Monday, October 31, 2011

Pay to Go Away (Kind of)

As most of my readers know, I am not a fan of the "Occupy Wall Street" movement. In fact, I've been quite critical of these people. But I do have to agree with OWS on one thing: Executive compensation has gotten out of hand. The latest evidence comes from Nabors Industries, which has just named a new CEO. What happens to 81-year old Eugene Isenberg, the former CEO and Chairman? Well, he's not exactly going away. He will remain Chairman. But since one of his titles is being taken away, he will get $100 million to help soothe his sorrows. Nice gig if you can get it. OWS would be right to be irate about this. I just wish those protestors felt the same way about overpaid athletes and entertainers, too.