Monday, October 22, 2007

CEO Justice: No "Home Depot style' severence package for Northern Rock Chairman

Finally, a corrupt overpaid 'boss' will NOT receive a GIANT "golden goodbye" from his former company. Matt Ridley, Chairman of the UK's Northern Rock will get what he is deserved...NOTHING for presiding over the bank during the first 'run' in over 150 years in the UK.
Under the terms of his contract, Mr Ridley is not eligible for any compensation on departure and will therefore leave his £315,000-a-year job without a financial package.

Mr Ridley resigned last week as chairman of the Newcastle-based bank after facing a Treasury select committee to explain Northern Rock's collapse. He was felt to have performed badly in front of the MPs in what was his first public appearance since the crisis that engulfed the Newcastle-based bank began in September.
"He had offered to resign before the hearing but was asked to stay in order to testify." Guardian
The MP's are lucky he even showed up for his 'hearing'...within the American political system, Bush has been accommodating all his accomplices with 'executive privilege'.

Gonzo..didn't stick around...neither did Rove or Snow, Greenspan even ran from the impending crisis as fast as he could. When American corporate/banker executives get in trouble..they spilt town as fast as they can.

Perhaps, Mr. Ridley learned his lesson. If you're going to run a business into the ground....make sure you do it in the United States where the government will pat you on the back and your former company will give you a cushy "golden goodbye".

Same Players. Different Scandal.

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