TW Cable execs set to get $135M 'golden parachute'

[Omaha Steve]

Source: AP-Excite

LOS ANGELES (AP) - Departing Time Warner Cable Inc. (TWC) executives are in line to receive "golden parachute" compensation totaling around $135 million as part of Comcast Corp. (CMCSK)'s $45 billion acquisition of the cable operator.

Shareholders are being asked to vote on the packages in a non-binding advisory vote. The details were contained in a securities filing Comcast made Thursday.

Time Warner Cable Chief Executive Rob Marcus is in line to receive $79.9 million, Chief Financial Officer Arthur Minson Jr. is set to get $27.1 million, Chief Technology Officer Michael LaJoie would get $16.3 million and Chief Operating Officer Philip Meeks is to receive $11.7 million.

The amounts include cash, stock and benefits that the executives were to receive for the next two to three years and the final totals could change.

FULL story at link.


Read more: http://apnews.excite.com/article/20140320/DACLKH702.html

[go west young man]

1. And meanwhile loads of employees will lose their jobs in the merger

or have their wages cut, and rates will go up for cable users. The top 1% wins again. This is essentially what Mitt Romney's company did to so many companies. Swallow em up, cut em to pieces, raise the rates, fires the staff, take the money....and run. This model is ridiculous and the people who allowed this merger, when the US is lagging so far behind the rest of the world when it comes to cable competition, should be relieved of their positions. The proper thing to do would have been to break up these behemoths and offer contracts for new small companies to lay more advanced fiber optic cable across the USA.

[Skittles]

3. excellent analysis

yes indeed

[Trust Buster]

6. I chose the screen name Trust Buster in honor of Teddy Roosevelt

Excellent analysis. The wing nuts were right about one thing. There is wealth redistribution going on in this country, just not in the direction they claim. If the FCC approves this merger, and recent history gives me little doubt to think they won't, these "job creators" will be extracting money from our pockets into theirs without offering any value or choice in return. The monopolization of American industry has returned us back to the pre-Roosevelt days.

[cpwm17]

2. That's sick

Last edited Fri Mar 21, 2014, 12:59 PM - Edit history (2)

Anyone that believes this is reasonable is a moron.

[Initech]

4. They get rich, we get fucked. Same shit, different day.

[lutefisk]

5. USA! USA! USA! n/t

[Theyletmeeatcake2]

7. Golden parachutes should be available for all or none..

I'm so against this largesse towards the execs. Next time you see a free marketeer ask him why are the massive wages needed. As far as I'm concerned an executive doesn't put any skin in the game such as an entrepreneur . He's there for wages and bonuses. If he loses he gets the parachute as well..fuck do these c&w/ts ever lose...I don't think so ..it's frustrating that these dicks can do what they like....and they scream about the minimum wage...arseholes the whole lot of them...tell that little old lady to get her knitting ready...

[Enthusiast]

8. I'm sure they are deserving.

Not!

[bemildred]

9. Time to bail out, is it? nt

[Earth_First]

10. Here's the best part: Rob Marcus has only controlled TWC for 44 days...

After becoming CEO of TWC in January, Marcus controlled TWC for a mere 44 days before solidifying the Comcast/TWC merger.

$79.9 million dollars for 44 days worth of 'work' is a fucking travesty of epic proportions!

For those keeping track at home, that's $1.78 million dollars per day!

[Theyletmeeatcake2]

11. That's a nice little earner!!! I can't wait for the trickle down!!!!

There'll be a flood according to Hayek ( I wish it was Selma !!)

[jsr]

13. But he worked amazingly, feverishly, extremely hard

Like 10000000X hard.

[Theyletmeeatcake2]

14. Yes he did!! It's a lesson to all of us !!you must pillage like there's no tomorrow!!!

A fair lifetime's pay for a fair day's 'work'.Wall street at it's zenith!!! Pack of arseholes!!!

[Javaman]

12. And this, my friends, is what this deal was all about.

payouts for the 1% and higher rates for the 99%.

Weeeee!