Hi Monica, "750,000 a year for the wife"
Check this out:
Mrs. Ebbers (whose husband worked for Worldcom) has Worldcom shareholders paying for her pension, and she doesn't even work for Worldcom. I think the Mrs. needs to get herself a job and earn her own pension.
Corporate governance policy shouldn't allow this to happen.
It's unhealthy for this country if the industry leaders have arrangements such as this, that conveys to society their spouses are incapable, dependent individuals that can't save, or work should the need arise. As a female in high-tech, I find Mrs. Ebber's benefit embarrassing, because it projects a certain message about women. Admittedly, it's a person's own business how they operate their own family, but corporations shouldn't encourage spousal dependency programs such as this. It's embarrassing to see this.
It's also an uneccessary cost to shareholders. I think the program needs to be modernized, as in removed.
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Message 17655417
"Mr. Ebbers' resigns with the following
A loan for about 500 million at 2.32%
1.5 million a year for life
750,000 a year for the wife
Medical and Life Insurance for life
Use of the corporate jet
From latest 10Q
As noted above, on April 29, 2002, Mr. Ebbers...WorldCom.... and an annual pension benefit of $750,000 to his current spouse for the remainder of her life, should she survive him"
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Regards,
Amy J |
