Duke Energy Kicks Out New CEO After 20 Minutes, Pays Him $45 Million

Duke Energy Kicks Out New CEO After 20 Minutes, Pays Him $45 Million

Two weeks ago, regulators approved the merger of two utility companies, Duke Energy and Progress Energy, both based in North Carolina. The merger of smaller Progress with larger Duke created the largest electric utility in the United States. Progress Energy CEO Bill Johnson was approved as CEO of the merged company. It was all very corporate and mundane until the corporate intrigue started. Johnson was on the job for about twenty minutes before board members from the Duke side asked for his resignation, replacing him with Duke CEO Jim Rogers. Not that there’s any need to cry for Johnson: he’ll get $45 million for that twenty minutes of work, and for keeping his trap shut about why he was ousted. [More]

$1.9 Million BofA CEO Made In 2010 Wasn't Enough So He Got $8.1 Million Last Year

$1.9 Million BofA CEO Made In 2010 Wasn't Enough So He Got $8.1 Million Last Year

Just as an NCAA hoops power needs a driven coach to lead the way through March Madness, a corporation seeking the Worst Company in America Golden Poo needs a CEO who manages to rake in ludicrous pay raises. [More]

Company Pays Man It Never Employed For More Than 4 Years, Sues To Get Money Back

Company Pays Man It Never Employed For More Than 4 Years, Sues To Get Money Back

Anthony accepted a job at New Jersey telemarketing company Avaya Inc. in September 2002 but decided at the last minute not to start working for the company.

Banks To "Earn" $38.5 Billion From Overdrafts This Year

Banks To "Earn" $38.5 Billion From Overdrafts This Year

Consumers aren’t the only ones looking to save money and gain a little extra cash on the side. Banks are people too, you know! In the face of toxic assets and credit card delinquencies, they’ve come up with a plan to increase their revenue: New fees! Higher fees! Higher minimum balance requirements! Trickier overdrafts!