Not worth the urea. Which can be made into valuable fertilizer.
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The article that details the $158 million retirement package also notes that in addition to the $74 million in deferred comp, $83 million from retirement plans and a $1 million pension, Whitacre was also eligible to receive over $100 million in AT&T shares that hadnât vested yet. The article also mentioned that Whitacre earned $30+ million in his last year as CEO. So Phil Gramm is complaining that his friend who earned tens of millions per year in salary, a retirement package worth $158 million and who by now owns at least $100 million in AT&T stock was âexploited.â The dividend income on the shares alone is $5.4 million and the tax rate on that income is about half the rate for salary income. So the guy can buy anything, live anywhere and pretty much do anything he wants for the rest of his life. I was not aware of this definition for the word âexploited.â
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If Whitacre is âexploited,â then the rest of us are âslaves.â
Iâve been saying this a lot this week, but fuck this guy. In addition, fuck the rich fucker this fuck is shedding crocodile tears for.
Hope youâre not super offended over all the fucks. Sorry.
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Iâm with you! Most of us would consider ourselves lucky to be subjected to this sort of âbigotry.â
Fuck, no, Iâm not offended.
Speaking of fucks, this fucker Gramm was involved in the Gramm-Leach-Bliley Act which repealed part of Glass-Steagall Act and removed controls that had been placed on banks since the Depression. He was also a driving force behind the Commodity Futures Modernization Act which expanded futures trading and even made it illegal to regulate certain types of contracts like credit default swaps. Gramm-Leach-Bliley also contained language that exempted the energy trading markets from regulation. That was known as the âEnron Loopholeâ and was added to the law by Gramm at the request of his good friends at Enron, his largest campaign contributor. Gramm was also a major force behind the deregulation of Californiaâs energy trading markets. Soon after, Enron was gaming the system causing rolling blackouts and causing prices to spike to 30X normal and costing the state of California something like $10 billion. Soon after the passage of Gramm-Leach-Bliley and the Commodity Futures Modernization Act the housing bubble began to inflate and we all know how that eventually ended.
As one if Ian Flemingâs characters once said, âOnce is happenstance, twice is a coincidence, three times is enemy action.â Almost all the serious financial harm done to this country over the past 20 has been done with laws he was instrumental in getting passed.
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