How much is too much?
I am all for capitalism! I want everyone who goes into a reputable business to make as much money as they can. Everyone! But my question is:
How much is too much?Today, Wallace D. Malone, Jr., Vice Chairman and a director of the Wachovia Corporation (formerly the CEO of Southtrust in Birmingham, AL) is retiring @ 69. Having lived in Alabama, Southtrust is a strong bank and from what I've heard Mr. Wallace deserves to make a good living because he worked hard, plus he is a UA grad! Wachovia is paying Malone $6.67 million up front. He will retain the automobile owned by Wachovia that he is using at the time of his retirement, valued at approximately $58,500. Mr. Malone will be provided with office space and administrative support for a period of five years. ($200,000 value). He will receive defered compensation of $34.61 million in stocks. $1.66 million will be paid in retirement. In addition, lump sum payments aggregating $33.88 million are payable to Mr. Malone following his retirement. On top of this he will receive an annual retirement benefit (subject to earnings adjustments) in the amount of approximately $10,545 for a period of ten years. Plus they are paying him a non-compete for 3 years. Maybe he deserves all of this money. I just wonder about those employees who have worked for 30-40 years @ Southtrust- what will they receive? A watch? I don't know the answer to "how much is too much". I just see people hurting everyday and wonder "how much is too much?" With Enron, MCI, TYCO and other scandals, you wonder why the public is so sceptical of CEO's and major corporations. I believe in the trickle down theory of Regan. But, when does it trickle down to the those who work hard everyday. I know people who work years and give loyalty to a company to be tossed aside by the greed of stockholders and CEO's. Can they not live say on $5 million! Look, if Mr. Malone doesn't have a local church, I invite him to send his tithe to my church. My friend Jason could use the money for his start-up church. There are millions of people in Africa dying of AIDS. He is probably a very generous man. I'm sure he gives a lot of his money away. I don't fault him for making all of the money he can. But, "how much is too much?" I realize I'm saying this as a man who is lucky to have a savings account. I don't want to be rich. I just wish we could see our country be more balanced financially. Happy retirement! I pray God will use you to make a difference in the world.
posted by Kevin Bussey at 1/31/2006 09:08:00 AM