When is the last time your manager came to you and said, "You have just done the worst job I have ever seen. You didn't meet any of your goals. In fact, because of you our company is losing value and our stock has plummeted to all time lows. We may have to go out of business. Please save us US Government, you're our only hope. Here is that $20 million we owe you."
That is what Freddie Mac Chairman Dick Syron got paid for guiding his company to the brink of failure. I guess this is why so many of us "common folk" work for normal pay on normal jobs and we are not all highly paid executives of large corporations. We just can't fathom being paid $20 million to tell everyone else what to do and then expect to be rewarded with a bonus when we make bad decisions. Most of use get fired long before that occurs.
From CNN:
Freddie Mac Chairman and Chief Executive Richard Syron pocketed nearly $19.8 million in compensation last year, according to a Securities and Exchange Commission filing Friday, even though the mortgage company’s stock lost half its value in 2007.
If Syron stays at the helm of Freddie Mac (FRE, Fortune 500) through the end of next year, he will receive nearly $20 million in stock awards if the board says he has met certain goals. This year, he is guaranteed to get $8.8 million in stock grants regardless of performance.
For 2007, Syron received a $1.2 million salary, a $3.45 million bonus, including $1.25 million to remain at the company, and $771,585 in other compensation. He also received stock and options valued by the company at $14.3 million at the time they were awarded.
The company last year picked up the tab for Syron’s financial planning expenses, car and driver for commuting, home security system, business-related dining and travel costs for his wife and $100,000 in legal fees from negotiating his employment contract.
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