The world's largest land drilling contractor, Nabors Industries Ltd., is set to allow its head honcho, Eugene Isenberg, to step down as CEO and remain on-staff as the firm's chairman of the board. By contract, this transition entitles Isenberg to a whopping $100 billion severance-style deal, which I imagine will go quite nicely with the additional $625 million in bonuses Isenberg has already received over the years.
Meanwhile, Benton Harbor, Michigan-based appliance manufacturer Whirlpool aims to cut up to 5,000 jobs because shareholders were displeased that third quarter net income only doubled to a meager $177 million, or $2.27 per share, versus the monumentally higher $2.73 that they desired. By cutting instate jobs and outsourcing them to cheaper labor markets, the practically indigent shareholders will therefore save $400 million.
And yet some Republicans find $40,000+ teacher salaries to be obscene . . . charming.
Monday, October 31, 2011
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