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Comments Credits
Comments by YACCS
Wednesday, February 22, 2006

By the way....................


Capitalists are no more capable of
self-sacrifice than a man is capable
of lifting himself up by his own bootstraps.

Lenin


Sisyphus Shrugged posted up this interesting tidbit

the port thing
David has a different slant on the port controversy (did you hear that Our Fearless Leader is planning to whip out his veto for the first time ever to defend the right of a company controlled by a foreign government to provide security for our busiest ports?)

In other port takeover news, Kos points out that Rumsfeld, one of the board who signed off on this deal, claims not to know any of the details, and Steve makes the interesting connection that the head of the board that signed off on this deal is the former Chairman of CSX, a company that sold out to the putative takeover target for $1.15 billion in 2004.

According to Mr. Snow's most recent financial disclosure form (available here) Mr. Snow "received CSX-related income of $72.2 million last year, with $33.2 million of that in a special retirement pension."

He also received this from CSX
CSX OMNIBUS INCENTIVE PLAN
Notice of Non-Qualified Stock Option Grant
John W. Snow
Grant Date: July 16, 2001
Options Granted: 800,000
Option Price: $38.775
Expiration Date: July 16, 2011

CSX Corporation ("CSX") has granted to you non-qualified stock options
("Options") to purchase CSX common stock. Your grant has been made pursuant to CSX's Omnibus Incentive Plan (the "Plan"), which, together with the terms contained in this Notice, sets forth terms and conditions of your grant and is incorporated herein by reference. A copy of the Plan is available on the CSX intranet (http://csxnet) under "Incentive Plans." You should review the terms of this Notice and the Plan carefully. The capitalized terms used in this Notice are defined in the Plan, except where it is indicated that such terms have the meaning given in the Employment and Consulting Agreement dated as of July 11, 2001 between you and CSX (the "Service Agreement"). Unless you notify the CSX
Corporate Secretary in writing that you do not accept the Option, you will be deemed to have agreed to the terms of this Notice and the terms of the Plan. CSX reserves the right to terminate, change or amend the Plan at any time. Receipt of this grant does not obligate CSX to make any additional grants to you.

Vesting and Exercisability:
The Options may be exercised only when vested. Subject to the terms of the Plan and the provisions below, all of the Options will become vested on the date of 2004 Annual Meeting (as defined in the Service Agreement) and will expire on July 16, 2011.

In addition, the Options will become fully vested immediately upon a Change in Control.

Any termination of your employment, other than a termination by CSX for Cause, will be treated as a Retirement (including without limitation a termination because of your death or Disability), with the results that (i) the Options will continue to vest as set forth above (if they have not previously vested) and (ii) you (or your estate) will have until the expiration date to exercise any vested Options.

Any termination of your employment, other than a termination by CSX for Cause, will be treated as a Retirement (including without limitation a termination because of your death or Disability), with the results that (i) the Options will continue to vest as set forth above (if they have not previously vested) and (ii) you (or your estate) will have until the expiration date to exercise any vested Options.

Well, control changed.

And the options are all vested now.

OK, show of hands: who is very, very sure that John Snow's only interest here is the good of the United States?

OK, what if I tell you that not only did CSX under Mr. Snow's leadership not pay any taxes to the United States Government in three out of the last four years he ran it (while making a profit of close to a billion dollars), they were awarded $164 million in tax rebates during that period?

OK, another show of hands: who is very, very sure that John Snow's only interest here is the good of the United States?

posted by Steve @ 3:19:00 AM

3:19:00 AM

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