Question: Do executives of large American companies spend more time:
A) Running their companies, or

B) Figuring out how to steal from the shareholders for whom they work?

Clearly, the answer is B. Today’s case in point, bankrupt Kmart. You might ask what fate met the executives who ran the company into the ground? Did they commit seppuku, to demonstrate their shame? Did they apologize to the stockholders? Hell No! Unbelievably enough, they profited from their own incompetence. As the company slid into bankruptcy, they were given millions of dollars in extra compensation.

If you owned stock in Kmart you may end up empty handed, but that’s certainly not true of the people that ran the company. Just months before the chapter 11 bankruptcy filing, top Kmart executives were given $30 million in “loans”, most of which were then “forgiven”. In other words, they were given multimillion dollar gifts. The executives then decided it was time to move on; destroy another company, make some more money.

Former CEO Chuck Conaway was given, then forgiven, a $5 million loan. Mark Schwartz, the former president, was given, then forgiven, $3 million. Millions more went to other executives who have since left the sinking ship. Meanwhile, as a result of their mismanagement, 22,000 Kmart employees lost their jobs. You can bet they weren’t given million dollar parting gifts, but stealing is best done from the top of the mountain.


More on the story, read’s article at:

More about profiting at the expense of shareholders see:

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