Don’t worry, not urban legend, but I heard this on AM 1040 here in Tampa this morning as I drove to work. Blew me away. I was hoping some of you may have heard or read about it and have more information.
According to recent reports, John Snow and CSX had an arrangement where when he left CSX; instead of receiving compensation for 15 years of service, his “exit” package was to reflect 40 years of service, guaranteeing him more than $2 Million+ per year. I don’t remember if it was for the rest of his life or for a set number of years. This was done with the board’s approval.
The kicker: The 2 million was common knowledge, but the re-classification of his years of service so he could receive the 2 million was kept quiet at the executive level.
On top of that just before he left CSX, he was involved in a deal where one of the CSX subsidiaries involving port assets and container operations would be sold to UAE. Nothing illegal about that, and Snow likely benefited from that deal with the expected executive performance bonuses.
However according to the news brief because of his present position, Snow is involved with the current controversial port deal. The reporter wondered if there was a “potential” conflict of interest for snow, since he’s still benefiting from his CSX benefits.
Anyway, I don’t want this to become political. I was just hoping that some of you may have some more info.
It sure would be pretty disgusting if the allegation of the years of service is true. Especially since there have been many articles of CSX managers clearly stating that there was little or no money available for more repairs to infrastructure, or to increase the number of needed shop or track maintenance personnel.
When I think of Enron, The United Way, and other companies in the current limelight I think that CEO’s pay and perks far exceed what is reasonable for any company to be paying a CEO. The people who end up financing these HUGH and outreageous pay/perks/stock options/etc., are the working class people-- those who buy the product or service and those at the company who make or provide the service/product.
When Snow was appointed to his current position many questioned if he actually had the experience and knowledge necessary for the position. I believe we all know how the rank and file people of CSXT think.
I have heard nothing locally about this current deal involving Snow. I have been way to busy lately to be able to read magazine or papers and keep up with important news either.
When it comes to Washington D.C., politics, big business, and money, you can bet they all are in bed together.
I thjink young people learn not so much by what we say but what we do. I can’t help but be depressed when you think of the example of ethical leadership and values these folks provide to young people considering a business career. I wi***hey would drop off the radar into oblivion.
When a corporation does well, it’s called a reward, when it does poorly it’s called an incentive. A common reason given for high salaries is CEOs only last an average of 18 months on the job. This gives them significant time off for R&R between jobs.
If one takes China out of the equation, inflation has been running at near double digits for the past 5 years. Combined with a near 30% devaluation of the dollar, also largely hiden by cheap Chinese imports, buying a German or Italian supercar is a lot more expensive than it used to be. Also the ‘common-folk-adjusted’ price of gas or diesel has jumped from 20 cents/gallon to 30 cents, significant when it takes 1000 gallons to fill up the yacht for a weekend cruise. $2 mil just isn’t what it used to be.[:I][;)]
You’ve hit on a the very issue that’s been plaqueing us for years. Young business students since the 1980s have been taught to “think ruthless” when it comes to business. I can only imagine what the new generation of young people that are in business colleges today are going to be like when they become the coroporate executives of the future. The picture, while still blurry, doesn’t look very pretty.
Having only heard John Snow speak a couple of times, I am left with the inpression that he is a consumate 'bird seed salesman"; someone who has no compunction about telling people what he thinks they want to hear.
In Kansas, he’d be the kind of guy who, after you had shook his hand, you’d want to put your hand on your wallet…Just to check it was still there.
Sam
I get a kick out of people like John Snow. He thinks he has it all together. He thinks he is untouchable. He thinks he is powerful because of all of his wealth. Yet it is that same wealth and greed which I believe will prove to be his undoing. If not in this life with legal troubles, he will certianly come to regret his greed in the next, I am sure.
What’s saddening it that even though this is “basically” over now, he was pushing hard for the port deal.
I’d would love to ask him face to face “Is a financial windfall a more important priority than security? Especially while dealing with a “friendly ally” that has openy supported Hamas with millions of dollars, and didn’t even make an effort to hide that fact?”