the fact that the company you’re running is being driven into the ground), you’re finally forced to resign, but as part of the deal, you’re guaranteed $1.5 million per year for the rest of your life. That’s quite a severance package for a company many people think is about to declare bankruptcy, but that’s the state of things with Bernie Ebbers and Worldcom.

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Comments on “Bernie Ebbers Set For Life”

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Ed says:


It sounds like the deal Webvan’s CEO (Geroge Shaheen, I think) got, only even more lucrative. But the irony was that when Webvan went bankrupt, Shaheen was just another unsecured creditor, and probably got nothing. (Although I wonder if somehow in reality he’s probably still getting a better deal than the other employees and shareholders.) So if Worldcom does go bankrupt, wouldn’t Ebbers be in the same position?

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