by: Sam Stein
The insurance giant Cigna last year gave compensation packages worth more than $120 million to two executives who left the company, according to a filing with the SEC on Friday.
The vast majority of that total went to former chairman and CEO H. Edward Hanway who left his post with a retirement package worth $110.9 million -- which included $18.8 million in executive compensation for 2009, as well as a healthy pension plan, deferred compensation and stock options.
Full article at huffingtonpost.com
Umm...wow. People, myself included, can't afford health insurance and everyone searching for cheaper methods of getting such and then we find this. What are we supposed to say? In my opinion, no one person should need that much money.
In 2009, H. Edward Hanway received $10.27 million in total compensation(I know, two separate numbers..I just follow the articles) and a 5 year total of $121.35 million according to Forbes. So why does this man need another $110 million to retire? Why not take that money and give insurance to those that can't afford it? Or at least lower premiums.
I know, I love the figure of 10%, but with 10% of his retirement, I could live the rest of my life, or least close to it, very comfortably. I am sure that there are many others that could so as well. I am very curious what he needs all that money for besides to live excessively. No one needs that much money, in my personal opinion. I can't even imagine what to do with $110 million. Well, I'm sure I could come up with some things, but still.
By all means, if you have anything to add to this, or wish to comment yourself, please post. If there is something you wish to see posted here, or something you would like to hear my views on, again, feel free to post the subject and I'll look into it and you may just see it here tomorrow.
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