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Journal PopeRatzo's Journal: The Job Creators 14

As any Libertarian will tell you, there's no reason a CEO shouldn't be paid 2000 times the amount of an average worker, because they're worth it.

Keep that in mind when you read the story of Progress Energy CEO Bill Johnson. It's a tale of how mistreated the 1% are in Obama's America:

When Duke Energy announced its merger with Progress Energy last year, the two companies agreed that Progress CEO Bill Johnson would assume the same position at the combined company. So he did: On June 27, Johnson signed a three-year contract to helm Duke. When the merger went into effect on July 2, he assumed the position of CEO.

        And then, on July 3 at midnight, Johnson resigned

As the article tells us, Bill Johnson was forced out by the board after the merger, but just imagine the job he did in that one day as CEO when you read about his compensation package for that 24 hours:

Despite his short-lived tenure, Mr. Johnson will receive exit payments worth as much as $44.4 million, according to Duke. That includes $7.4 million in severance, a nearly $1.4 million cash bonus, a special lump-sum payment worth up to $1.5 million and accelerated vesting of his stock awards, according to a Duke regulatory filing Tuesday night. Mr. Johnson gets the lump-sum payment as long as he cooperates with Duke and doesnâ(TM)t disparage his former employer, the filing said.

Under his exit package, Mr. Johnson also will receive approximately $30,000 to reimburse him for relocation expenses.

Well, thank God for that $30k in "relocation expenses". Renting a U-Haul isn't cheap.

Like the saying goes "The rich are different than the rest of us. They are completely without shame." I want to know what the board of directors was doing the day this benefits package was approved.

But remember, according to Mitt Romney, Bill Johnson is a "job creator". Except, during the 24 very busy hours that Johnson was CEO, he laid off 900 workers. I wonder how much that comes to per laid-off worker?

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The Job Creators

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  • ""We're very committed to getting a deal with the pilots too," he said. "But it has to be fair; fair to them and fair to us.

    Like you said, these guys are not worth what they're paid. Those charged with establishing the pay are protecting themselves, not shareholders and certainly not employees or customers. Time to overhaul compensation and create the right incentives for the right results. []

    • ""We're very committed to getting a deal with the pilots too," he said. "But it has to be fair; fair to them and fair to us.

      One of my students works for American Airlines. She tells horror stories about what's going on over there.

      I think we've reached a boundary condition for capitalism, to be honest. I see the only solution going forward as a mix of enlightened social welfare systems and regulated capitalism.

      We knew this was going to happen eventually. Economists and economic historians have been predi

      • by jbwolfe ( 241413 )

        One of my students works for American Airlines. She tells horror stories about what's going on over there.

        Been there. Nine and a half years later and still waiting to exit contract terms imposed under reorganization: lost pension, 55% of previous income, twice the workload. They have squandered any opportunity to foster better relations that the merger with Continental presented . Of course management were made whole- never anything at stake for them. I do not believe its working for the middle class and if it keeps trending in the current direction, the wealthy 1%ers will regret it as the current systems relie

  • Kind of interesting (to me anyway) that I saw your post and this video in the same day. Japan Airlines' CEO Haruka Nishimatsu has an ever so slightly different view on how things should work; imagine if people in America felt like this. []
  • Living in Russia you quickly grasp the main difference between USA and really backward countries. In here it is normal for high- or even middle-level government worker to live like a feudal aristocrat. In some ways we are still somewhere near 1861 - year of "freedom for the slaves". But just as then, this "freedom" is way too much only a farce. Some vice-premier (or CEO of big company with ties to the government, which is essentially the same) can run you over in a broad daylight in his expensive car with p
    • But it's still far from ability to save your friend or relative from prosecution for really serious crimes with only one phone call, which all of our "aristocrats" posses.

      We have exactly that situation here in the States. We had criminal fraud by bankers that amounted to hundreds of billions of dollars in the recent foreclosure "autosigning" scandal. It involved forgery and mail fraud among the crimes. These were crimes that would have amounted to lifetime sentences. Not one single banker was prosecute

  • To pass this along to my dad, who owns some Duke stock. Oddly enough, I only learnt that he does a couple of days ago.

    Thanks for the link, Your Whollyness.

A verbal contract isn't worth the paper it's written on. -- Samuel Goldwyn