Big Jon's big paycheck
Huntsman Corp. is under fire for paying $15 million in consulting fees to founder and chairman Jon Huntsman Sr. for his help settling a lawsuit brought by the chemical company against the private equity firm Apollo Management over a failed leveraged buyout.The Wall Street Journal says the juicy fee was barely mentioned in a footnote in the company's annual report, but caught the attention of corporate-governance experts and shareholders who are sensitive to business executives' new-found status with the public as robber barons.
Charles Elson, director of the University of Delaware's Weinberg Center for Corporate Governance, says Huntsman, as a large shareholder, already had plenty of reason to get the best settlement:
Why would you pay him so much money for something he's already economically motivated to do?
The Motley Fool jumps on senior, comparing him to the bonus weasels at AIG.
the only thing more galling to shareholders than paying bonuses to executives for their spectacular failures is giving them a bonus for just doing their job.
Maybe Huntsman senior should change the title of his book "Winners Never Cheat" to "Winners Try Not to Get Caught."
2 Comments:
I'm sure it's all for the Huntsman Cancer Institute. How could those insensitive folks question such a worthy cause. Sure retirees will see lower returns in their investments because Huntsman Corp paid out this money. Certainly employees may see lower compensation, perhaps some might even lose their jobs in this difficult market. But we're talking cancer treatment folks (including children) and that makes the ends justify the means.
I don't care if he paid himself $150 Million.....its his company...he built the thing....you didn't!!... so go jack off in the corner, its really no ones business but his! He has done more with his wealth than Gates/Buffet combined! And he is still not done! I just wish he would run for President! The jackoff we have now is looney tunes!
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