Golden Parachutes

In the first two hours of their workday most CEOs will have made more than the average worker on minimum wage. CEOs like Ray Nordelli of Home Depot, get fired by their stockholders but with secret compensation packages only known to their cronies at executive boards all across the United States, incompetence is rewarded in the hundreds of millions. In Nordelli's case, lower stock prices and spiralling costs was compensated to the tune of $200,000,000+.

Meanwhile, the Securities Exchange Commission, which has the authority to inquire and deny such payouts if it hurts stockholders, does nothing.

I honestly don't understand why so many bloggers hate Lou Dobbs. When it comes to economics, he is right on the money --with all pun intended.

Check out the clip after the jump: