No wonder Republicans are so concerned about the estate tax. The Wall Street Journal reported last week: Companies Promise CEOs Lavish Posthumous Paydays.
"You still can't take it with you. But some executives have arranged for the next best thing: huge corporate payouts to their heirs if they die in office. Take Eugene Isenberg, the 78-year-old chief executive of Nabors Industries Ltd. If Mr. Isenberg died tomorrow, Nabors would owe his estate a 'severance' payment of at least $263.6 million, company filings show. That's more than the first-quarter earnings at the Houston oil-service company." It's not like these people can't afford life insurance.
"A federal rule change 18 months ago required companies to be clearer about what they're obliged to pay if top executives end their employment, under various circumstances." I guess the Bush administration hasn't given up regulation entirely.
No comments:
Post a Comment