From "Contrary Indicator":
Mindful of the need to be closer to its core customer - the Pentagon -- defense contractor Northrop Grumman (NOC) is moving its headquarters from Los Angeles to the Washington, D.C. suburb of Falls Church, Virginia. Naturally, shareholders are helping to pay for the move. The standard relocation package for top executives includes the usual assistance plus "a loss on sale assistance for employees who own their home, capped at $250,000." (Translation: if you have a pre-bust $1 million mortgage on a house now valued at post-bust $750,000, the company will make you whole when you sell.) But, according to a recent filing CFO James F. Palmer is getting a check for $750,000 to help facilitate the move, which, as Footnoted.com notes, come out to $280.16 per mile for the 2,677-mile move. As for CEO Wes Bush, his new home in Virginia got "enhancements ... deemed necessary by the Company for his security" worth a cool $1.6 million.See http://finance.yahoo.com/blogs... for this and other instances of "The Most Outrageous Acts of Corporate America."
From “Contrary Indicator”:
Mindful of the need to be closer to its core customer – the Pentagon — defense contractor Northrop Grumman (NOC) is moving its headquarters from Los Angeles to the Washington, D.C. suburb of Falls Church, Virginia. Naturally, shareholders are helping to pay for the move. The standard relocation package for top executives includes the usual assistance plus “a loss on sale assistance for employees who own their home, capped at $250,000.” (Translation: if you have a pre-bust $1 million mortgage on a house now valued at post-bust $750,000, the company will make you whole when you sell.) But, according to a recent filing CFO James F. Palmer is getting a check for $750,000 to help facilitate the move, which, as Footnoted.com notes, come out to $280.16 per mile for the 2,677-mile move. As for CEO Wes Bush, his new home in Virginia got “enhancements … deemed necessary by the Company for his security” worth a cool $1.6 million.
See http://finance.yahoo.com/blogs… for this and other instances of “The Most Outrageous Acts of Corporate America.”
