Failure Never Felt So Good

Attention corporate weasals. Don’t try to get anything past Michelle at Footnoted.org. It just ain’t gonna fly.

And speaking of former executives, there was also this little snippet buried in Morgan Stanley’s (MS) proxy, which was also filed late Friday. Again, while the broad-brush details were known, such as Philip Purcell’s $44 million bonus, the blow-by-blow was included in the proxy (do a search for CEO settlement to find it quickly). Among the pearls are that Purcell’s secretary, which the company has agreed to pay for as long as Purcell lives, will cost the company $1.8 million and that donations to Purcell’s favorite charities (again for life) will cost the company $2.9 million. And there’s another $3.1 million for benefits the company will provide the former executive, again for the rest of his life.
Indeed, failure never felt so good.

And it pays well too.
Can you order Michelle’s book? But of course. I’ll be here when you get back.

Posted by on February 27th, 2006 at 11:21 am


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