Ex-MBIA chief gets $5.2 million to go away
It still pays to fail. MBIA (MBI) chief Gary Dunton was forced out of the bond insurer last month as the company sought to make nice with regulators led by New York’s top insurance watchdog, Eric Dinallo. But Dunton, who stepped aside for the return of Jay Brown, won’t leave empty-handed. MBIA said Tuesday in a preliminary proxy filing with the Securities and Exchange Commission that Dunton got a $1 million bonus for 2007 - a year in which MBIA shares lost 73% of their value - plus $960,000 for his efforts in raising $2.6 billion in new capital earlier this year. And that’s not all. Dunton also gets $2.55 million in cash settlement of a long-term incentive grant that won’t be paid out, and $241,000 in pro-rated bonuses for 2008 - even though MBIA shares have fallen this year. All told, Dunton is departing with $5.2 million, MBIA says - and this for doing his job in a way that led MBIA’s board to conclude that Brown is “singularly qualified to lead the company during what it believes to be the most serious challenge in its 34-year history.” Bravo.
Just think how much he would have got if he completly drove them into the ground! That guy would be rich!
Just take away 73% of his go away money!!
He still walks with 1.4 million for doing a lousy job!
This is why I am so flippin pissed off. These arses are walking off with huge sums of money, while the Fed is breaking the working man that pays taxes, and has been responsible with his money, and giving it to these jerk offs
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Hey, at least your not affiliated with Dunton, that dude is a prick