Wednesday, May 29, 2002
Want something to be ticked off about? Well, it appears as though the CEO of energy company Dynegy is being forced out -- and he's getting $40 million.
Why is he being forced out? According to the New York Times:
Charles L. Watson guided Dynegy from a tiny company into a member of the Fortune 500 and just six months ago appeared to have vaulted it into the top ranks of American business by agreeing to acquire Enron.
But that deal, which soon fell apart as Enron collapsed, ended up putting Dynegy under a microscope, and Mr. Watson's position weakened this year with continued disclosures of questionable accounting practices and trading techniques in the energy industry. Dynegy faces an accounting investigation by the Securities and Exchange Commission, although the company said that had nothing to do with Mr. Watson's departure.
Read the entire article here.