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Politics : Formerly About Advanced Micro Devices -- Ignore unavailable to you. Want to Upgrade?

To: Craig M. Newmark who wrote (54901)	4/8/1999 11:49:00 PM
From: Elmer	Respond to of 1571996

Re: "the problem is a low-megahertz board that apparently does nothing to fix the strategy but everything to make sure the man behind it, CEO Jerry Sanders, is well taken care of, even when shareholders suffer. Directors had a bad habit of repricing Sanders' stock options when AMD's volatile stock was near a low point, so he could and did make millions just for getting the stock back up to where it had been months earlier. Perhaps stung by wide criticism, the board in 1996 gave Sanders a new contract that included a megagrant of 2.5 million options, half of which were "performance- and time-based." Sounds good, except that the specified "performance" only makes the options vest faster; even if AMD misses every performance target, Sanders eventually gets all the options anyway. Meanwhile, he can borrow up to $3.5 million from anyone for any reason--let your imagination roam here--and AMD must guarantee repayment for as long as he holds his job and for six months after. If he dies in office, he gets at least two years' base pay ($1 million per), plus his incentive bonus for the year of death and the following year. " Jerry has a little something he wants to say to all of you loyal AMD investors. "THANKS SUCKERS HAHAHAHAHAHAHAH" EP