July 14, 2005

Imagine $75 Million in Golden Parachutes

Imagine you have been the not-so-successful "co-president" (whatever the hell that is) of an embattled mega-investment bank for only three months. Imagine you are given the bum's rush. Imagine you are given a $32 million golden parachute for all your hard work over those three months. Imagine you are Stephen Crawford, formerly "co-president" of Morgan Stanley.

Imagine you are Phillip Purcell, the Morgan Stanley chief executive who was kicked out last month and given a mere $43 million golden parachute.

Imagine you are a stockholder, seething.

Imagine an end to all this corporatist theft.

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