Saturday, January 28, 2006

CNN's 100 dumbest moments in business 2005

I was browsing through the dumbest moments of 2005 when I came across this one, which exemplifies one of the wonderful byproducts of unfettered capitalism.

Three and a half years after filing for Chapter 11, Polaroid is sold to Petters Group Worldwide for $426 million. Chairman Jacques Nasser and CEO J. Michael Pocock walk away with $12.8 million and $8.5 million, respectively. More than 4,000 retirees, meanwhile, receive one-time checks for $47 but lose their medical and life insurance benefits.

In case you are interested, $21.3 million divided by 4,000 equals $5,325.

Find the full list of dumbest moments here. The excerpt above is number 17.

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