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May 20, 2007

Wolfowitz will get $400,000 "performance bonus

Disgraced World Bank president Paul Wolfowitz will still collect his $400,000 performance bonus on June 1st, even though he is resigning over corruption charges.

The Washington Post has an amusing story about the massive blue ribbon campaign, the symbol of the grassroots revolt against Wolfowitz. Thousands of Bank employees donned these ribbons in April. Initially the campaign was a call for good governance at the World Bank, but the ribbons came to symbolize the employees' demand for Wolfowitz to resign. The ribbons became so popular that Wolfowitz himself was spotted wearing one.

When asked why, Wolfowitz said he thought the ribbon was a statement about malaria awareness. Obviously a boss with is finger on the pulse.

I wonder if Alberto Gonzales is in line for any massive performance bonuses? Sen. Arlen Spector (R-PA) just told Face The Nation that Gonzales might resign rather than face a non-confidence vote.

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Lindsay Beyerstein: Disgraced World Bank president Paul Wolfowitz will still collect his $400,000 performance bonus on June 1st, even though he is resigning over corruption charges. ... [Read More]

» Wolfowitz to Get $400,000 Performance Bonus Tomorrow from buzzflash.net
Disgraced World Bank president Paul Wolfowitz will still collect his $400,000 performance bonus on June 1st, despite his resignation over corruption charges. [Read More]

Comments

The problem with golden parachutes is that they go to people who don't need them (the wealthy.)

If an average worker received $400,000 on the way out, that would big a huge help to him or her. But average workers don't get golden parachutes.

Addendum: If Wolfowitz were going to get the bonus even if he weren't leaving, then it's not technically a golden parachute. But similar to a golden parachute because of coincidental timing.

It's even more similar to the ethics violation over which Wolfowitz is leaving. This was supposed to be a performance-based bonus. Yet, Wolfowitz's performance objectively sucked.

He not only broke the ethics rules, he also incited an all-out revolt among World Bank staffers, and made the WB a global laughingstock.

He came to power on an anti-corruption platform, but by the end of his term the Bank couldn't even promote its major "Many Faces of Corruption" report because it was becoming friggin' embarrassing for all concerned.

Essentially his bonus is a kickback from the Bank to appease the US, which wields a lot of influence as the Bank's biggest contributor.

Another problem with "performance bonuses" is that they rarely have anything do with performance. And the problem with bank robberies is that that the money tends to go to criminals- but this isn't an objection that will move many bank robbers.

Still, this is the perfect ending to the whole affair. A contemptible fool who played a major part in destroying a nation of 25 million people is promoted up to an organization supposedly dedicated to fighting poverty and governmental corruption, which he does immense damage to; he then pockets 400 Gs on his way out the door for outstanding performance. All that's missing to this point is the Presidential Medal of Freedom.

The $400,000 is a pittance for someone of Wolfowitz' great wealth. Although the disgrace has the malodorous stench of permanence, this disesteem will not prevent him from securing even more gainful employment.In fact, it will be a great advantage.

Perhaps the bank's more masqued abetment of capitalist terror was unsuitable for Wolfowitz.Employment, perhaps along with his cohort Douglas Feith, consulting and managing the advancement of Israeli state terror, would be more sanguinary. The point being is that as long as it is involved with death. Little else matters for the war criminal.

"Fool", of course, is a pretty feeble description of someone as deeply soaked in other people's blood as Wolfowitz. Nevertheless, he's managed to continue the administration's pattern of eroding American power and influence by wielding that power and influence in the most dim-witted and thuggish manner.

Jill, when was the last time you encountered a non-malodorous stench?

The article doesn't seem to say what Wolfowitz's base salary was.

Does anyone know Wolfowitz's salary before the bonus?

Apparently that vote of confidence from Bush didn't help Wolfowitz. It seems to be working it's magic on Gonzales.

You put Tampa Back Door Ways on your blogroll. Awesome!

Michael Hussey -

Who writes "Tampa's Back Door Ways"?

$400,000? I'd be willing to fuck up as badly as Wolfie for half that amount.

"Obviously a boss with is finger on the pulse."

Shouldn't it be "his" instead of "is"? Just correcting a typo.

Who writes "Tampa's Back Door Ways"?

Vox Populi writes the blog. I think it's cool that a blogger in my area is blogrolled on an A list blog.

I'm curious as to what role Wolfowitz will play next. Presumably there is a cushy job awaiting him in some right wing think tank somewhere....

What kind of performance?

He seems like the WB edition of John Bolton, with a comb rather than a moustache.

I'm not all that upset that he has screwed things up, there. The WB is not a shining example of how to run a railroad, although it has been improving gradually until he took over: regarding the needs of more people and the situation in the actual country, rather than the opportunities that can be opened for the rich, both corporations and people.

Of course Gonzalez will get rewarded when he leaves the Justice Department. It won't be cash like Wolfowitz -- its more likely to be a nice senior partnership or an 'of counsel' position with a very cushy law firm with lots of perks.

The saddest part of all this is we'd all go to jail for pulling stunts like the Bushies do. Them? They get cushy jobs and retirement to a former pig farm.
It's really a pity this isn't France. It's really a pity this isn't 1798.

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