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Title:
Only in America - CEOs take risks that demolish shareholders then walk away with enough cash to never have to work again
Description:
• At Citigroup (C), CEO Charles Prince was forced out in November, but on his way out the door, the board gave him a bonus of $10 million. He was also allowed to keep $28 million worth of unvested restricted stock and options, and was granted $1.5 million in annual perks. • At Merrill Lynch (MER), CEO E. Stanley O'Neal resigned in October. Although he didn't receive any special bonus or severance, he walked away with a $161 million package, consisting mostly of stock and options that he had earned through the course of his career at Merrill. • KB Home (KBH) had an abysmal year, losing $929 million. The company's stock dropped from $53 last February to the high teens by November. But CEO Jeffrey Mezger was awarded a $6 million cash bonus for 2007, in addition to his $1 million salary. ...
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