Financial Wake-Up Call 3-22-2007

Financial wake-up callA Refreshing Refusal: With all the greed we read about in regard to those leading companies, here is a hugely refreshing take on an executive that was supposed to receive $10 million under the company’s restructuring:

It is even more distasteful when insiders use the bankruptcy process to enrich themselves, as happened last year at United Airlines. Some 400 executives walked away with 8% of the newly reorganized company in the form of restricted shares worth about $ 400 million. (They originally wanted 15% of the company.) CEO Glenn Tilton, a relative newcomer to United and the airline industry, got shares worth more than $40 million. This bounty was made possible in part by pay cuts i


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