Pay for United CEO Jeff Smisek jumps to USD$14.7 million from USD$4.4 million

the obscenity of executive compensation is truly staggering...

Compensation for Jeff Smisek, chief executive of United Continental Holdings, surged in 2011, reflecting greater responsibilities after a 2010 merger that created the world's largest airline, according to a filing.
Total compensation rose to USD$14.7 million last year from USD$4.4 million the previous year, the company said in a proxy statement on Friday.

Much of the increase came from a USD$7.5 million stock award that vests over three years and is subject to performance goals including revenue and cost synergies from the merger of United and Continental Airlines, according to the filing.

Smisek was also awarded USD$4.4 million non-equity incentive compensation. About USD$2.4 million of that was payment for years 2009-2011 that was earned in 2011 and based partly on Continental's performance before the October 2010 merger.

even more staggering is that it comes on top of a $400M loss in the last quarter...

The parent of United Airlines reported a first-quarter loss that more than doubled from a year ago thanks to costs related to integrating Continental Airlines.

United Continental Holdings said it had a $448 million net loss, or a $1.36 loss per share, in the first three months of the year, not as bad as analysts expected.

Excluding $162 million in charges mainly linked to the integration costs, the loss amounted to $286 million, or 87 cents per share, UAL said. The Wall Street average estimate was for a $1.03 loss per share.

since i used to work at united, i know first-hand just how much the officers are focused on themselves and their own personal gains... i've already been "treated" to the "new" united and, believe me, it's no improvement... in fact, quite the contrary...

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A trophy security dog - the latest "must-have" for our super-rich elites

there is nothing that our super-rich elites are not willing to spend obscene amounts of money on as long as it can protect and enhance their totally self-absorbed world of power and money...

from the nyt...

When she costs $230,000, as Julia did, the preferred title is “executive protection dog.” This 3-year-old German shepherd, who commutes by private jet between a Minnesota estate and a home in Arizona, belongs to a canine caste that combines exalted pedigree, child-friendly cuddliness and arm-lacerating ferocity.

[...]

[People in] the high-end dog training business say prices have shot up thanks to the growing number of wealthy people around the world who like the security — and status — provided by a dog with the right credentials. Moguls and celebrities now routinely pay $40,000 to $60,000 for a well-bred German shepherd that is certified as an expert in the sport of Schutzhund, which means “protection dog.”

the really sad thing about a story like this is that it deserves any kind of serious news treatment at all when all it really deserves is disgust... but, hey, leave it to the nyt to showcase the lifestyles of our handlers...

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$100M worth of bonuses to be paid out tomorrow by AIG

the good news just never stops...

American International Group plans Wednesday to pay another round of employee bonuses worth about $100 million, said several people familiar with the matter, a year after similar payments at the bailed-out insurance giant infuriated many Americans and inflamed Washington.

This week's payments will go only to employees at the company's Financial Products division who agreed recently to accept between 10 and 20 percent less money than AIG had initially promised them years ago. In return, they are receiving their payments more than a month ahead of schedule.

The company is still scheduled to pay out tens of millions of dollars more in March, mostly to former employees who did not agree to the concessions.

but i'm sure they deserve them...

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