Harry Posted July 31, 2009 Share #1 Posted July 31, 2009 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 Link to comment Share on other sites More sharing options...
SubwayGuy Posted July 31, 2009 Share #2 Posted July 31, 2009 Link to comment Share on other sites More sharing options...
armax1980 Posted July 31, 2009 Share #3 Posted July 31, 2009 Just wished us hourly employees got that kind of severance pay. Link to comment Share on other sites More sharing options...
Maserati7200 Posted July 31, 2009 Share #4 Posted July 31, 2009 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. Link to comment Share on other sites More sharing options...
CPBO Posted July 31, 2009 Share #5 Posted July 31, 2009 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!!! Link to comment Share on other sites More sharing options...
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