"Logue is one of the highest paid executives in Massachusetts, earning nearly $29 million in total compensation in 2008"
As STATE SERVICES and the ECONOMY took a WHACKING!!!
Related: State Street's Sweetheart Deal
Boston Bankers to Get Billions in Bonuses
Bailout Bonuses Were Also Tax Breaks
A $2 Billion Taxpayer Windfall For State Street
Oh, ANOTHER HEALTHY INVESTMENT BANK getting "bailout" dough, huh?
What could $29 MILLION dollars do for YOUR COMMUNITY, taxpayer?
Oh, and HE GETS BANK-PAID PERKS for the REST of HIS LIFE!
"Logue will keep many perks in retirement" by Beth Healy, Globe Staff | October 27, 2009
When Ronald E. Logue retires as State Street Corp.’s chief executive on March 1, 2010, his salary will be cut in half to $500,000 but the executive will keep a number of perks, according to a regulatory filing the company made yesterday.
Why is he DRAWING a SALARY if he is RETIRED?
Logue, 64, will continue to serve as chairman of State Street, and will still get a company car and driver and security guard, as well as a security system at his home, according to the filing. He also will still receive elaborate health screening services generally reserved for executives and personal liability coverage and will be eligible for the life insurance and matching charitable contributions available to other State Street directors....
Oh, so HE WILL GET GOOD HEALTH CARE as YOU GET a TAX BILL, America!
Sometimes I think this is all they understand:
So where is the bucket of tar and pillowcase of feathers, America?
Logue is one of the highest paid executives in Massachusetts, earning nearly $29 million in total compensation in 2008. His pension plans are valued at more than $25 million. Meanwhile, Logue’s successor, Joseph “Jay’’ L. Hooley, 52, will serve as president and chief executive and will receive an increase in his base salary increase - to $1 million from $775,000.
An INCREASE in his INCREASE? A RAISE in his RAISE?
State Street’s board has also trimmed some of the payouts under golden parachutes, or exit-pay agreements, an area that has received enormous scrutiny by Congress and regulators since last year’s federal financial bailouts.
Pfft! Yeah, sure. Is that why thy loaded this guy with "perks?"
On Oct. 22, the company’s filing says, the executive compensation committee of State Street’s board instituted a maximum payout of $10 million in a change-of-control situation, or takeover of the company, where there previously had been no ceiling. They also said executives would get two times their base salary plus bonus.
Yeah, HOW STRICT when MILLIONS have LOST JOBS that are NEVER COMING BACK and FORECLOSURES are ROCKETING through the ROOF!
