Fog Cutter admits the high cost of workplace absenteeism

The Oregonian reports that the board of directors of Fog Cutter Capital paid its president, Andrew Wiederhorn, $6.6 million last year, including bonuses of $5.5 million, even though the company lost nearly $4 million and Mr. Wiederhorn hasn't shown up for work since August 2.  He hasn't shown up for work because on that day he entered the federal penitentiary at Sheridan, where he's serving an 18-month sentence after pleading guilty to filing a false tax return and paying an illegal gratuity to a pension fund manager.

Fog Cutter's board isn't likely to make the offer, but for the same $5.5 million bonus I'm willing to not just not show up for work at Fog Cutter myself, but to recruit 39 of my friends to not show up for work there too, and thus to provide 40 times the non-work for the same cost.  Who says Americans can't be more productive?

Comments

[Isaac Laquedem]

The sad thing is that it's my other April 1 item that's the invention of my overactive imagination, and not this one.

[NASCAR Girl]

Hey! Sign me up! I'm prepared to not work for Fog Cutter, ever, at any price. But what must those few non-insider shareholder be thinking right about now?

[Isaac Laquedem]

Don't say that you'll not work there at any price -- hold out for a reasonable wage. Or supply a new twist to the model (Linda Evangelista?) who famously said, talking about the fees she charged, that she didn't get out of bed for less than $10,000: refuse to not show up for work for less than $100/hour.

[The Pieman]

Brilliant strategy. Now I know how to increase my income. I should get paid for not going to work, while making my $1.25/hour making license plates or handling people's ID info like they do in Oregon's correctional system (still don't understand how they didn't see the problem w/ that one...). I could make as much as another $200/month.

I love this country!