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.