CEOs and their boards too chummy

For some time, I have been expressing my thoughts to friends regarding corruption existing between big business relations among CEOs and the board of directors of their corporations.

It is my opinion that an unwritten policy between board members and CEOs exists in which collusion is interrelated, i.e. CEOs of various corporations sit on the boards of other corporations and vice versa.

This opens the door for pay compensation, perks, bonuses, stock options and golden parachutes to be awarded regardless of corporate performance.

In simple terms, you scratch my back and I'll scratch yours or one hand washes the other.

The current financial situation existing in today's financial markets brings this to light.

The kind of compensation awards various CEOs have received and continue to receive is absolutely outlandish.

The time worn cliché that I see abused by corporate boards is that to get the best qualified executive, one must pay a premium.

Here are just a few names to consider as the best, Kozlowski, Ebbers, Lay and Marzullo. Based on their performances, the only thing they excelled in was incompetence and dishonesty.

One thing you might surmise from this is that you could grab the first person walking past the door and find they are just as able as Mr. Big.

For those of us in the general population who may be fortunate enough to own stock in any American corporation, consider rejecting items being proposed for adoption at annual meetings regarding excessive yearly compensation and retirement benefits.

Bob Buczynski

Des Plaines