Buddy, Can You Spare 79 Million Bucks?
This chart shows the performance of one Nabors Industries Ltd., an international drilling contractor for oil and gas companies we've never even heard of. Last year, its CEO Eugene Isenberg made $79.3 million – a seemingly tidy sum, though it got him only an 8 ranking out of the 10 highest paid CEOs. Isenberg is one of five chief executives named as the "Highest Paid Worst Performers" by the Corporate Library, a corporate governance research firm that reviewed regulatory filings from 2,000 public traded companies. The others are the CEOS of Comcast, International Paper, Abercrombie and Fitch, and BJ Services – another company we've never heard of – which provides fracturing services for, yes, again, shale oil and gas companies with the slogan, "Real world....World class....Worldwide."
Isenberg, whose company drills in Africa, Central and
South America and the Middle East as well as the U.S., tops the list with his $79.3 million compensation package. His cohorts struggle along with as meager a sum as $34.6 million. This, while the layoffs, foreclosures, uninsured 47 million go on. Michael Moore has it right: We need to replace capitalism with something better – democracy.
More on each company and CEO here. Read it and rage.
"Oil and gas
exploration and production companies need a little help in order to ply
their trade all around the globe, and like a good neighbor, Nabors
Industries, one of the world's largest drilling contractors, is there." – from Nabors' company profile.