At&t CEO Retires and Cashes In Big Time!

On Friday it was announced that at&t chairman and chief executive officer, Edward Whitacre is retiring (65 years old) and as a parting gift he will be getting a 158.5 million payout. And you thought telling your kids to become a doctor or a lawyer was the best way for them to make big money.

Being an executive of a large corporation is quickly becoming the fastest way to becoming a billionaire these days.... Believe it or not this was not the largest payout to a Chief Executive Office, that honor is held by former ExxonMobile CEO Lee Raymond, who received a 351 million parting gift back in 2005. In fact this was only the thrid largest parting gift, behind a former Wall Street Executive Richard Handler who received a measly 202 million parting prize.

Whitacre has been a long time CEO (17 years) with SBC and now at&t and no doubt moved this company into a position of dominance, but I don't think anyone deserves to get a 158 million dollar package on their way out. With so many employees in Telecom loosing their jobs, all SBC has done, is manage to squash the competition and reduce the market place.

I am just sick of this corporate greed.... no corporate executive deserves to make this kind of money and especially not when they are on their way out the door!