Grubman Resigns, Gets Massive Severance

from the wait-just-a-second... dept

Jack Grubman, who is facing all sorts of scrutiny for his stock analysis over the past few years (with particular focus on his chummy relationship with Worldcom) was forced to resign. The more interesting part of the story, however, which isn’t getting as much attention (at this point) is the fact that this guy who misled investors for the last few years will walk away with $32.2 million in severance pay (on top of the many millions he’s made all along). Not many people get fired and handed a check for $32.2 million.

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Comments on “Grubman Resigns, Gets Massive Severance”

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Tim Chambers (user link) says:

NYT mentioned this on 18 Aug

Great headline: A Star Analyst Exits Loudly. Others Hide Backstage. Great quote: “If investors need any more evidence that many folks in high places on Wall Street still don’t get it and may never, they need read no further than Mr. Grubman’s resignation letter. It contains just one parenthetical reference to his woeful record in stockpicking, which was his job to get right, not wrong. The rest of the letter was a whinefest worthy of a 6-year-old.”

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