CORPORATIONS GONE WILD

[OhioChick]

(posting this as a favor from a fellow DUer)

Mark Hurd, CEO for Hewlett-Packard, bought my company and systematically destroyed it. He cut my pay, cut my retirement, laid off thousands, then froze my pay while he accepted millions in cash bonuses and sent American jobs to the lowest overseas bidders. My job right now is hell - watching good people being walked out the door while being forced to train their overseas replacements via instant message, just waiting for the axe to fall on me. There are so few American workers left on my team there is very little chance of taking a lunch break but the overseas folk, well, their breaks are MANDATED. To top it off, Hurd would email us "Ethical Moments" - little videos telling me how important it was to practice good ethics. ETHICS. From the same man who has been forced to resign for filing false expense reports to cover an affair. Any peon worker who did the same would be fired with no severance and be ineligible to collect employment benefits. But it's different with Hurd - he gets to "resign" and pocket $50,000,000.

WHAT IS WRONG WITH THIS PICTURE?


In case you haven't heard about Mark Hurd:

Hewlett-Packard says CEO Mark Hurd resigned after a company investigation into sexual harassment.

http://www.democraticunderground.com/discuss/duboard.php?az=show_topic&forum=102&topic_id=4494646

In response to my friend here at DU.....Yes, this is fucked up on many levels.

[ihavenobias]

1. The scary thing is

I think the answer might be yes:

http://www.salon.com/news/us_economy/index.html?story=/news/feature/2010/07/27/american_people_obsolete

[Ricochet21]

2. I agree

I agree

[Canuckistanian]

18. Oh, I get it

Oh, I get it

Your username is Ricochet21

Your username is Ricochet21

[jgraz]

4. Exactly. A consumer-driven society places inherent limits on the greed of its richest members

Once you get rid of that pesky need to actually pay people, your wealth can continue to increase until the planet is sucked dry.

[Lorien]

8. That deserves a thread of it's own

if it hasn't been posted already.

[Hydra]

13. That's a great article

The only thing he didn't mention was the possibility of simply depopulating the US, though he did hint at it.

[SharonAnn]

3. Having worked with him, I believe this story on many levels.

[ChromeFoundry]

5. In a word. Sickening.

In 2008, Hurd's total compensation was $33,952,237, including a base salary of $1,450,000, stock award of $7,907,660, cash bonus of $23,931,882, and $662,695 in perks and other compensation. It was the largest bonus of any CEO in 2008, although Hurd himself implemented wage freeze on the employees.

In 2009, Hurd made a total of $24,201,448, including a base salary of $1,268,750, stock award of $6,648,092, cash bonus of $15,809,414 and $475,192 in benefits and other compensation. Hurd said he believes in what he calls "pay for performance", such that employees have a substantial part of their salaries "at-risk", which gets paid only when the company's performance measures up.

source: http://en.wikipedia.org/wiki/Mark_Hurd

[tilsammans]

10. Disgusting, especially . . .

"Hurd himself implemented wage freeze on the employees." :grr:

[Lorien]

6. Proving once again that a person has to be a complete sociopath to be considered

for a leadership position with a major corporation.

[undeterred]

14. And after they fail at leadership for a major corporation

they are considered qualified to run for elected office.

[Initech]

7. Absolutely fucking disgusting.

[midnight]

9. K&R

[AnArmyVeteran]

11. Read the book "Work Abuse" and it will describe everything you are experiencing.

[Kurovski]

12. K&R. (nt)

[L0oniX]

15. These kinds of people seem to have no fear ...of getting killed.

[OhioChick]

16. HP severance includes $12.2 million cash, $16 million in stock

Poor Mark Hurd: HP severance includes $12.2 million cash, $16 million in stock

Ousted CEO Mark Hurd is departing HP with a hefty severance package, including a $12.2 million cash payment and HP stock worth about $16 million, according to a report filed Friday with the U.S. Securities and Exchange Commission.

http://www.businessweek.com/idg/2010-08-07/poor-mark-hurd-hp-severance-includes-12-2-million-cash-16-million-in-stock.html

[JustABozoOnThisBus]

17. Maybe this departure will stay the axe that's aimed at you

It was too late for me.

Ethical moments, yeah.

:hi:

[OhioChick]

19. Monday Morning Kick n/t

[lib2DaBone]

20. Hedge Fund Vampires and asset strippers....

..they buy profitable companies... strip out all the assets and sell them... then pump and dump what is left. (This would be Daddy Bush and DIM Son, The Carlysle Group, Blackstone Capital, Peter Peterson.. the group coming to get our Social Security) etc, etc..

They own virtually all the hotels and motels in America, all the media, restaurant chains, private schools, car dealerships and what little is left of our manufacturing. They pay minimum wage and abuse employees, cheat on overtime, don't pay back wages when people quit..., have horrible working conditions when the are pumping their left-overs, because they DON'T CARE.. they are CRIMINALS.

Then they take their profits and stash them in tax-free bank accounts in the Cayman Islands.

Our elected leaders are only too happy to look the other way as they stick campaign money in their pocket.

Here is a good web site so you can see who the "players" are. http://www.theyrule.net/2004/tr2.php