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Money for Nothing : How CEOs and Boards Enrich Themselves While Bankrupting America by John Gillespie & David Zweig [Gillespie, John & Zweig, David] is a work of fiction available to read on EtoBox.

What is Money for Nothing : How CEOs and Boards Enrich Themselves While Bankrupting America about?

A Bank of America director questioned the CEO's $76 million pay package in a year when the bank was laying off 12,600 workers and found herself dropped from the board without notice a few months later. According to their employment agreements -- approved by boards -- 96 percent of large company CEOs have guarantees that do not allow them to be fired "for cause" for unsatisfactory performance, which means they can walk away with huge payouts, and 49 percent cannot be fired even for breaking the law by failing in their fiduciary duties to shareholders. The General Motors board gave CEO Rick Wagoner a 64 percent pay raise -- to $15.7 million -- in 2007, when the company lost $38.7 billion. The company went bankrupt two years later at a cost of $52 billion to shareholders and another $13.4 billion to all taxpayers. If you own stock -- and 57 million U.S. households do -- every cent of these outrages comes out of your pocket, thanks to boards of directors who are supposed to represent your interests. Every customer, employee, and taxpayer is also being hurt and American business is being imperiled. In the most recent economic collapse, almost all attention has focused on the greed, reck

Who reads Money for Nothing : How CEOs and Boards Enrich Themselves While Bankrupting America?

Author

John Gillespie & David Zweig [Gillespie, John & Zweig, David]

Publisher

Free Press

Published

2010

Language

EN

ISBN

9781416559931

Category

work of fiction

Subjects

Business, Economics, Management