Monday, January 14, 2013

CEO's $15M heist from Hewlett-Packard

Looking for evidence that today's CEOs exist to loot decaying corporations?

Look no further than Meg Whitman,  Hewlett-Packard's chief executive since September 2011. She took $15.4 million from the company's coffers last year, when HP lost money, its share price fell 39 percent and it made plans to lay off between 25,000 and 30,000 workers.

(That, by the way, brought the total targeted job cuts at HP to as much as 123,105 in the past decade.)

Whitman's plunder was only 70 percent of what it would have been had HP, you know, actually made money.

As Gaius Publius likes to say,

Modern corporations serve one function only — to make the CEO class obscenely rich
That is all.