An executive-size paycheck doesn’t equal perfect job performance. Almost half of the highest-paid CEOs in the US over the past two decades ended up being fined or fired, according to a new study out of the Institute for Policy Studies.
Over the past 20 years, 22% of the highest-paid CEOs headed firms that ended up getting a taxpayer bailout or collapsing into oblivion…8% had to pay fraud-related fines or settlements…and another 8% ended up being booted (not to worry – the average golden parachute was about $48 million).
An example of the disconnect between pay and performance: Dick Fuld. As CEO of Lehman Brothers, his total pay amounted to $466.3 million. He made the highest-paid list for eight years in a row…then the firm collapsed and opened the floodgates to the financial crisis.