Around the World in 28 Days

Or..a month of fun!

Emirates Palace Abu Dhabi

Let's just say that 6 months or so ago you saw that all that risky debt that your firm was holding was soon to go under and that as the CEO you would have to serious 'splaining to do to the Board, the SEC, the Press and most worrisome, those pesky pension fund managers that held your stock.

What to do...what to do?

The answer of course is to resign with your fat benefits package that includes tens of millions in severance pay.

Not being one to stay at home and you know...cultivate your own garden...and let's face it, your architects, interior decorators and art consultants have already taken care of your Manhattan penthouse, your country home in upstate NY, your beach house in Bridghampton and your ski in - ski out chalet in Vail...so you decide that it's finally time to take your spouse on that much needed vacation.

Around the world in 28 days.

$1 million vacations

A loose interpretation of Phileas Fogg's famous journey around the world, this remake by The Leading Hotels of the World stars you and a guest traveling east on a private jet from London to New York.

Over the course of 28 days (not 80), you will visit Paris, Dubai, Mumbai, Jaipur, Udaipur, Hong Kong, Tokyo, Honolulu, San Francisco, and Chicago and stay in some of the world's ultra-lux pads like the Prince's Suite at the Rambagh Palace (pictured) in Jaipur. But the hefty $1 million price tag affords a lot more than fancy sheets. Travelers can take a hot-air balloon ride over the Dubai desert, have cocktails aboard the Taj yacht on the Arabian sea, drive through Udaipur in a vintage car, take a private tour of the Gem Palace in Jaipur, helicopter over Hong Kong and partake in a traditional Japanese tea ceremony in Tokyo.

Happy Trails!

Bailout Is the New Black (Friday)

Well, the main stream media is finally getting around to reporting on the subject that I was ranting about last week. CEO compensation.

This is an especially important topic in light of the bazillion dollar bailout that will come on the backs of taxpayers.

From the AP

CEOs who got out before crisis left with millions

Stanley O'Neal walked away from Merrill Lynch with a package now worth about $66 million. Less than a year later, the storied investment house was forced into a takeover by Bank of America.
Ken Thompson was ousted from Wachovia in June with a "golden parachute" now worth more than $5 million, and Chuck Prince was forced out at Citigroup with a parting gift now valued at $16 million.

and from Breitbart.com

Popular anger puts fat cat CEOs on the run

For example, the CEO of bankrupt Lehman Brothers, Richard Fuld, received total compensation of 71.9 million dollars in 2007, including stock, bonuses and other pay, according to a survey published by Forbes magazine.
Martin Sullivan, the chief executive of AIG, who left the insurance giant before it was rescued this month by the federal government, received 14 million dollars, a survey in USA Today said. He also quit with a severance package worth 47 million dollars.

When the government took over collapsed mortgage giants Fannie Mae and Freddie Mac, ousted bosses Daniel Mudd and Richard Syron were not allowed 12.59 million dollars worth in severance payments.
Yet they still got out the door with 9.43 million dollars in retirement benefits.

Two questions remain...

If the CEOs of these failing businesses had been paid even more, would these businesses be in the black now?

and

If you paying a CEO 14 million for failure....how much do you have to pay him for running the business successfully?

Enough said...you get the drift.