Remember just a little while, back when Circuit City (CC) approved multi million dollar awards to executives for just showing up for work, performance be damned? MBIA (MBI) must have thought that was a great idea…
MBIA said in a filing to the Securities and Exchange Commission that it’s making the lowest annual bonus payouts in the company’s history, with some bonuses cut by more than 50%. But it’s realigning salaries, so that some officers will get “significant” increases. MBIA also approved cash retention awards of up to $2.25 million for executives other than Brown.
Well, one has to wonder how any bonuses are being paid at all. What are the metrics? Destruction of profits and shareholder value? Because, that is really the only thing they have accomplished over there this year. Maybe they gave bonuses for the “Best snotty remark towards Bill Ackman”?
Retention awards, why? Let them all go. Bring in a new bunch, could they really do any worse? Really? Have shareholders finally had enough yet?
I really cannot wait to hear what Ackman or Whitney Tilson have to say about this. Feel free to email me if either read this.
Disclosure (“none” means no position):None
