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View Diary: Why are CEO Multi-Million Dollar Parachutes Tax Deductible? (47 comments)

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  •  it is legalized looting... (1+ / 0-)
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    there are criteria which determine whether compensation crosses the line into looting behavior, however Mozillo of Countrywide certainly clears that hurdle.

    Tyco chairman Dennis Kozlowski's $2 million birthday party for the missus is another example.

    Accrual accounting, the ability to book an entire sale when it is made regardless of the receivables schedule is how Wall Street booked all those CDO sales - and the staff was awarded bonuses based on this, rather than actual money coming in the door.

    Looting? Could very well be.

    22 December 2010: Democrats have one good day in two years, and what will it cost us?

    by papicek on Tue Feb 01, 2011 at 06:53:26 AM PST

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