House of Paine

anecdotes from the tower....episode 83

from time to time

i like tossin 
a  little NAUGHTY tower spice 
             in to 
       the House stew ....


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NYT MARCH 2005 


" WILLIAM A. WISE hit the jackpot 
when his company hit its number.

 After the El Paso Corporation,
 the energy company in Houston, 
reported a profit of $93 million in 2001, 
Mr. Wise, its chief executive,
 was rewarded with a $3.4 million bonus,
 768,250 stock options,
 $1.7 million of restricted stock 
and $3.7 million in "other compensation."

 And that was on top of his regular salary
 of $1.3 million.......

Just two years later,
 El Paso had this to say about 
its performance leading up to Mr. Wise's
 big payday back then: 


Oops!

 el paso's board ousted 
Mr. Wise in 2003, 
and last year the company reported 
that it actually had a loss 
of $447 million in 2001.

 As it turns out,
 the company said,
 "certain personnel used aggressive,
 and at times, unsupportable methods 
to book proved" oil and gas reserves. 

The numbers for other years were wrong,
 too, it added.

Now that the record has been set straight,
 will Mr. Wise be giving back 
all that extra money he received
 for meeting his performance goal
 - hitting his number, 
In industry parlance 
- when, in fact, he didn't even come close?

 Not a chance. 

             And therein lies the rub."



COMMENT:
FOR BOARDS
SCATTERED MIND ELSE WHERE
LARGELY OUTSIDER
 MONEY 

I.E. CLASSIC
OTHER BUBS DOUGH

IS EASY TO GIVE OUT

AND HUMANS BEING AS THEY ARE
NOT TOO INTO FAIR PLAY 
 FOR STRANGERS 
AND OTHER SUCKERS
THIS ILL GOTTEN PROVES
HARD TO GET BACK 

BY THE WAY


 THIS IS PRECISELY 
    WHY TOWER TYPE 
        KLEPTO CRATS 
TEAM INSIDE THE PENT HOUSE OFFICES 
  OF KORPORATE AMERIKA  

raw fearlessGEORGE GUILDER TYPE 
 ENTREPRENEUR-SHIP 
SHIT 
THATS 
IS TOO HARDAND RISKY 
A WAY TO 
MAKE YER BUNDLE DO IT LIKE THIS GUY WISE:

GET INSIDE
MOVE  UPSTAIRS 
AND WAIT 
FOR THE RIGHT MOMENT
              TO MAKE YER BIG  GRAB........

 LIKE TAKIN KANDY FROM A ....




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