Sweetheart clauses give incoming MTA chairman Jay Walder a possible $850G parachute

[Harry 1,088]

The next MTA chairman could get an $850,000 golden parachute to cushion his fall if he gets quickly ousted from the top post, sources said Wednesday.

 

Under a tentative agreement with Gov. Paterson, management consultant Jay Walder would walk away with a massive six-figure payout if he's booted without cause.

 

The deal promises that Walder gets a year's salary of $350,000 as severance if he gets let go at any point in his six-year term set by state legislation.

 

He also would get a as much as $5,000 a month housing allowance for a year, sources said.

 

But in an unusual pact, Walder also gets another $500,000 if he's pushed out after as little as 24 hours, sources briefed on the terms said.

 

Full story: http://www.nydailynews.com/money/2009/07/30/2009-07-30_sweetheart_clauses_give_mta_pick_possible_850g_parachute.html#ixzz0MnWyvFJ8

[SubwayGuy 2,321]

[armax1980 0]

Just wished us hourly employees got that kind of severance pay.

[Maserati7200 31]

What?! Why do these executives get paid so much money? I thought the is in a financial crisis. This guy should get $150,000 at maximum.

[CPBO 146]

See state legislatures are out of touch with us regular folks!!!!! It's a shame of the system.....and when this guy starts running things.....no breaks for no-one!!!! get ready to be a robot!!!