Friday, June 26, 2009

In 2008, Schering-Plough Employees' Plan-Participants Saw Depreciation of $150 Million, in Company Stock Values Alone

Schering-Plough just filed (with the SEC) its 2008 Annual Reports on Form 11-K covering its employees' saving and investment plans (one for employees in Puerto Rico, and one covering the United States employees), tonight. Together, these plans reported just under $150 million in value-declines, for the calendar year 2008 -- on Schering-Plough common stock investments held by employees, alone (forgetting about the all the rest of the general market-declines).

Meanwhile, CEO Fred Hassan's payday/GAIN -- on the reverse merger's effectiveness -- could easily top $158 million, for his personal account, alone.

That's MORE than ALL the employees' plans unrealized declines of last year, combined.

From the SEC Forms 11-K, then:

. . . .Puerto Rico | Page 12. . . ($1,779,000). . .

United States | Page 13. . . ($149,576,000). . . .

The vast bulk of these declines are now in the accounts of the lowest-paid (and in many cases, soon-to-be laid-off) Schering-Plough employees (and recent ex-employees). . . . But Mr. Hassan will parachute away, safely -- on billowing clouds of golden fleece. . . .

No comments: