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Chapter 4. Jets, Parachutes, and Stealth Wealth: Pay for Performance or Pay ...

Chapter 4. Jets, Parachutes, and Stealth Wealth: Pay for Performance or Pay for Plundering

“My father taught me that when you play poker and win a hand, put half in your pocket and walk away from the table.”

—Vincent Galluccio, former executive at bankrupt telecom group Metromedia Fiber Networks Inc., explaining to The Wall Street Journal in an article on August 12, 2002, how he made $27 million out of selling shares in the company, which later filed for bankruptcy protection

In the summer of 2002, Edward Breen appeared poised to become a very rich man. The one-time varsity wrestler had gotten more than just a hero’s welcome from desperate investors when he took over as chairman and CEO of troubled conglomerate Tyco International. A rising share price meant that within a month of starting he was looking at the possibility of becoming one of the best-paid managers in America.


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