The Five Dumbest Things on Wall Street This Week
4. Some Vivendi Universal Truths About the Music Business
Here at the research lab, we like to acknowledge not only Dumbness on Wall Street, but the executives who are open enough to acknowledge that such Dumbness exists -- especially in their personal history.
Which is why this week we give a big shout-out to Edgar Bronfman Jr., the CEO of Warner Music Group.
5. Barbarians at the Colgate-PalmoliveAnd this week's award for Exquisitely Bad Timing goes to ... Colgate-Palmolive (CL). On Tuesday, the consumer products giant said it would do what a lot of companies are doing these days: lay people off. Some 4,400 workers will be hitting the road over the next four years. But that wasn't the only reason C-P was in the news that day. Also on Tuesday, The Associated Press reported that 800 top executives at C-P can receive anywhere from $2,000 to $11,500 a year for -- well, for nearly anything they want, as far as we can tell. Fishing equipment. Baseball tickets for the family. Racquetball club memberships. Swimming pool maintenance. It's all covered. After all, as the AP quotes a C-P Securities and Exchange Commission filing, "routine household chores can consume precious personal and family time." A C-P spokesman told the AP that the "fair and modest" program "puts Colgate well below the median for perquisite programs among a very large comparative group." Well, that's reassuring. We're sure that the 4,400 soon-to-be-ex-Colgate-Palmolive employees are reassured by the company's equitable distribution of sacrifice, as well as its concern for top execs' precious personal and family time. We know we are.
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