What sort of shit is this you ask? Well, Pfizer wants to reward three executives, one who has already left the company, for failure.
Mikael Dolsten, president of worldwide research and development, and John D. Young, group president of global established pharma business, will each receive a million bucks (easy come, easy go) because the company believes they “would have an important role in consummating the combination with Allergan and successfully integrating the two businesses.”
Naturally. That’s like giving a baseball player a bonus for being the MVP in a World Series, in spite of finishing last place.
These hypothetical scenarios playing out at PFE are an insult to shareholders, and show a total disregard for shareholders capital. It’s not like the government came out of left field with their disapproval of tax inversions. They’ve been hammering away at these deals for years. You’d think the geniuses at Pfizer would have retained the right lobbyists and advisors to make an informed decision, before entering into a $160 bill deal.
Absurd.
Oh, they’re also paying AGN a $150 million break up fee for their troubles.
Lastly, former employee, Albert Bourla, is also getting a $1 million reward–just for being at the right place at the right time. Even though he’s not with the company any longer and would not have played an integral role in the newly formed asshole of a company — he’s still cool enough to deserve a mill for his troubles.
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bushwacker2
April 5, 2016 at 12:38 am
You get what you pay for.
“These hypothetical scenarios playing out at PFE are an insult to shareholders, and show a total disregard for shareholders capital.”
Pfizer wouldn’t do that to shareholders. The money will come out of increases to Fly’s health insurance premium.
“Oh, they’re also paying AGN a $150 million break up fee for their troubles.”
That, too.
Getting milked and getting fleeced is life on the farm when you are the livestock.
Must be nice…. to suck and not only get fired but a huge golden parachute and a job the next day at a high level.
How come that never happens to the peons?
Fantasy:
Joe, you are terrible at your job. I’d like you leave right now. Here’s a check for $1M. My brother will contact you tomorrow for a CEO job. Now get out! Are we still on for drinks with the wives this weekend?
Reality:
You get a phone call from somebody you don’t know, letting you go for some unspecific reason. No need to come in Joe. The papers will be sent Fedex. Just sign them. We’ll cut you a tiny severance that might last a year for your 30 years of loyalty. Good luck with the job hunt. Don’t call us.
A whole year of severance? That’s fantasy. LOL!
open up your wallets nerds. i’m selling you my AGN 217’s tomorrow lolz
Started buying AGN this AM.
I agree. Maybe someone can help me make sense of this argument I heard on CNBC.
The deal was called off because the Justice Department changed the rules – baaad Treasury, baaad. (There have been months of hostile rhetoric from President and the Treasury Secretary about these deals and two rule changes already done by Treasury to discourage them – two warning shots as it were. Ignoring these warning shots the companies went ahead regardless.
But – not to worry, CNBC tells us, there is a solid business case that justified the deal. It certainly wasn’t just about tax avoidance (extra emphasis by CNBC host). Now, in the light of day, now that the tax advantage has gone away, one might think the companies would still do the deal but at a lower price, right. After all, the tax part was just found money. Oops. No. No more discussions. Those elusive “shareholder interests” no longer mentioned. The “solid business case” evaporated like piss on a hot sidewalk.