$1 salary !?

[Thunder]

CGMI Chief Executive Will Cut Salary to $1

David S. Wetherell, chief executive of Internet holding firm CMGI Inc., will cut his salary to $1 in the current fiscal year, the firm said. The voluntary cut is a response to the firm's "current state of unprofitability." CMGI, which runs Internet firms such as AltaVista Co., lost $5.45 billion last year. CMGI shares rose 16 cents to $2.62 on Nasdaq.

http://www.latimes.com/technology/la-000091752nov17.story?coll=la%2Dheadlines%2Dtechnology

[Nija]

and then u look at his mult-million dollar bank account and don't feel so bad....

[attgig]

and all the benefits he prolly gets from his company, like a company car.......
then the tax break he gets :D

[Thunder]

are you kidding me?...i don't feel bad...i owned/own this stock!!! got burned big time...:angry:

[DoPeY5007]

Dad is that you :heh:

[sho.gun]

I wonder how much he was making before he cut his salary, maybe he'd saved enough $$$ to last the rest of his lifetime.

[Grimm]

Considering that a large part of his compensation is in shares he needs to get the stock price up to cash out. Declining a real salary is one way to do that. It shows he is responsable and willing to do what it takes to make the company succeed. I few more good gestures and the stock will rise enough that he can cash out and bail.

[dbax791]

Originally posted by Thunder
CGMI Chief Executive Will Cut Salary to $1

David S. Wetherell, chief executive of Internet holding firm CMGI Inc., will cut his salary to $1 in the current fiscal year, the firm said. The voluntary cut is a response to the firm's "current state of unprofitability." CMGI, which runs Internet firms such as AltaVista Co., lost $5.45 billion last year. CMGI shares rose 16 cents to $2.62 on Nasdaq.

http://www.latimes.com/technology/la-000091752nov17.story?coll=la%2Dheadlines%2Dtechnology

Ha Ha. "lost" over $5 billion? Where did it go? Between his couch cushions?

I remember when this stock was over $90/share (or maybe even higher).

BTW, I like the $1 salary. I remember from business law class that courts won't rule on "fair" or "market" consideration, and that all that is required is $1 to make a legally binding contract.

So, anyone want to sell me something for $1? (It would be legal!) :D

[Grimm]

Originally posted by dbax791

So, anyone want to sell me something for $1? (It would be legal!) :D

I have a nice copper clad relief of Abraham Lincoln that I can let you have for $1.:hihi:

[leemaj]

he has stock options galore im sure, so i wouldnt worry

[BrewMaster]

Originally posted by Thunder
lost $5.45 billion last year.

how the hell do you lose $5 billion and stay in business????? I wanna be in that kinda business. I'll lose $5 billion everyyear straight into my pocket.

[g222leav]

d'oh, and here i was think mickey d's was raising their salaries