Re: Spas--sorry to ruin your day but makes your point too
I'd say you've made a GREAT POINT...
Lance, if I remember correctly, took the job at a figure of between 2 and 4 million
which, after JJ Sr. seemed to be a hellava lot more shareholder equitable and, if
he proved competent at consolidating COP's assets properly, a blessed relief from
31,000,000,000.00 write-offs following 50,000,000 and 20,000,000 "bonuses" for
creating the unwieldly mass that COP had become. Hand-Picked or not, JJ Jr. started
out on the right foot as far as compensation went...Then, our over-priced BOD
decided that it was time to revert to the mean and start dishing-out the buckets of
cash to folks who were, basically, consolidating OUR assets supposedly for a
greater return to shareholders...Well, we got PSX and suddenly COP "management"
was getting JJ Sr. types of "bonuses" and "buybacks" were in full swing to
absorb some of the beaucoup new float of a company that was "consolidating".
Now I don't pretend (well, maybe a little) to understand ANY "logic" in outsized
"rewards" for folks doing what they're getting paid mighty well to do, but I'll
tell ya this, COP's cash reward to shareholders sucks cuz since we got PSX most
of the COP dollars have been channeled to buybacks with a nickle here 'n there
to keep the illusion of "competitive return"...I say B.S.! Get rid of the damned
debt and start using some of those freed-up dollars to gimme a BETTER THAN
COMPETITIVE RETURN TO SHAREHOLDERS...We've got the assets to LEAD! Screw the rest
of the industry and get COP where it belongs in the pecking-order of "RETURN