This year's edition of Business 2.0: 2005's 101 Dumbest Moments in Business features an update to a previous post:
In October, American Express sues Savvis CEO Robert McCormick for $241,000 in charges he racked up on a visit to New York strip club Scores. Savvis places McCormick on unpaid leave after he admits to the visit but claims that he charged less than $20,000.
I knew all that (plus some details not mentioned in the Business 2.0 blurb), but this is new:
He later resigns, accepting more than $600,000 in severance but forfeiting almost $3 million in preferred stock.This makes his opportunity cost $2.4 million, almost ten times the amount of the Scores tab! And that doesn't even count the ass-reaming he's going to get from his wife's (presumed) divorce lawyer.
The whole list is definitely worth a read.
Posted by Chris at January 26, 2006 12:31 PM