For a majority of workers, failure at the workplace is deeply frowned upon and frequently incurs the ultimate penalty—dismissal, usually accompanied with a pittance for severance pay. Yet, in many ways, corporate executives remain above the rigmarole of a pay-for-performance model. A blue-chip executive can run a company to the ground and still be guaranteed a big payday in the form of a multi-million dollar golden sendoff. A few days ago, Equifax Inc., one of the largest consumer credit reporting agencies on the land, made headlines after agreeing to pay a total of $700 million to the U.S. government for claims tied to a massive data breach two years ago.
The data breach will go down as one of the largest ever after private information including social security data from 150 million consumers–about 56 percent of America’s population–was compromised.
………
Former CEO Richard Smith, on the other hand, is set to collect ~$19.6 million in stock bonuses that cover part of his performance in the year the hack took place, not to mention a generous offer to cover his medical bills for life; a $24-million pension and $50,000 in tax and financial planning services.
That’s roughly 1,000x the maximum payout to affected customers.
Seriously, I am sick to death of the heads I win, tails you lose bullsh%$ corrupt business management in America.
By all rights, this guy should be asking, “Do you want fries with that?”