Joe Papa Had 67 Million Reasons to Leave $PRGO for $VRX

I hope the company bankrupts itself and everyone goes to prison…for life sentences.

Joe Papa aka Mr. Potato Head will be paid $67.4 million for the top spot at the retarded pharmaceutical company dubbed Valeant.

Papa, who is to take over the drugmaker next month, will get a $1.5 million salary, a target bonus of $2.25 million, and a special $8 million cash payment to compensate him for lost shares of Perrigo Co., which he ran until it was announced this week that he was taking over Valeant. In addition, he’ll get restricted stock and options worth $56 million. The value of the stock is based on Valeant’s April 27 closing price.

With the amount of options granted, should Papa be able to turn this disaster around, he stands to make an absolute fortune.

Never mind the inconvenient truth that Papa had failed to preserve shareholder value at PRGO over the past 3 years, whose share have scathingly fell lower to the tune of -50%.