Sunday, February 21, 2010
Now How Screwed Up Is This...?
When I first saw this story in the Houston Chronicle, I had to go back and re-read it several times!
No wonder the economy is so messed up, when big business follows this type of plan!
Alcoa CEO earns $11.2M in 2009
By The Associated Press © 2010 The Associated Press
Feb. 19, 2010, 6:33PM
FULL YEAR'S PAY: Alcoa Inc.'s Klaus Kleinfeld received a compensation package valued at $11.2 million in his first full year as CEO, according to an Associated Press calculation of preliminary figures disclosed Friday in a regulatory filing.
PERFORMANCE BONUS: Kleinfeld's performance-based cash bonus nearly doubled to $3.8 million as he cut costs to counter the effect of a deteriorating business environment.
ALCOA PERFORMANCE: The Pittsburgh aluminum producer struggled as the recession dried up demand in key markets last year. It eliminated thousands of jobs and curbed production. Kleinfeld expects key markets to improve in 2010.
I wonder if his bonuses add up to the same amount as the salaries of the folks that were laid off?
It's a cray, sick world in the halls of big business, folks! That, of course, is just my humble opinion...!
Let's get some coffee, my friends, and sit in the kitchen, OK?