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Midway execs get rich while company crashes


While Midway collapses, the fabulous salaries of the executives who brought the company to its knees are coming under scrutiny. TGR has a great post up about the ridiculous compensation the higher-ups at Midway were receiving over the last couple of years -- right as hundreds of employees are set to lose their jobs.

Let's see here -- former CEO David F. Zucker made $4.5 million over the past two years. Current VP Martin Spiess made a little over a half million in 2007, which is about the same amount current CEO Matt Booty also made. TGR puts it in perspective: if the average industry salary is about $50k, Zucker's take over the last two years "could have paid for all 180 of those workers [who lost their jobs] to be employed at full pay for another six months." That logic and math might be a little fuzzy, but it's always disheartening to see the ineffective executives make out like bandits.

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