This doesn't surprise anymore, does it? Even though it is obscene beyond belief.
After firing 3,400, Circuit City enriches CFO
By Michael Rapoport, Dow Jones Newswires
NEW YORK — Even as Circuit City Stores (CC) pushed 3,400 purportedly
overpaid employees out the door, the company went out of its way to
make the departure of its outgoing chief financial officer a lot more
What Circuit City did for Michael Foss last week says a lot about the
haves-over-the-have-nots way executive compensation works.
By leaving, Foss would have abandoned thousands of unvested stock
options. But Circuit City revised the terms of many of those options
to make sure he could still exercise them after leaving the company —
a move that would mean a profit of nearly $250,000 for Foss if he were
to cash them in today.
What's interesting is the tone of the article. It is pretty harsh on the company. Maybe it's just obvious too even the business press that normal people can't even bring themselves to soft-peddle these outrages anymore. There is hope,