Golden Parachute for NPR Executive? Try $1.3 Million
August 14, 2009 by Jeff Poor
Haven't seen much of this anywhere else, but at least NPR reported it too.
Remember the outrage earlier this year for some of the bonuses paid out to executives of financial institutions that were TARP recipient? Or how about the press coverage that spurred on populist outrage when it was reported former Merrill Lynch CEO John Thain spent $35,000 on a commode to redecorate his office?
Turns out Thain walked away with a $1.5 million "golden parachute" after he resigned from Merrill, which was acquired by Bank of America (NYSE:BAC). But you would never guess who got a golden parachute that was pretty close to what Thain got. According to an Aug. 14 report on the Chronicle of Philanthropy web site, former National Public Radio chief executive Ken Stern, who was replaced in March 2008, took a $1.3-million buyout, which has gone almost unnoticed.
scandal, news media, greed, politics