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10-30-2008, 06:03 AM
Here's some more spread the wealth.
Just heard this on CNBC -
Merck(MRK Quote - Cramer on MRK - Stock Picks) reported third-quarter earnings that were in line with expectations on Wednesday, factoring out a restructuring charge, but the drugmaker said it would continue its cost-cutting efforts and eliminate more jobs...The company's job cuts will result in the reduction of 7,200 positions, including 6,800 active employees, by 2011. The company said about 40% of the jobs will be in the U.S...
So looks like that's about another 2500-3000 US jobs going bye bye. Merck not only benefited from the Bush tax cuts, from Republican defeat of any bills that tried to give the Gov the OK to negotiate prices on drugs. And the result - jobs cuts & a big raise for the CEO.
Richard Clark - CEO Merck
Total Compensation: $14.5M
2007 Revenue: $24.2B
2006 Revenue: $22.6B
Change: 7%
Details: 2007 was a great year for Merck, with the company making significant progress on the five year turnaround plan enacted after the Vioxx scandal. The company's good fortunes led to an 80 percent hike in compensation for CEO Richard Clark. It included $1.62 million in base pay, 37 percent more than 2006 levels, and $8.23 million in stock and options grants. In addition, Clark got $4.31 million in incentive pay, plus about $360,000 worth of miscellaneous items like retirement-plan matching funds ($10,125), a home security system ($51,024), and commuting costs ($18,686).
Anyone here get an 80% salary increase & a free $50,000+ home security system this year?
Just heard this on CNBC -
Merck(MRK Quote - Cramer on MRK - Stock Picks) reported third-quarter earnings that were in line with expectations on Wednesday, factoring out a restructuring charge, but the drugmaker said it would continue its cost-cutting efforts and eliminate more jobs...The company's job cuts will result in the reduction of 7,200 positions, including 6,800 active employees, by 2011. The company said about 40% of the jobs will be in the U.S...
So looks like that's about another 2500-3000 US jobs going bye bye. Merck not only benefited from the Bush tax cuts, from Republican defeat of any bills that tried to give the Gov the OK to negotiate prices on drugs. And the result - jobs cuts & a big raise for the CEO.
Richard Clark - CEO Merck
Total Compensation: $14.5M
2007 Revenue: $24.2B
2006 Revenue: $22.6B
Change: 7%
Details: 2007 was a great year for Merck, with the company making significant progress on the five year turnaround plan enacted after the Vioxx scandal. The company's good fortunes led to an 80 percent hike in compensation for CEO Richard Clark. It included $1.62 million in base pay, 37 percent more than 2006 levels, and $8.23 million in stock and options grants. In addition, Clark got $4.31 million in incentive pay, plus about $360,000 worth of miscellaneous items like retirement-plan matching funds ($10,125), a home security system ($51,024), and commuting costs ($18,686).
Anyone here get an 80% salary increase & a free $50,000+ home security system this year?
Past RTR member