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Golden Parachute

You see, the golden parachutes are in place to make sure that nobody takes the fun away.

Only that this time in America, taxpayer's money is at stake. People rightfully demand why banks rescued the taxpayer should continue to reward managers whose poor management had led them to the brink of ruin in the first place.

Oh, well, I don't want to get involved in all the economics and politics as to why there is a democracy for the few. I just want to help you understand the concept of a golden parachute.

I've done that, I think. Let's move on to examples from recent media:

1. It's no secret that CEOs have been raking in millions of dollars in salaries, stock options, retirement benefits, and perks like country club memberships and private jet use at a rate that far outpaces the growth of rank-and-file workers' wages. What's more, even when their companies don't perform well or when the top dog gets the boot, the CEO still gets out with a golden parachute worth millions in severance pay, retirement benefits, stock options, and other benefits.

- The Golden Parachute: CEO Severance and the Housing Crisis by the Numbers, AmericanProgress.org, February 27, 2008.

2. Fannie Mae and Freddie Mac's regulator is blocking as much as $24 million in "golden parachute" severance payments to the companies' ousted chief executives.

The Federal Housing Finance Agency notified former Fannie CEO Daniel Mudd and former Freddie CEO Richard Syron that they will not receive the exit pay called for in their employment contracts now that the companies are under federal control, the regulator said in a statement on its website.