Apr 1, 2002
The former chairman of Bethlehem Steel was eased out of his position a month before the company filed for bankruptcy. He kept a job, however, as a mere president and chief financial officer, earning $750,000 before retiring this January.
Bethlehem Steel claims it is so broke it cannot pay its work force’s pensions. If it’s true, the company has been breaking the law on pension funds, and its top officers should be prosecuted.
Instead – like this former chairman – they are getting fat pay checks while the company claims it cannot pay its bills. The chairman got a 2.5 million dollar retirement package when he said farewell. The guy who replaced him got a salary of $900,000 and another executive who retired in January got a one million dollar package.
It’s not just that he who has the gold makes the rules; it’s that he who has the gold breaks the rules – and then is rewarded!