Bank of America has announced plans to purchase Countrywide Financial, one of the lending institutions that is most affected by the crisis in sub-prime mortgages. Angelo Mozilo, the exec of Countrywide led that bank in an 82% loss in the value of its stocks, yet according to the LA Times, his severance package will be worth about $115 million and includes free use of a company jet and covers his country club dues through 2011.
Nobody is worth that much compensation, especially a failure as an exec. How about this as a suggestion... lets have a maximum wage in addition to a minimum one. It could be set at 10X the lowest wage of a worker for a given company... Or even just a 90% tax rate on any income over a certain amount, say $1 million a year.
And if as a culture we don't do that, here is my announcement to all of the corporations out there. I don't have any experience as a CEO of a Fortune 500 company... but I've got common sense and I'm good with people and I doubt I'd do worse than Mozilo. And if I did worse and you have to fire me, I'll take a severance package 1/4 of his.