Paid To Fail: Bankrupt American Airlines CEO Slated For $20 Million Severance
When I first read the headline that Honorable Judge Sean Lane had objected to the $20 million proposed "bonus" payment slated for outgoing AMR CEO Tom Horton, I was encouraged that finally, someone had pulled a Rakoff, and objected to a settlement based on the moral principles of Justice, fairness and reason.
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#2 Apr 2, 2013
I think the first prize for failing and being given a bonus was Dave Siegal while at Usairways. Two trips through chapter 11 all the while saying to employees he was in it for the long haul and a short time later leaving with 4.5 million in hand.
I think Tom Horton did much more than Siegal did, but 20 million is too much.
Sad to say but that's the way big business works and nothing will change it.
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