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In ailing economy, CEOs take the hardest hit.

Just few months ago, Eugine McOverpaid, a chairman of the second largest west- coast natural gas supplier, was eyeing a $13 million yacht. This morning, he drove himself to work. “First they took away my car and gave me a Taurus instead, Ford Taurus, for God’s sake. And to add insult to the injury, they reassigned my personal driver of 12 years to a service department. He drives a truck now. Now, 3 days out of week I, myself, must drive to work and back. This is outrageous.” McOverpaid is not alone in his frustration: with the economy spiraling downward, growing number of executives find it harder than ever to maintain the lifestyle they had in more affluent times. Earning by America’s 500 largest companies shrank by 84.7 percent, and last year’s profit of $98.9 billion was the worst in the Fortune 500’s history. Shrinking corporate profits and stockholders questioning themselves what should be considered a fair pay, CEO’s compensation has plummeted tremendously.
Palm Beach, FL. In this gated community, which is a home to more milliners than any other town in the nation, things might look as they always did, but this tranquility is deceiving.Behind closed doors, the spirits are low. “People are worried sick. They’ve seen their bonuses dropped to lousy six-figure numbers from what they used to get. Private planes they used for, like 50 or 60 miles trips are being taken away; last week, my next door neighbor had to fly commercial to Washington, D.C. for that bailout money of ours. Have you ever flown commercial, like some regular taxpayer? He did not tell anybody but story leaked to the press somehow and now the guy is too ashamed to show in public. And to top it off, spouses are not being very supportive too. My wife just served me with divorce papers last night and I know at least 6 guys who are in the same boat.” one resident, who wished to stay anonymous, told our reporter. Indeed, most experts agree that marital troubles and economy are closely connected and could serve as good indicator of financial markets.
Michelle Immoralez a divorce attorney who made her name on high-profile cases comments: “when it comes to all things financial, so called “trophy wives” are smarter than your average economics professor. With volatile stock market, they do know that now it might be the best time to get out of marriage and cash in on half of those stock options secured to them by prenuptials while they still can. So when I see a number of my clients climbing 40 percent in first quarter, I know that things are not going to get better anytime soon. Oh, did you hear that Mel Gibson’s wife is finally divorcing him after 28 years and 7 kids?”
William Richsky, co-founder of “Golden Parachute”, San Francisco based non-profit aimed to provide legal help and counseling to CEOs in this trying time, agrees with Michelle’s assessment. “Folks are really suffering out there.” In the last month alone number of people that reach us for help, has quadrupled and overall situation is very gloomy. Just yesterday, hedge-fund manager on the verge of suicide called our 24- hours hot line. Poor fella was forced to buy a year old Bentley for $250 000 instead of that $1 million Bugatti that was hand-made in Italy”. For cases like this Richsky has professional psychologists on staff, and this time they were able to prevent the tragedy. “You have to understand the impact this economy has on people who are used to spend Christmas in Swiss Alps, could take a weekend getaway to Paris or Rome every month, and now have to choose between a summer in The Hamptons and winter in Mexico. They are devastated, depressed.” Back on west-coast, Eugine McOverpaid cannot hide his anger. “Something needs to be done soon. Out of $700 billion in bailout money approved by Congress there is still around $135 billion left. And what does the President do? He tries to put $500.000 cap on our bonuses-that’s what. Only one in ten Americans today is on food stamps-- that’s just 32
million of people—and he just raised the monthly benefits by 13 percent? We need that money, not them. Mr. President, this is America after all, and it’s your job and responsibility to preserve our free and capitalist society”