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Nortel Board Members Hit Jackpot!
Nortel's downsized employees, and there are many, must be happy to hear that two members of the company's board of directors--Jalynn Bennett and John McNaughton--were recently given $100,000 raises to elevate their annual compensation to $225,000 (cash, no stock). Nice pocket change considering the company just reported that it lost $136 million during the month of June; May losses were only $6 million. I think the six-figure raises were to get the two directors' compensation closer to the current chairman, David Richardson, who receives $325,000. I have nothing to say, except how do I become a member of the Nortel board? I am almost positive that I could have helped keep losses for June under $125 million, or $130 million, tops. I just can't wait to see the Nortel July financial results. If losses top $150 million maybe the directors will receive another raise, because they so deserve it so (especially when thousands of ex-employees are scrounging for jobs in a down market economy and many have no health care benefits). Maybe Nortel should see if some of the old GM board members are available, because those guys and gals really know how to lose big money, not the peanuts Nortel is losing. And don't forget to check if former Lehman Brothers, Merrill Lynch, or AIG directors are interested. They also didn't appear to have a clue what was going down with their companies.