According to a recent report, 1,484 CEOs left or were fired from their jobs in 2008. But many of these CEOs left with hefty severance packages. These severance packages or “Golden Parachutes” softened the fall for many of the executives responsible for the financial crisis. General Motors CEO Rick Wagoner stepped down under pressure from the White House. His Golden Parachute is worth more than the average American will earn in a life time.
CEOs Golden Parachutes
Sharon Kyle, J.D. is the Publisher of the LA Progressive which she co-founded with her husband Dick Price. Ms. Kyle is an adjunct professor of law at Peoples College in Los Angeles. She sits on the executive board of the Progressive Caucus of the California Democratic Party, the ACLU Pasadena/Foothills Chapter and is on the editorial board of the BlackCommentator.com. Photo courtesy of Wadeva Images. www.wadevaimages.com