Thursday, December 18, 2008
LEAKED CNN MEMO
I love our Peon Confidential spies. You people do great work. You put the CIA and the MI6 to shame.
Yesterday, one of our spies sent me the Time Warner Year End Message from Jeff Bewkes. It was full of the usual "great job folks" type platitudes, and the expected "but in this tough economy, we face certain challenges."
Now, this is all true.
But what pissed off our spy was this line:
"Just as important to our future is making sure that we correctly manage our structure and costs. It's been hard, but we've made good progress on our aggressive agenda for the year."
Why is this so annoying? Well, our spy provided this nugget:
"The terms of Bewkes’ contract with Time Warner include a base salary of $2 million upon his election as chairman and an annual discretionary cash bonus with a target amount of $8.5 million. An additional long-term incentive package puts Bewkes’ total compensation at as much as $19 million."
Naturally, this prompted further analysis:
"WTF? You want to manage costs? How about not having a potential $19 million dollar pay package?"