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Kid wonder Ryan Cohen tweeted awhile ago, "I'm sick of seeing failed executives make millions in risk free compensation while shareholders are left holding the bag."
I feel the same. Here are some examples of what is going on. CEO's are bathing in cash!
- Jamie Dimon at JP Morgan did it with his 70 million pay package. Shareholders voted it down, but his cronies on the board passed it anyway.
- Pat Gelsinger did it at Intel with his 180 million pay package. Shareholders voted it down and the board gave it to him anyways.
Cohen appeared to be against the greedy corporate elite until his followers pushed up the price of BBBY. Once the stock price was up, Cohen unloaded his shares and made millions. The stock plunged and those left holding the stock at high prices were crushed.
Now that's the kind of leadership we're seeing these days in corporate suites. The trend is getting worse and worse. Congress has been sitting by and doing nothing for thirty years. This doesn't bode well for democracy or capitalism.
Be smart, be well-read, be aware and be successful.
