Qwest Trims Executive Compensation Sorry, no more free country club memberships... While Qwest has skimped a bit when it has come to upgrading their network, they've been more than generous when it comes to executive compensation. According to the Associated Press, Qwest will be cutting back on extra $50-$70k yearly "flexible benefit payments" paid to the company's CEO and other executives which are used for "such things as financial counseling, physical exams and club memberships." Mueller received $11.4 million in 2008, $6 million less than in 2007. Also under fire by investors is the way the telcos pay for the homes of executives who move, notes Reuters. In AT&T CEO Randall Stephenson's case, that equated to an extra $1.7 million bonus in addition to the $11.6 million he earned last year in salary, stocks and other compensation. Update: AT&T offers us a little more context on how they help executives with moves: For all employees moving as a result of our move to Dallas, if the employee was not able to sell his or her home in a timely manner, AT&T purchased the home at the higher of two independent appraisals. For Mr. Stephenson, AT&T purchased his home at the appraised value of $1.7 million. But keep in mind that the purchase price of these homes is not the cost to the company. We have resold or plan to resell these homes.
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  HpowerRoflmao
join:2000-06-08
Glendale, CA | Gym? Like they would move their fat asses to the gym. It's just crazy how much the bonuses are....
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The Internet is about to go down....it is actually. | |
|  | zed260Premium
join:2007-09-30
Cleveland, TN
kudos:1 | Re: Gym? im not sure it was a gym membership
it just says club membership
club membership could mean anything could be walking club could be swimming club | |
| | |  baineschile2600 ways to livePremium
join:2008-05-10
Sterling Heights, MI | Re: Gym? Probably country club. | |
| | | SalesGODGot Money? Will Sell
join:2001-04-11
Tinley Park, IL | More than likely, it is a country club membership. Those fees depending on the exclusivity of the club can be 10s of thousands of dollars per year. | |
| | |  NiarlanExcelsiorPremium
join:2002-11-09
Manville, NJ | Or a 'Gentlemen's Club' .... cough cough...nudge nudge wink wink.
Nia | |
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| | I'm all for capitalism... but geez......seems like the cart is wayyyy ahead of the horse. | |
| | | Moving Package It's very common for large companies to buy the home of a relocated person - not just executives - if significant time passes and the person cannot sell it.
When they ask someone to move it's considered a hardship. If the person buys a new home, and can't sell the old home, it's a serious economic problem (maybe not for millionaires, though).
So the negotiated move package includes a clause to pay for the home if the individual can't sell within xx time period. | |
| | wistlo
join:2003-01-04
New Orleans, LA Reviews:
 ·VOIPo
| Re: Moving Package What's not very common are $1.7 million houses or $18 million salaries.
Most relo packages top out at $50-100K in relocation expenses.
I could make $18 M last 20 years. I don't have any sympathy for the paycuts cuts these guys are taking, or the taxes they must pay. Yeah, they carry most of the tax burden, boo hoo. But it's because they get most of the money. | |
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 major marcoRes Firma Mitescere NescitPremium
join:2003-02-13
Stepford, CA | Why the fuss? The bought and paid for whores of industry Members of the U.S. Congress have all of this and more that is actually known to the taxpayers. What they receive from lobbyists is even more obscene. Sweetheart comp pkgs are exactly what is wrong with the U.S. because the decision makers believe they are (1) above the law; (2) above the peasants. F*ck you Pay me is their philosophy. See also Goldman Sachs et al.
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The Toll
Tracking Lord Stanley
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| |  NOVA_GuyObamaCare Kills AmericansPremium
join:2002-03-05 | Re: Why the fuss? While I'm all for paying the folks at the top of the food chain top wages, I have to pretty much agree with these statements. If you're going to be compensated like someone who's really special and talented, then you at least owe it to stakeholders in your firm to actually perform like someone who's really special and talented.
It's unfortunate that so many at the top demand such high wages yet do not seem to be worth it. Then again, maybe if I were at the top of the food chain I'd see things a little differently...
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Trusting the Democrats to fix our economy and give us health care is like trusting the fox with keys to the henhouse, a brand new gas stove, and a pantry full of goodies for side dishes. In the end, all will be dead and nothing but lies will be told. | |
| | Sammer
join:2005-12-22
Canonsburg, PA | said by major marco:Sweetheart comp pkgs are exactly what is wrong with the U.S. because the decision makers believe they are (1) above the law; (2) above the peasants. F*ck you Pay me is their philosophy. See also Goldman Sachs et al. The people voted for change but Goldman Sachs is still running the country but with less competition. | |
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| | "Oh Shit.... .... they're on to us! Quick, do something humanitarian!" | |
| | | | Re: "Oh Shit.... said by axiomatic:.... they're on to us! Quick, do something humanitarian!" ROFL. | |
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nonymousPremium
join:2003-09-08
Glendale, AZ | Free jet rides for Edss daughter. Free company jet rides for Eds daughter. Loss of a million plus on a home bought for Ed. | |
| MeKuN
join:2004-07-21
Eugene, OR | Such hard ship Well at least they keep laying off people. Only seems fair they cut back on club memberships. Is it easy to sleep at night with no conscious? | |
|  tim_kButtons, Bows, Beamer, Shadow, KaseyPremium,VIP
join:2002-02-02
Stewartstown, PA
kudos:8 | and no union bashing....yet Ah, lost some walking around pocket change did they? Poor things. | |
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