21 CEOs With $100 Million Golden Parachutes

<a href="http://www.flickr.com/photos/spoiltcat/2710233925/in/photostream/">Ryan Woolies</a>/Flickr

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For some CEOs, the easiest way to get rich is to quit.

Increasingly, corporations offer their chief executives fantastically generous severance packages—retirement bonuses, extended stock options, and pensions that can add up to $100 million or more. Call ’em platinum parachutes. These deals are supposed to benefit shareholders by encouraging CEOs to take a long-term view of corporate profits, but some compensation experts have their doubts. “Too many golden parachutes and too many retirement packages are of a size that clearly seems only in the interest of the departing executive,” says a new report by GMI, a corporate governance consultancy.

By way of example, the report singles out 21 CEOs whose severance packages are worth more than the median US earner would make in 49 lifetimes. In the case of GE’s John Welch Jr., the figure would be 203 lifetimes. But you could still argue that the most outrageous example is Viacom’s Thomas Freston, who put in just one year of work for his $100-million-plus sendoff.

GMI, "Largest Severance Packages of the Millennium"GMI, “Largest Severance Packages of the Millennium”

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SIX TRUTHS

Reclaiming power from those who abuse it often starts with telling the truth. And in "This Is How Authoritarians Get Defeated," MoJo's Monika Bauerlein unpacks six truths to remember during the homestretch of an election where democracy, truth, and decency are on the line.

Truth #1: The chaos is the point.

Truth #2: Team Reality is bigger than it seems.

Truth #3: Facebook owns this.

Truth #4: When we go to work, we're in the fight.

Truth #5: It's about minority rule.

Truth #6: The only thing that can save us is…us.

Please take a moment to see how all these truths add up, because what happens in the weeks and months ahead will reverberate for at least a generation and we better be prepared.

And if you think journalism like Mother Jones'—that calls it like it is, that will never acquiesce to power, that looks where others don't—can help guide us through this historic, high-stakes moment, and you're able to right now, please help us reach our $350,000 goal by October 31 with a donation today. It's all hands on deck for democracy.

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