If Only There Was Still Money In Newspapers

Damn you, Internet!

Dubow could collect $37 million

The board said Dubow, 56, had resigned “due to disability,” a circumstance that paves the way for him to collectas much as $37.1 million in retirement and disability benefits, company documents show. The benefits are worth considerably more than what he would get, $22.5 million, if he left in a traditional retirement.

[snip]

The company’s stock was worth $72 a share when Dubow became CEO. But it plunged alongside other newspaper stocks, trading as low as $1.85 in March 2009 amid fears the company was headed for bankruptcy. It closed today at $10.45, down a penny.

Well, we should definitely reward his sterling leadership.

Also, I would totally accept a “traditional retirement” of $22 million. Just throwing that out there.

A.

7 thoughts on “If Only There Was Still Money In Newspapers

  1. MediaSiege says:

    THIS is a prime example of what is wrong with American plutocracy. Big rewards for layoffs, big rewards for outsourcing, and big rewards for the barons of even failing industries … while the common albeit loyal company person (or trade union member or college student, etc.) gets the shaft.
    Enjoy the retirement, Dubow.

  2. Mass says:

    Mother. Fucking. Job. Creator. Him.

  3. montag says:

    Hmm. Interesting concept, ethical turpitude and incompetence as disabilities worthy of compensation.
    If he never works again, it might be worth the money keeping him out of other executive suites… maybe this will catch on.

  4. paul says:

    I guess it would be wrong for a shareholder to set a private detective on him to determine what activities he’s capable of doing and whether his disability claim constitutes a fraud against the company (either with or without the collusion of the directors).
    No, we should take his word for it, the same way that companies take the word of any worker who claims to be disabled on the job.

  5. Charles says:

    This is not to defend a retirement sum that is indefensible, but a retirement package for, say, a teacher, might easily be worth 1 million. Assume 2/3 salary on $50,000. That’s $750K right there. Health insurance adds significantly to the cost. End of life care can easily burn $250K per person.
    The real crime is how much the guy got paid considering that he destroyed the newspaper.

  6. pansypoo says:

    WE NEED A MAXIMUM WAGE LAW GODDAMMIT!
    this golden parachute BULLSHIT is EVIL!!!!! EVIL i say.
    HOW DARE THEY!

  7. PWL says:

    All this means is that America really is a great country (well, for some people). Where else can you fuck up big time and still come out way ahead?

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