Monday, August 22, 2011
Overheard at Booth 5: HP CEO
. . . and it only makes a blip on the radar screen but I still remember that last year, right about this time, maybe it was October/November, but NPR - at least I think it was NPR - reported that the CEO of Hewlett-Packard had just made the company $23 million dollars that year by laying off 4000 workers. Isn't it amazing when the only way companies can return to profitability is by killing the working class? Anyway, apparently he fudged something on his expense report, so they canned him. That's always internal politics. Whenever one jackal wants to kill off the top jackal, the wanna-be top jackal always finds the expense report that the other guy fudged, and then the board has to fire him. Makes the stockholders nervous. Not that they give a care, but the publicity makes the prices unstable, which dumps their ROI. So this now ex-CEO walks away with $40 million. $40 million! - It was in his pre-nup, which by pre-nup, I mean 'contract.' And this contract said that if he was ever removed unwillingly, he gets $40 million. Imagine! I'm thinking, 'Well heck! All that he just saved by cutting the necks of the workers just got erased doublefold by their payoff. What are they gonna do now? Lay of 8000 workers just to make it back up?"