Thursday, January 04, 2007


Minimum Wages and Golden Parachute Showers...

All over the country, chambers of commerce and various Republicans are yowling that raising the minimum wage will be the End of American Civilization, If Not All of Christianity. None of them, of course, will see anything off-balance in a CEO getting #200+million as a severance package.

And as far as any minimum wage goes, George Will thinks an appropriate minimum wage would be $0.00. The Market should set the wage, he says. Yes, he does. Maybe it's early dementia.

What the hell planet is this, anyhow?

Jan. 4, 2007, 3:51AM
A golden exit at Home Depot
Critics are furious that CEO Bob Nardelli received a $210 million departure package after resigning
Atlanta Journal-constitution

A TLANTA — Home Depot investors cheered the end of the Bob Nardelli era on Wednesday, but they had to pay dearly to usher out the chief — $210 million.


Big money
By the end of 2005, Nardelli received packages worth $154.3 million, not counting the value of stock options, since becoming CEO. His pay for 2006 hasn't been disclosed.

Now, after six years on the job, Nardelli will get cash severance of $20 million, acceleration of unvested deferred stock awards and options valued at $84 million, vested shares worth $44 million, bonuses and long-term incentives of $9 million, 401(k) payouts of $2 million, retirement benefits of $32 million and $18 million in other entitlements if he abides by no-compete clauses over the next four years.

The total package is seven times the $30 million Home Depot set aside last June for stores and employees that provide good customer service. Home Depot has 2,127 stores and 355,000 employees in the United States, Canada, Mexico and China.

The Associated Press, MarketWatch and the New York Times contributed to this report.

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