Saturday, May 30, 2009

From Golden Parachutes to Golden Coffins.

We've all heard of "golden parachutes," that guarantee top corporate executives benefits that may include severance pay, cash bonuses, stock options, etc, totaling millions of dollars. But, have you heard of "golden coffins," that guarantee big fortunes to the heirs of top executives?

That's right. As the rest of us struggle to pay for their "sins" - who stole not only our futures, but the future of our offspring - they are arranging for "giant posthumous severance payouts, supercharged pensions or even a continuation of executives' salaries or bonuses for years after they're dead."

Take CEO, Verizon's Ivan Seidenberg, for example. His heirs will get up to $35 million in bonus after the golden lid of his coffin shuts for the last time.

"The ultimate in pay that isn't based on performance," the Wall Street Journal notes.


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