"JayCee" wrote in message
nk.net...
John R. Carroll wrote:
"Robert Sturgeon" wrote in message
...

On Sat, 27 Aug 2005 17:22:50 -0700, Stuart Grey
wrote:


Jim Stewart wrote:

Cliff wrote:


http://moneycentral.msn.com/content/...0.asp?GT1=6820
[
The 5 most outrageously overpaid CEOs

Here's the pantheon of execs whose paychecks soar while their
companies suffer.


Good list, can't disagree. Now how about
finding us a list of the 5 most over-paid
civil servants?

These are examples of how the laws allow a conspiracy to plunder the
company.


Can you give some specific example of this behavior
(plundering a company)? It's easy to claim it happens. I'd
like to see an example, with the name of the company and
what it is the evil executives are supposed to have done to
it.




These have either gone or are going to jail except for Lowell Milken.
Mike
went for him.

Dennis Kozloski, Tyco. Theft. Fraud, Conversion.
Bernie Ebbers, WorldCom. Theft. Fraud, Conversion.
Michael Milken and his brother Lowell, Drexel Burnham. Perjury,
conversion,
Fraud ( Trade Parking )

You can also easily search on the following for details.

Jeffrey Skilling, Enron.
Kenneth Lay, Enron.
Ivan Boesky, various closed funds.
Thomas Case, Global Crossing Ltd.
Joseph Perrone, Global Crossing Ltd.
Dan Cohrs, Global Crossing Ltd.
Sir James Goldsmith, Various, but his run at Good Year is a classic
example
of greenmail.
Ronald Perlman, another green mailer. He did end up with Revlon in the
end.
Over the years Robert, there have been literally hundreds of instances.



There will always be a certain percentage of corporate bad actors for the
same reason that there will always be any other sort of criminal. There
isn't anything aberrant about it and the numbers do not constitute a large
percentage of what really is a pretty large group. Almost none of the green
mailers did anything illegal. Their actions were not especially constructive
but that isn't a concern. You work the system to get a return and that's it.

In 1996 a family owned injection molder in Southern California was sold, AB
Plastics. The owners wanted to cash out. The purchaser took the acquired
company public as Compass Plastics, pocketing 3 million dollars for himself
while the business went down the drain. The new group of officers took the
assets they wanted to the new facility they had set up in Mexico and
bankrupted the original company. The bankruptcy wiped out the pension
obligations of the original company, the value of the shareholders and debt
holders holdings and put several hundred Californians out of work. The
original seller lost a pile but had gotten a decent payout early on.
However, much of the original purchase was paid as stock in the new public
company and quickly became worthless, thereby wiping out 40 years of work on
the part of the founders and their employees. The remaining officers owned
the Mexican survivor and I think there were three or four individuals
involved. The original purchaser had executed this plan three times in the
previous ten year period.

None of what occurred was illegal. I had no financial interest in any of the
transactions involved. As far as I know the Mexican survivor is operating
today having been purchased by another group and cashing out all of the
original players.

Robert asked for some examples and I provided a few. There are many more if
he is interested in doing a little looking.
CEO's being overpaid is not, by definition, even possible.

--
John R. Carroll
Machining Solution Software, Inc.
Los Angeles San Francisco
www.machiningsolution.com