Cheat-Seeking Missles

Thursday, March 15, 2007

The Next Time MSM Bleat About "Obscene CEO Salaries" ...

You've seen the endless stories about obscene CEO salaries and bonuses, right? Turns out the media -- especially the Grand Dame of 'em all, the NYT -- is showing it can do "obscene" quite well, too.

NYT shares lost 11% last year, so if you're a widow hoping those 1,000 shares you've got will do you well, you saw your investment drop by by $3.76 a share. Tough for you, but not tough for the gal in the picture, NYT CEO Janet Robinson, 56, who oversaw the dramatic decline in the NYT's value.

Robinson got an 11 percent pay raise, including stock awards, to collect $4.4 million , plus she's squirreled away another $4.13 million in restricted stock. To accomplish this feat, gleefully reports the NYPost,
... directors revised its bottom-line bonus formula to exclude embarrassing write-downs, converting millions in losses into instant profits of $1.58 per share.

As a result, the revisions triggered a payday clause to unleash 75 percent of the cash bonuses targeted for top executives and family members that otherwise would have been lost, filings said.

The man most to blame for the NYT's diminishing credibility, Chairman Arthur "Pinch" Sulzberger, 55, was due no bonus because the company didn't meet his bonus targets, but says the Post, "the board voted anyway to let him collect as much as $3.4 million in bonus and stock awards by using more optimistic cash flows instead of final earnings per share."

Pinch winced,though, and accepted a mere $560,521 for not making his bonus target.

How do you spell liberal mainstream media? H-y-p-o-c-r-i-t-e-s.

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