Underperform and lose money for investors but still pull in monster bonuses. Who says America is not the land of opportunity? It got Bush to the WH so why shouldn't it work for others? How many more times are investors going to have sand kicked in their faces before they rebel? Sadly, this is the new-new economy that rewards scoundrels and helps maintain the status quo. With so much global competition out there, this strikes me as an odd way of competing, but the GOP has gone to great lengths in recent times to reward the biggest corporations at the expense of small business so it should hardly come as a surprise.
Four more top executives of the Las Vegas Sands, which owns the Venetian Resort Hotel and Casino, received more than they should have. The total in excess bonus payments for the five men was $2.8 million.The compensation committee of the board conceded that it had made an error. But it said that "the outstanding performance of the company in 2005" justified the extra money, and it allowed the executives to keep it.
Shareholders of Las Vegas Sands did not fare as well. The value of their holdings fell 18 percent last year.
