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Announcing an Award for Greed
Old 08-14-2005, 08:10 AM   #1
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Announcing an Award for Greed

http://www.nytimes.com/2005/08/14/op...14kristof.html

"The winner of the first annual Michael Eisner Award is Andrew Wiederhorn, the chairman and chief executive of the Fog Cutter Capital Group, a publicly held company based here in Portland. Actually, as the company's Web site notes, without further explanation, "Mr. Wiederhorn is currently on a leave of absence from the company."

"Yes, he is on leave - because he's in federal prison."...

"A year ago, facing indictment on dozens of charges that could have sent him to prison for life, Mr. Wiederhorn pleaded guilty to federal charges related to an unlawful gratuity and filing a false tax return."

"The board announced that it would continue to employ Mr. Wiederhorn at full salary while he is behind bars, and it even granted him a leave of absence payment of $2 million to make up for the restitution he had to pay. Nasdaq was so disgusted that it delisted the company."
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Re: Announcing an Award for Greed
Old 08-14-2005, 08:59 AM   #2
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Re: Announcing an Award for Greed

Quote:
Originally Posted by mikew
http://www.nytimes.com/2005/08/14/op...14kristof.html

"The winner of the first annual Michael Eisner Award is Andrew Wiederhorn, the chairman and chief executive of the Fog Cutter Capital Group, a publicly held company based here in Portland. Actually, as the company's Web site notes, without further explanation, "Mr. Wiederhorn is currently on a leave of absence from the company."

"Yes, he is on leave - because he's in federal prison."...

"A year ago, facing indictment on dozens of charges that could have sent him to prison for life, Mr. Wiederhorn pleaded guilty to federal charges related to an unlawful gratuity and filing a false tax return."

"The board announced that it would continue to employ Mr. Wiederhorn at full salary while he is behind bars, and it even granted him a leave of absence payment of $2 million to make up for the restitution he had to pay. Nasdaq was so disgusted that it delisted the company."
"Fog Cutter Capital" is a great name though.

JG
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Re: Announcing an Award for Greed
Old 08-14-2005, 10:14 AM   #3
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Re: Announcing an Award for Greed

Wow, with that kind of money he will have no trouble attracting the prison "girlfriend" of his choice, paying for protection and all the yummy prison candy bars he could ever want.
Life is good
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Re: Announcing an Award for Greed
Old 08-14-2005, 12:10 PM   #4
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Re: Announcing an Award for Greed

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Originally Posted by JPatrick

Wow, with that kind of money he will have no trouble attracting the prison "girlfriend" of his choice, paying for protection and all the yummy prison candy bars he could ever want.
Life is good
guys like that go to prisons where they have to worry about green fees and keeping their tennis rackets properly strung. Now if he'd done something really bad like been caught with weed....
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Re: Announcing an Award for Greed
Old 08-14-2005, 01:20 PM   #5
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Re: Announcing an Award for Greed

Quote:
Originally Posted by mikew
"The board announced that it would continue to employ Mr. Wiederhorn at full salary while he is behind bars, and it even granted him a leave of absence payment of $2 million to make up for the restitution he had to pay. Nasdaq was so disgusted that it delisted the company."
I guess the first reaction would be one of anger.

But if the company isn't breaking the law by paying him, it's actually better for the country.

Not only did the Federal government get $2 million of non-deductible restitution from Wiederhorn after he already paid taxes on that money when he first received it, but the government (federal and state) will also get additional federal, state, social security, medicare, and unemployment taxes on the next $2 million he gets from the company.

And the government wins again.
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Re: Announcing an Award for Greed
Old 08-15-2005, 09:32 AM   #6
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Re: Announcing an Award for Greed

Quote:
Originally Posted by mikew
Nasdaq was so disgusted that it delisted the company."
Shucks, you'd think they'd have listed themselves on the NYSE. Grasso would have completely understood their thinking and agreed with it!

Hey, Martha, here's a great career move for bankruptcy lawyers. I hear Delta may be interviewing soon...
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