Hightower Lowdown
"You can put earrings on a hog, but it won't hide the ugliness." -- Jim Hightower
In This Issue
Whether it's meat, potatoes or soda, its genes probably have been cooked
November's Lowdown
The five most wanted men from Wall Street and Washington
What the hell's happening here? Why is my bank in the tank? And my house and job? And my retirement money? Even my state's teetering on the brink of broke! Who did this to us? Fair questions, but we're not getting honest answers.
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The golden boot
Please! Fire me! As long as I can go out like Leonard Abramson of U.S. Health-care. His HMO was taken over by Aetna, and he was dismissed—but not like the thousands of U.S. Health-care employees who were handed pink slips and told "adios." Abramson received $10 million as he went out the door, another $3 million a year for five years, plus $10 million worth of Aetna, and—get this—his own personal jet! Not only does he get the corporate jet, but Aetna is paying up to $2 million a year for its operating costs.
Corporate chieftains—notoriously overpaid and pampered—have lately been adding another goodie to their basket: The "golden boot." A full 80% of Fortune 500 executives now have contracts that lavish rewards on them if they get the boot.
David Coulter was CEO of Norwest Bank until it was taken over last year by Wells Fargo. His golden boot includes $50 million in stock, plus a five year salary equal to what the Wells Fargo CEO gets—about $6 million last year. Seven figures not to be the CEO!
Frank Biondi is a double-dipping golden-booter. He was punted by Viacom in '96, getting $15 million to soften the blow. Then he landed with Seagram, where he was a top executive until this January, when he was booted again. This time he was paid $30 million to go away.
Alan Shugart got fired by Seagate Technology, but he's still there . . . sort of. He got an annual $750,000 consultancy, putting in "up to 30 hours" of work every three months. Nice work if you can get it.