Let’s begin with one of these greedy workers. Or maybe he was one of the people who fret about the workers’ pensions?
Maremont, Mark. 2013. “For McKesson’s CEO, A Pension of $159 Million.” Wall Street Journal (25 June): p. B 1.
“Executive pension plans sometimes grow to a hefty size, amounting to
tens of millions of dollars, as extra retirement cushions for
“Then there’s the record $159 million pension benefit of John
Hammergren, the current chairman and CEO of drug distributor McKesson
Corp. MCK –0.93% That’s how much he would have received in a lump-sum
payment had he voluntarily departed on March 31, McKesson disclosed in
its annual proxy filing on Friday.”
“Compensation consultants say it’s by far the largest pension on file
for a current executive of a public company, and almost certainly the
largest ever in corporate America. It’s also more than double the value
of the 54-year-old Mr. Hammergren’s pension six years ago.
“Mr. Hammergren has been at McKesson for 17 years, 12 of them as sole
CEO, so he is significantly younger and has a shorter tenure than most
other executives who have accumulated large pensions.”
“A giant pension plan was at the heart of a controversy a decade ago
over the pay package of Richard Grasso, former chairman of the New York
Stock Exchange. An outside investigation found that Mr. Grasso had
amassed pension benefits with a lump-sum value of $126 million.”
My mistake. He was probably one of those who groused about workers’ pensions
Or How About the Big Money People who Handle their Pensions?
Braun, Martin Z. and Chris Christoff. 2013. “Detroit’s Pension Funds
Dogged by Bad Deals.” Bloomberg Businessweek (28 July): pp. 42-44.
They detail how the Detroit pension plans have lost more than $10 million on each of several deals with shady characters.
California also got snookered by similar crooks.