The Perks Keep Flowing Despite Outcry
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- slarabee
- added this
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more from News:
http://online.wsj.com/article/SB123870914466184183.html
The public outcry over corporate jets and other executive perquisites intensified last year, but that didn't ground top brass at Dana Holding Corp.The Toledo, Ohio, auto supplier, which emerged from Chapter 11 bankruptcy protection in January 2008, spent $2.3 million last year on chartered planes to fly its chairman and chief executive, John M. Devine, and its vice chairman and former CEO, Gary L. Convis, to and from their California homes, according to its latest proxy statement.
Despite investor grumbling, U.S. companies continue to subsidize a wide array of benefits for their top executives, from round-the-clock personal security to country-club memberships, top-flight healthcare, sporting-event tickets and personal use of corporate-owned retreats, according to The Wall Street Journal CEO pay survey.
A public backlash against executives flying in private jets erupted last year when the CEOs of the Big Three U.S. auto makers were excoriated by members of Congress for flying private jets to Washington, D.C., to appeal for government aid. The perk was common last year: 104 of the 200 companies in the Journal survey covered the cost of personal air travel by their CEOs in 2008, down only slightly from 107 in 2007. The median value of the perk jumped to $115,500 from $79,000, probably because of higher fuel prices, Mr. Wise said.
"When push comes to shove, companies didn't make as many changes to these programs last year as shareholders would like," said David Wise, a senior consultant at Hay Group, which compiled the Journal's survey.
Follow link for full story By CARI TUNA at the Wall Street Journal
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jh64487
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yep, corporate welfare, a reality much earlier than the recession.
I always wondered how conservatives could argue against public welfare while flinging money at corps.
well...no i didn't, I can completely understand. I never understood how the average joe schmoe could VOTE for those assholes though. I still don't really. I blame mass stupidity.
- 10 months ago
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jh64487
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slarabee
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Let keep whatever they want but take away the round the clock personal security and I bet they straighten up.
- 10 months ago
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slarabee
