DP&L board of directors are crooks too.

DP&L directors pay plans I guess the first thing I need to do is define “crook”- so as not to confuse anyone.

“4.a dishonest person, esp. a sharper, swindler, or thief.”

Or in my simple language, someone who takes something that’s not theirs to take.

That would define the “executives” from DP&L who paid themselves $33 million for “managing” a stock portfolio that was mostly off the record- for a public utility company. They were then paid an additional $25 million by the current board of directors to cover up what the former board of directors allowed to happen.

Frankly- the board of directors are getting paid a king’s ransom for not doing a damn thing. And, they should be sued and replaced. Current and past boards. Getting paid $200,000 a year to oversee a monopoly is thievery. Isn’t that what we have the PUCO for? I can’t think of a business easier to make money at than an electric or natural utility- number 2 would be selling gasoline. Face it- everyone needs it- and in the utility business- competition is a farce.

These highly paid people did nothing to protect the stockholders- and that is their only job. For this they were paid exorbitant sums for what amounts to a very part time job- and they blew it. I’m including a graphic which details the pay structure for the DP&L board- how many of you would like this job?

Directors’ testimony suggests they share blame
DPL was seeking as much as $150 million in damages, but the lawsuit was settled Monday, three weeks into trial, when the company agreed to pay the ousted execs $25 million.

The settlement came after jurors heard testimony from three past and present DPL directors who said they trusted Forster implicitly until revelations arose in early 2004 that the trio had conspired to defraud the company.

Their testimony was a mixed bag for DPL’s case: The more they accused the executives of duping them, the more they revealed themselves as rubber stamps. Former Mead Corp. Chairman Burnell Roberts alleged the execs double-counted their bonuses, but admitted he didn’t check their calculations. Football star turned industrialist Ernie Green insisted that compensation committee meeting minutes were falsified, but conceded the board approved the minutes then revoked them after DPL filed its lawsuit. Haley accused Forster of tricking her into signing letters she admittedly didn’t read, which led to the trio’s early withdrawal of $33 million in deferred compensation.

If ever there was a time for a class action lawsuit- this is it. It’s also time for legislators to review what the PUCO does, and how public utilities are overseen. Last but not least, it’s time to review compensation at public companies. If you want the big dollars to run a company- it better be your own money at risk, not money supplied by stockholders. That would put an end to this insane cycle of paying huge sums to people who then send jobs overseas and end up rich while the rest of America struggles.

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1 Response

  1. Greg Hunter May 30, 2007 / 2:03 pm
    DPL has been one of the sources of payoffs to the DDN through ad revenue as well as one of the most prolific producer of poor politicians in the Miami Valley. The links between the rich and powerful as well as exploitive persons in the Miami Valley. Pete Forester has been my hate symbol since his arrival in 1978 and he was hailed as a great man by Paula MacIlwaine mentor to Judy Dodge (OYVEY), Dick Church, Miamisburg Mayor and Kevin Dewine too mention a few. In addition take a look at the BOD for DPL currently and notice the linkages to the New Pete Forester of Dayton – MR. Raj Soin the owner of his very own Congressman and former Dayton Mayor Mike Turner.

    Glenn E. Harder

    Paul M. Barbas

    Robert D. Biggs

    Paul R. Bishop

    Barbara S. Graham

    Ernie Green – Hooked up with Sam Morgan in a minority business deal as well as land owner south of town to drive Austin Road. Sam also has a building development connection with Mills Morgan that got an earmark from Hobson/Turner to build a new building for BRAC ship ins in Greene County. Major contributor to Mikey as
    W August Hillenbrand

    Lester L. Lyles – BOD for MTCT as well as former WPAFB General. Raj buys the best.

    Dr. Ned J. Sifferlen
    President Emeritus, Sinclair Community College, Dayton, Ohio

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