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Where's Charles Dickens when we need him? The novelist, who laid bare the shame of gross income inequality in 19th century England, came up with some perfect names for his more despicable characters, including Scrooge, Mr. Tulkinghorn, and Miss Havisham.
So I'm wondering what moniker Dickens would've given to Robert Marcus.
Who? He's the CEO of Time Warner Cable who already won gold in the 2014 Greed Olympics for grabbing the most cash with the least effort in the shortest time.
Marcus became chief of the cable company on New Year's Day. He immediately reached out to his corporation's biggest rival, Comcast, offering to sell Time Warner Cable to the giant. Only six weeks later, the deal was done.
Why would a CEO rush to eliminate both his corporation and his own job? Perhaps because of a lucrative little provision in the contract he signed to become Time Warner's honcho. It's a CCC -- a "change of control clause."
This is yet another way for CEOs to feather their own nests, for that kind of clause hands a big golden parachute to the top executive of a corporation that gets sold.
In this case, Robert is pocketing $80 million. Yes, that's roughly $1.8 million a day for each of the 44 days he "worked" to sell off the company.
What we have here is a perverse form of incentive pay for corporate chieftains. Rather than rewarding them for out-competing their rivals, a change of control clause encourages CEOs to sidle up to their competitors and whisper: "Psssst, wanna buy my corporation?"
Not only did Marcus sell off Time Warner, but his self-serving deal will also sell out untold numbers of its employees who'll be made "redundant" by the merger.
We hear about America's growing income inequality gap, but here we can actually see it widen: One rich man is gaining an extra $80 million while hundreds of workers will lose their jobs.
The world is a pretty dark place right now. Economic inequality off the charts. The climate emergency. Supreme Court corruption in the U.S. and corporate capture worldwide. Democracy in many nations coming apart at the seams. Fascism threatens. It’s enough to make you wish for some powerful being to come along and save us. But the truth is this: no heroes are coming to save us. The only path to real and progressive change is when well-informed, well-intentioned people—fed up with being kicked around by the rich, the powerful, and the wicked—get organized and fight for the better world we all deserve. That’s why we created Common Dreams. We cover the issues that corporate media never will and lift up voices others would rather keep silent. But this people-powered media model can only survive with the support of readers like you. Can you join with us and donate right now to Common Dreams’ Mid-Year Campaign? |
Where's Charles Dickens when we need him? The novelist, who laid bare the shame of gross income inequality in 19th century England, came up with some perfect names for his more despicable characters, including Scrooge, Mr. Tulkinghorn, and Miss Havisham.
So I'm wondering what moniker Dickens would've given to Robert Marcus.
Who? He's the CEO of Time Warner Cable who already won gold in the 2014 Greed Olympics for grabbing the most cash with the least effort in the shortest time.
Marcus became chief of the cable company on New Year's Day. He immediately reached out to his corporation's biggest rival, Comcast, offering to sell Time Warner Cable to the giant. Only six weeks later, the deal was done.
Why would a CEO rush to eliminate both his corporation and his own job? Perhaps because of a lucrative little provision in the contract he signed to become Time Warner's honcho. It's a CCC -- a "change of control clause."
This is yet another way for CEOs to feather their own nests, for that kind of clause hands a big golden parachute to the top executive of a corporation that gets sold.
In this case, Robert is pocketing $80 million. Yes, that's roughly $1.8 million a day for each of the 44 days he "worked" to sell off the company.
What we have here is a perverse form of incentive pay for corporate chieftains. Rather than rewarding them for out-competing their rivals, a change of control clause encourages CEOs to sidle up to their competitors and whisper: "Psssst, wanna buy my corporation?"
Not only did Marcus sell off Time Warner, but his self-serving deal will also sell out untold numbers of its employees who'll be made "redundant" by the merger.
We hear about America's growing income inequality gap, but here we can actually see it widen: One rich man is gaining an extra $80 million while hundreds of workers will lose their jobs.
Where's Charles Dickens when we need him? The novelist, who laid bare the shame of gross income inequality in 19th century England, came up with some perfect names for his more despicable characters, including Scrooge, Mr. Tulkinghorn, and Miss Havisham.
So I'm wondering what moniker Dickens would've given to Robert Marcus.
Who? He's the CEO of Time Warner Cable who already won gold in the 2014 Greed Olympics for grabbing the most cash with the least effort in the shortest time.
Marcus became chief of the cable company on New Year's Day. He immediately reached out to his corporation's biggest rival, Comcast, offering to sell Time Warner Cable to the giant. Only six weeks later, the deal was done.
Why would a CEO rush to eliminate both his corporation and his own job? Perhaps because of a lucrative little provision in the contract he signed to become Time Warner's honcho. It's a CCC -- a "change of control clause."
This is yet another way for CEOs to feather their own nests, for that kind of clause hands a big golden parachute to the top executive of a corporation that gets sold.
In this case, Robert is pocketing $80 million. Yes, that's roughly $1.8 million a day for each of the 44 days he "worked" to sell off the company.
What we have here is a perverse form of incentive pay for corporate chieftains. Rather than rewarding them for out-competing their rivals, a change of control clause encourages CEOs to sidle up to their competitors and whisper: "Psssst, wanna buy my corporation?"
Not only did Marcus sell off Time Warner, but his self-serving deal will also sell out untold numbers of its employees who'll be made "redundant" by the merger.
We hear about America's growing income inequality gap, but here we can actually see it widen: One rich man is gaining an extra $80 million while hundreds of workers will lose their jobs.