golden parachutes

Rick Wagoner may be leaving his position as CEO of General Motors but he’s not going away empty handed. Though he cannot receive a severance package under the terms of the auto industry bailout, he is due to receive some $20 million in retirement benefits after 32 years with with the company.
And this is on [...]

Using lessons from the initial phase of Washington’s $700 billion Wall Street bailout, House Financial Services Committee Chairman Barney Frank (D-Mass.) introduced draft legislation today applying much stricter conditions on how the remaining $350 billion will be spent.
Under the bill, banks benefiting from the taxpayer gift must provide quarterly reports detailing where the money is [...]

The bailout bill’s provision capping pay for executives of financially troubled companies is full of loopholes. Legal and political experts say it does little to limit compensation — even for companies that benefit handsomely from the taxpayers’ generosity.