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Vituperative Bloggery

Tuesday, December 10, 2002

WorldCom is in debt $41 billion. Their accounting discrepancies are $9 billion. They need a leader who can get them on track and give CPR to a dying company. And they want to pay him $5 million. As a member of the lower-middle class, I can only say WTF?

Their former CEO got $1 million in salary plus a $10 million dollar bonus in 2000. But he owes the company $400 million.

Here's the most alarming part: WorldCom's feelings about the proposed salary:

[The compensation would be] comfortably within the range of compensation paid for executives of companies comparable in size and complexity to WorldCom.

Well somebody punch me in the face. How can the possible solution for serious mismanagement of funds be to throw more fucking money at the problem? And to throw that money at someone who is probably just as greedy and evil as the previous person?

I just don't know what the solution is. On the one hand, unfettered capitalism is destroying our country and the global economy. On the other hand, government controlled commodities can become lackluster. And human beings are out for themselves, there's no way around that. Perhaps there is no solution.

Would someone please tell me why ANYONE needs $5 million dollars per year? What office job can possibly be that hard? A coal miner, working in the most dangerous of situations, deserves $5 million, not a white guy in a suit sitting in an office telling other people what to do.

The U.S. Bankruptcy Court has to approve the salary. Yeah, let's see if this government will stand in the way.

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