Bankrupt Refco seeks to pay new CEO $685/hour

[meegbear]

NEW YORK (Reuters) - Refco Inc. <RFXCQ.PK>, which has said it owes $16.8 billion to creditors, has asked a U.S. bankruptcy court for permission to pay $685 an hour for the services of new Chief Executive Harrison Goldin.

The futures and commodities broker, which filed for Chapter 11 protection on October 17 and is selling assets to help pay creditors, on Thursday asked U.S. Bankruptcy Judge Robert Drain for authorization to retain the CEO's firm, Goldin Associates LLC, as crisis managers.

<snip>

Another Goldin executive, Mark Slane, would serve as chief restructuring officer and charge $550 an hour. Five other named executives would charge $350 to $500 an hour.

Refco said the seven Goldin executives would spend substantially all of their time working on its restructuring. If it retained others, they would charge $100 to $550 an hour, depending on their positions.

<snip>

http://www.boston.com/business/articles/2006/01/06/bankrupt_refco_seeks_to_pay_new_ceo_685hour/

[SoCalDem]

1. Why not just hire some recent business school grads?

If those high priced guys ran the company into the ground, they would be my LAST choice..at any rate of pay:shrug:

The young (cheap) people could probably do a better job anyway :)

[Skidmore]

6. Wow. I would only have to work 4 hours / month to

keep at my current income level.

[benburch]

2. Hell! I'll do the job for $100/hr.

Resume supplied on request.

[TheUnspeakable]

3. My sister is sitting in her Refco office right now...

reading this-her head is about to explode!! She and her co-workers are just waiting around for the ax to fall-trying to hold on to their $20,000-$30,000 jobs and now this!! It's all too much.

[meegbear]

4. I wish her and her coworkers the best.

[TheUnspeakable]

5. thanks!! the bush years have not been kind to her AT ALL ! n/t

[corporate_mike]

7. hmm, what would I do with $10,000/day?