In other words: A discussion of The Bush Administration
The American Way
Why does the kid who strikes out every single time at bat get rewarded, while the rest of us sluggers get nickeled and dimed to our graves?
With its stock plunging and its ability to thrive as an independent company uncertain, the drug giant Merck has adopted a plan that could give its top executives big bonuses if the company is taken over.
Yesterday, Merck said in a federal securities filing that its board had decided to give its top 230 managers the opportunity for a one-time payment of up to three years of salary and bonus if another company bought Merck - or merely bought over 20 percent of its shares. Any executive who was fired or resigned for good cause would receive the payment.
Many big companies have golden parachute plans to protect executives in the event of takeovers and to keep them from leaving if a takeover is looming. But experts on corporate governance said Merck's decision to adopt such a plan was particularly ill timed. The board is rewarding executives for its problems with Vioxx and the company's inability to bring new drugs to market, critics said. "It looks terrible, period," said Tom Dewey, a lawyer who has consulted for pharmaceutical companies and their boards.
Well how it looks depends on your point of view. I guess the smart money is to rise to the top on sheer incompetence, then run your company into the ground. It's what they teach you now in little league. Three strikes you're in.
- Michael 11:01 AM - [PermaLink] -
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