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In 2006, total compensation for five Bear Stearns senior executives, including CEO Jimmy Cayne, exceeded the payrolls of the NFL's New York Giants and MLB's Philadelphia Phillies. The payrolls of these two professional sports teams make for a particularly interesting comparison with the total compensation that was wasted on Bear Stearns’ five executive officers in 2006 (which blew away the money the Giants spent on their 50 plus players and the combined salaries of more than 25 Phillies).
What's our point? Well, only two years later, in 2008, the Giants won the Super Bowl, the Phillies won the World Series, and Bear Stearns was out of business.
Go Gmen - Boo Phillies - boo Bear Stearns.
Nuff said.
Posted by: Phil Simmson | 22 April 2011 at 01:14 PM