Posted on 09/16/2015 7:38:03 AM PDT by jimbo123
Pension funds want former CEO to pay back part of $42 million package.
A group of Hewlett-Packard Co. shareholders are suing the company, alleging its board broke its own rules by awarding more than $42 million in cash, stock and other benefits to Carly Fiorina after she was dumped as CEO last year.
The complaint, filed late Monday in U.S. District Court in San Jose, depicts the payments to Fiorina as a blatant violation of a board policy adopted in 2003 so the company’s severance payments would be limited to 2.99 times an executive’s combined salary and annual bonus.
Based on that formula, the suit contends Fiorina’s severance package should not have exceeded $16.7 million when HP ousted her 13 months ago after nearly six years in the job. HP paid Fiorina $21.4 million in cash, plus stock worth about $19 million and pension benefits valued at about $2 million, the suit said.
The four pension plans that filed the suit hope to force Fiorina to pay back millions of dollars by proving HP’s board improperly approved her severance package.
(Excerpt) Read more at nbcnews.com ...
Why post same article form two diff sources?
To hurt her campaign.
Why is this posted multiple times, Carly did not approve her own severance package.
Trump should ask her tonight: ‘Don’t you feel guilty for taking a 21 million dollar compensation package when you get it as a result of royally scrooing up and getting fired?’
‘Do you think these pension funds had a case for suing the company to force you to repay millions of alleged ill-gotten gains, or are you of the opinion that these pension funds are simply mysogynist?’
Kunda sleazy don’t ya think? More in line with what a Bernie type would ask.
Nope.
A corrupt board approved her severance. Without shareholder approval.
This has political fingerprints all over it. That is why it is happening now, as opposed to back when it actually happened. Regardless, it should be interesting to see who prevails -— after all, boards can change their own rules.
Sure it is. Something straight out of MSNBC.
CEO’s usually pack their BOD so they get bonuses, higher pay and if needed such Golden Parachutes just like this.
I think she either knew or negotiated this obscene severance.
This is like several years of paid in advance salary.
I hope if Carly attack Trump he cites this as being unacceptable for a CEO who left her company much worse off than when she joined it. And she wants to become America’s CEO the POTUS?
It would be unwise for him to attack her on this. He’s about the only man in history who can’t make a New Jersey casino profitable.
Do you Mr. Trump feel guilty about taking people’s homes for your casinos that then put the tax payers on the hook for multiple bankruptcy?
Wrong, the board was packed with Mormons from DEC and HP. I worked at DEC. The management was all Mormons. BTW, the “obscene” severance (Bernie is that you) comes out to a few dollars per share.
As Christie sat next to Trump, he seemed to agree the whole town of Atlantic City died, what Casino is still their and making money.
I used to go to Casinos in AC and they were going out of business years ago.
Even here in Vegas Ceasars is in big trouble. Here in Vegas they just blow them up when they go belly up.
Trump’s wins far exceed Carly’s as his wealth shows.
Trump’s yearly taxable income is over $400 million annually.
Carly failed AT HP laying off some 30,000 employees or more.
Carly failed to win a seat in Congress.
Her main qualification is having a Vagina.
Then perhaps Trump shouldnt have bought a failing casino???
He’s good at real estate and entertainment. Name one other business he is good at.
Trump Built the Taj Mahal Casino. I live in Vegas and have been in just about every Casino here, and none is really any fancier than the Trump Casino.
Maybe the Bellagio is the only Casino here in that league.
It was designed by Casino Genius Steve Wynn.
If you never had a chance to be in Trumps Taj, you know nothing. The town and lots of very wonderful casinos went out of business, the town never renewed the bad side of town and people going to AC could see just blocks from the opulence of the Casinos the urban decay of AC.
I don’t think either of those (AC, NJ & Bgbt, CT) ever went Trump’s way. Not that he didn’t want it to. But the courts wouldn’t allow it, if my information is correct.
Usually when people bring this up, the insinuation is that he was doing something illegal. That, of course, is not true. He always operated within the legal limits of the law. The politicians and the legal community (see: Kelo decision) were and still are more than willing to accommodate business ventures that will increase tax revenue.
Donald Trump the businessman is only playing by the rules the government themselves set up. And only doing what the courts have ruled is legal to do.
I’ve said before: Donald Trump doesn’t make the rules. He just used rules that others have set up to his advantage. And yes, he plays hardball to win.
The difference is this - The Donald uses the existing rules of the game to consistently win. Carly stumbles and falls victim to the same rules and consistently loses.
Donald builds things up and gives people jobs so that he himself can prosper. Carly, by contrast, lays people off and destroys companies so that she herself can prosper.
See the difference?
All ya need to know is his casino’s went bankrupt. As did many of his other business dealings.
Which means, the hero worship is misplaced.
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