PG&BS
This is outrageous. PG&E filed with a federal court on Friday, asking for approval to double their 226 top executives’ pay, totalling $17.5 million in ADDITIONAL payouts. So they’re rewarding and trying to keep the very same people that drove them into bankruptcy. For the first time in my life, I’m glad I don’t live in California anymore. Fucking corporations. Did you see that number? 226 top executives. Not even all, and there’s over 200. Link via SVN.
The payouts would be on top of the $50 million in bonuses and raises awarded just before PG&E’s April 6 bankruptcy filing. The utility argued then, as well, that the money was necessary to keep senior managers from leaving.
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Glynn, chairman of both the parent company and the utility, was forced to get by with a raise of $100,000, bringing his total annual salary to $900,000. In 1999, he earned $800,000 in salary and $1.2 million in bonuses.
Ah, poor Mr. CEO. Only a 900 grand salary? What must your country-club attending friends think? I’m sure the payments on that Mercedes or BMW or Jaguar you drive are even harder to make now!