The CEO Paying Everyone $70,000 Salaries Has Something to Hide
He did it as a legal tactic as he was being sued by his partner for overpaying himself with a 1.1 million dollar salary. So he cut his salary to 70K and gave all his lower paid employees raises to undermine the lawsuit and destroy the value of the company so he could buy out his partner on the cheap. The side benefit was all the publicity he got, and the extra money he could make taking advantage of his 15 minutes of fame.
Not surprised by this news. The whole premise of this pay raise in any case was ludicrous.
Prime example of why you need strong governance if you're a minority investor in a private company...
Interesting article. My philosophy is to beware of those who seek publicity of their good deeds. I know countless wealthy men who quietly avoid the spotlight while investing in their communities. Heck, I know countless non-wealthy people who do good day in, day out without seeking publicity.
I remember this jackass!
I saw this on the news and thought, "What an idiot!"
Guess I wasn't too far off...
I'd like to know what his ex-wife's problems with him have to do with the subject at hand (as written in the Bloomberg article). His generosity may have been a way to deal with his brother, however, his employees are thankful,(well, most of them). Why Bloomberg covered this article is suspect, because Bloomberg serves the interest of business community at large, and the Success of Dan Price could put pressure on other companies to do the same. The nature of article is dubious at best; what he did rarely happens in business in America today.
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