Tuesday, February 15, 2005

Carly's Corporate Welfare

Many conservatives eagerly bash welfare. Curiously, corporate executives and boards are big fans. To wit:

Carly Fiorina was recently fired from HP. Presumably the board was not happy with her performance. After being told to clean out her desk, she was escorted to the door by armed guards. But unlike when you or I get fired, the guards escorting Carly were carrying her bags of money:

- Severance package of 2 1/2 timers her salary -- $14 million in cash, payable within six months.

- $7.4 million as part of a performance incentive program

- An extra $1 million early last year as part of a performance plan for executives.

- Another bonus of $567,000.

- $50,000 for financial counseling

- She also gets to keep her computer equipment

- "technical support" for three months

- administrative support for six months

- maintenance on her home security for a year

Now if this isn't corporate welfare, I don't know what is. If she was performing so poorly, why all the bonuses? Is $14M not enough to buy an HP computer with 3 month technical support? Maybe that would be a clue to why HP's not selling many computers.

Numbers from:

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