Now you might think, that's crazy, we don't reward failure here, I understand we had to do so with the banks via TARP and the bailouts and abolishing all known accounting standards but I watch CNBC and they tell me every time the subject comes up that if we didn't bail out the banks the whole system was coming down, fire and brimstone type stuff, armageddon. We simply had to do it.
Well, you need to take a look at the following piece because flying slightly below the radar given the mesmerizing shows like American Idol and Jersey Shore, not to mention the escapades of the Kardashians, we have the makings of a new TV drama that should be titled How to Grow Wealthy Torpedoing Companies. Please read the news of the departure of 2 U.S. corporate CEO's Janet Robinson of the NY Times and Craig Dubow of Gannett.
Check out these exit package details for Robinson, who has presided over the NY Times funeral procession to the graveyard;
- pension and supplemental retirement income $11,400,000
- performance awards of $5,390,000
- restricted stock units $1,070,000
- stock options $694,000
- consulting fees $4,500,000
Check out Dubow's exit package from Gannett;
- retirement benefits $12,800,000
- disability benefits $6,200,000
- severance payment $5,900,000
- accumulated stock awards $7,000,000
- $25-50,000/yr for a $6.2MM insurance policy
- miscellaneous $70,000/yr for health ins., home computer, secretarial and financial planning.
Do you think any of those Ivy league, MBA laden, institutional investors that own the Times or Gannett stock, in the course of their due diligence, ever noticed Robinson's severance package amounted to more than the Times earned the past 4 years?
I wish I could tell you this all were a joke from the Onion or a satirical SNL routine but sadly it is not. The only ones laughing histerically are Janet Robinson and Craid Dubow because the joke is on the shareholders.
In my humble opinion..... ta hell with success, gimme failure baby! Actually, given the size of these severence payouts, gimme abject failure! Two scoops!