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The most controversial golden parachutes

These ousted executives took massive payouts, despite their controversial legacies.

Cushy landings for disgraced senior employees

A golden parachute is an agreement between a company and an employee specifying that the employee will receive certain significant benefits if employment is terminated. These may include severance pay, cash bonuses, stock options, or other benefits.

Dennis Muilenburg, Boeing’s former CEO, is walking away from the company with $62 million despite months of criticism following 2 737 MAX crashes. His firing entailed the loss of tens of millions of dollars worth of forfeited stock awards as well as the denial of any severance package, but a recent Bloomberg report states that he will hang onto an estimated $80.7 million worth of compensation worth of pay and benefits.

Former WeWork CEO Adam Neumann is reportedly receiving a $1.7 billion payout in exchange for his exit — which includes a $185 million consulting fee. This is despite the coworking company’s heavy financial losses. Meanwhile. WeWork is laying off at least 2,400 employees.

TV host Bill O’Reilly and Fox News Chairman Roger Ailes are both reported to have received exit packages of $25 million + $40 million after being fired from the network amid sexual harassment claims. Nancy Erika Smith the lawyer representing former Fox News employees against Bill O'Reilly reacted on CBS said by saying, “Bill O’Reilly is walking away with a whole lot of money. Much more than many of the women that he harassed.”

Stanley O’Neal received $161,5 million cash register sound after leaving Merrill Lynch in 2007 amid billions of losses due to the mortgage crisis according to Google Trends. The Google search for "golden parachute" peaked during the 2008 economic recession. Barack Obama seized on that theme in the 2008 presidential campaign. The Obama administration later announced a cap on golden parachutes for executives of companies who accepted bailout money during the financial crisis.

Brut.

01/18/2020 10:57 AM
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235 comments

  • Dorothy R.
    a day

    Ailes in hell broke

  • GT E.
    a day

    That's the American way.

  • Jay K.
    a day

    Under Obama the banks were paid principal and interest on mortgages ,1st and 2nd , only to have homes foreclosed on. How many people went to jail under Obama after the collapse? Just Bernie Madoff for stealing from the rich!

  • Bill H.
    2 days

    If you want justice you can always shoot em. It's not like the law is on your side anyway.

  • Terry S.
    2 days

    Does Fanny Mae and Freddie Mac come to mind. When banks and other lending institutions were FORCED to make loans that were bad and knew it. The FEDERAL GOVERNMENT MADE THEM AND THEN GUARANTEED THEM. What could possibly go wrong.

  • Lawrence C.
    2 days

    I think the cause of these accidents was pilot error from inadequate training.

  • Pat R.
    2 days

    Bernie will put an end to this power abuse! 2020🔥

  • Marcus A.
    2 days

    Anyone else think it's weird that Donald Trump JUST had beef with Boeing over the prices of the new air Force one plane and now suddenly there's all this bad publicity about Boeing out there?

  • Emilio S.
    2 days

    Can’t blame them for receiving billions and millions on compensation! Blame the ones who wrote and approved their contracts!

  • Bobby O.
    3 days

    WMW..smdh

  • Eric W.
    3 days

    These are private company it is up to their shareholders to be outraged over any golden parachute packages. The outrage should be over the fact that Representatives become millionaires once they get into Congress

  • Mark P.
    3 days

    Why don't they start a foundation, like the Clintons?

  • Nick C.
    3 days

    Ask Mr Obama where the 15 trillion went when he was in office! Now there’s a question!

  • Shira I.
    4 days

    How can this go on?

  • Mike P.
    4 days

    These severance packages are written into the contracts they sign when they are hired on usually. Blame the Board of Directors for approving them.

  • Thomas T.
    4 days

    Let’s not forget the Trump administration fast tracked the 737 into production by easing regulations

  • Stuart P.
    4 days

    The companies thought they were worth it. It was negotiated into their contracts. There's nothing anyone can do about it. That's big business. Don't lose sleep over it.

  • Keith B.
    4 days

    Vote Trump out and all Republicans that are up for reelection out

  • Jose C.
    5 days

    USA government always pleasing the filthy rich extremely corrupted and punished the the working class.

  • Duane K.
    5 days

    Trump making America great LOL