Wednesday, January 02, 2008

Anywhere else, this would end you up out on the sidewalk holding your stapler and a box of envelopes

But you can't punish CEOs for doing a really crappy job! It just isn't done!:
NEW YORK (Reuters) - Former H&R Block Inc (HRB.N: Quote, Profile, Research) Chief Executive Mark Ernst, who oversaw the tax preparer's failed subprime lending strategy, will receive a cash severance of $2.55 million and full vesting on 762,925 stock options, the company disclosed on Monday.

H&R Block ousted Ernst last month as the No. 1 U.S. tax preparer suffered huge losses on subprime lending at its Option One Mortgage Corp unit. New management then shut down Option One when its sale to Cerberus Capital Management LP collapsed.

The move, along with cutting 620 jobs, will trigger about $200 million in charges and write-downs, the company said earlier this month.

How about giving that money to the people who lost their jobs because of your incompetence, Ernst?

No comments: