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Thread: Founder of Comcast will get paid even if he dies.

  1. #1

    Founder of Comcast will get paid even if he dies.

    [QUOTE]After Roberts dies, salary will live on
    By DEBORAH YAO, AP Business Writer
    Sat Dec 29, 7:53 AM ET

    The 87-year-old founder of Comcast Corp.'s pay will keep going to his beneficiaries for five years after his death under a new agreement.

    Ralph J. Roberts' new salary agreement takes effect on Jan. 1, according to a document the company filed Friday with the Securities and Exchange Commission. The pact succeeds Roberts' current compensation deal, which expires next week.

    Philadelphia-based Comcast said the new agreement, signed by both parties on Thursday, provides benefits comparable to what Roberts had under the existing deal.

    Comcast also said that John Alchin, its co-chief financial officer and treasurer, will be retiring at the end of the year. Michael Angelakis, who has been co-chief financial officer since March, will become sole CFO and treasurer on Jan. 1.

    Roberts, whose son now heads the company, sits on the board of directors and is chairman of its executive and finance committee.

    In 2006, Roberts was paid a salary of $1.8 million. His full 2007 salary and benefits will be disclosed when the company files its proxy statement next year.

    The new agreement gives Roberts' beneficiaries his 2007 salary for five years after his death. It also gives the beneficiaries his annual performance-based cash bonus, whatever has accrued but not yet paid out, after his death.

    His wife, if she survives him, will get health and welfare benefits for life.

    [B]If Roberts becomes mentally or physically disabled for six months and can't do his job, Comcast may terminate his position. If that happens, he will get his salary for five years and benefits for life. If Roberts dies before the five years is over, the money goes to his beneficiaries[/B].

    The agreement will stay in effect with Comcast's successor company in the case of an acquisition, restructuring or similar event.

    Shares of Comcast fell 3 cents to $18.40 on Friday.[/QUOTE]
    [url]http://news.yahoo.com/s/ap/20071229/ap_on_bi_ge/comcast_founder_s_compensation;_ylt=Aj4zwyl0BSYgTAOBu7CUoW6s0NUE[/url]

  2. #2
    Deferred comp, and?

  3. #3
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    Well, that explains why cable is so expensive.

    Stick it to 'em... [url]http://quicksilverscreen.com/[/url]

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    :zzz::zzz::zzz:

  5. #5
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    Happens all the time. Whats the big deal? If you think for a second that Comcast doesn't have Key Man insurance on him to cover that salary you are a fool.

    The CHEAPEST thing that could happen for Comcast is for him to knock off tomorrow. Then the insurance company will pay the salary and not Comcast and the insurance premiums will cease.

    By-the-way, if you cannot grasp what I am talking about, don't ever go into business for yourself, become a Prinicpal, C-Level Exec or President of a company.

  6. #6
    The way I understand Key Insurance it is used primarily to protect the business. Will the policy cover the lifetime health benefits?

    Thanks for the arrogance in your post as well. Well done.

    [QUOTE=JetFanTransplant;2288278]Happens all the time. Whats the big deal? If you think for a second that Comcast doesn't have Key Man insurance on him to cover that salary you are a fool.

    The CHEAPEST thing that could happen for Comcast is for him to knock off tomorrow. Then the insurance company will pay the salary and not Comcast and the insurance premiums will cease.

    By-the-way, if you cannot grasp what I am talking about, don't ever go into business for yourself, become a Prinicpal, C-Level Exec or President of a company.[/QUOTE]

  7. #7
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    [QUOTE=JetFanTransplant;2288278]

    By-the-way, if you cannot grasp what I am talking about, don't ever go into business for yourself, become a Prinicpal, C-Level Exec or President of a company.[/QUOTE]

    Us serfs don't understand.
    We are a simple folk.

  8. #8
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    [QUOTE=cr726;2289109]The way I understand Key Insurance it is used primarily to protect the business. Will the policy cover the lifetime health benefits?

    Thanks for the arrogance in your post as well. Well done.[/QUOTE]

    It works both ways. Back in the day they used to use a "split-dollar" plan that protects the income of the insured and the cost to the business. This allows protection to the "key-man" and their beneficiaries. It's a very common practice in contract negotiations for exec level positions.

    It is even MORE common for partnership arrangements where the partners insure one another so the business can be "bought out" by a surviving partner and protect the family of the deceased who may not have any skills or abilities to run/work the business.

    As for the health benefits, once again, a very normal practice. Both my parents are retired AT&T, both have lifetime health benefits as part of their retirement packages. Further, if one of my parents predeceases the other, they both have survivorship clauses in their retirement benefits.

    The life-insurance package I was describing above will not cover the health benefits, but the group health plan most likely is. Again, nothing abnormal here.

    The arrogance in my ealier post is my gift to you.

  9. #9
    Both of your parents are truly lucky they retired when they did. AT&T and the majority of companies have pulled lifetime benefits from their contracts and retirement packages.

    Do you think Roberts needs this package? You think he will be starving in the streets once he retires without it?


    [QUOTE=JetFanTransplant;2289119]It works both ways. Back in the day they used to use a "split-dollar" plan that protects the income of the insured and the cost to the business. This allows protection to the "key-man" and their beneficiaries. It's a very common practice in contract negotiations for exec level positions.

    It is even MORE common for partnership arrangements where the partners insure one another so the business can be "bought out" by a surviving partner and protect the family of the deceased who may not have any skills or abilities to run/work the business.

    As for the health benefits, once again, a very normal practice. Both my parents are retired AT&T, both have lifetime health benefits as part of their retirement packages. Further, if one of my parents predeceases the other, they both have survivorship clauses in their retirement benefits.

    The life-insurance package I was describing above will not cover the health benefits, but the group health plan most likely is. Again, nothing abnormal here.

    The arrogance in my ealier post is my gift to you.[/QUOTE]

  10. #10
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    [QUOTE=cr726;2289124]Both of your parents are truly lucky they retired when they did. AT&T and the majority of companies have pulled lifetime benefits from their contracts and retirement packages.

    Do you think Roberts needs this package? You think he will be starving in the streets once he retires without it?[/QUOTE]

    Yes, they were lucky they retired when they did... I know that these kinds of benefits are a dying breed.

    Does Roberts NEED this type of package... probably not. But what does NEED have to do with it? This is what was negotiated by him and the B-O-D.

    I fail to see the controversy you seem to be seeking, unless you want to say that there was some type of shenanigans in the dealing since his son runs the company now. But even if... it's his company, he can structure his salary and benefits any which way he wants.

    Let me ask you this... do any of these guys NEED this type of payroll?

    Year / Top 25 players
    2007

    Rank Player Salary Team
    1 Freeney, Dwight $ 30,750,000 Indianapolis Colts
    2 Bulger, Marc $ 17,502,040 St. Louis Rams
    3 Davis, Leonard $ 17,006,240 Dallas Cowboys
    4 Adams, Gaines $ 15,434,000 Tampa Bay Buccaneers
    5 Geathers, Robert $ 14,000,000 Cincinnati Bengals
    6 Redding, Cory $ 13,625,000 Detroit Lions
    7 Dockery, Derrick $ 13,504,680 Buffalo Bills
    8 Bush, Reggie $ 13,375,960 New Orleans Saints
    9 Dielman, Kris $ 13,305,280 San Diego Chargers
    10 Johnson, Larry $ 13,300,000 Kansas City Chiefs
    11 Ferguson, D'Brickashaw $ 13,253,380 N.Y. Jets Jets
    12 Young, Vince $ 13,143,000 Tennessee Titans
    13 Thomas, Adalius $ 13,006,720 New England Patriots
    14 Porter, Joey $ 13,000,000 Miami Dolphins
    15 Williams, Mario $ 12,981,240 Houston Texans
    16 Grant, Charles $ 12,800,000 New Orleans Saints
    17 White, DeWayne $ 12,605,400 Detroit Lions
    18 Vasher, Nathan $ 12,354,560 Chicago Bears
    19 Hawk, A.J. $ 12,221,770 Green Bay Packers
    20 Tillman, Charles $ 12,104,720 Chicago Bears
    21 Kelsay, Chris $ 12,100,000 Buffalo Bills
    22 Polamalu, Troy $ 11,576,920 Pittsburgh Steelers
    23 Barnett, Nick $ 11,475,000 Green Bay Packers
    24 Fletcher, London $ 11,410,000 Washington Redskins
    25 Clements, Nate $ 11,100,000 San Francisco 49ers

  11. #11
    [QUOTE=cr726;2289124]Both of your parents are truly lucky they retired when they did. AT&T and the majority of companies have pulled lifetime benefits from their contracts and retirement packages.

    Do you think Roberts needs this package? You think he will be starving in the streets once he retires without it?[/QUOTE]

    Since when did pure "need" become part of the calculations for salary and benifits?

    I just don't understand you're constant issue with the slaries and benifits of others.

  12. #12
    Professional baseball and/or basketball players would be a better argument. They have guaranteed salaries unlike the NFL.

    [QUOTE=JetFanTransplant;2289135]Yes, they were lucky they retired when they did... I know that these kinds of benefits are a dying breed.

    Does Roberts NEED this type of package... probably not. But what does NEED have to do with it? This is what was negotiated by him and the B-O-D.

    I fail to see the controversy you seem to be seeking, unless you want to say that there was some type of shenanigans in the dealing since his son runs the company now. But even if... it's his company, he can structure his salary and benefits any which way he wants.

    Let me ask you this... do any of these guys NEED this type of payroll?

    Year / Top 25 players
    2007

    Rank Player Salary Team
    1 Freeney, Dwight $ 30,750,000 Indianapolis Colts
    2 Bulger, Marc $ 17,502,040 St. Louis Rams
    3 Davis, Leonard $ 17,006,240 Dallas Cowboys
    4 Adams, Gaines $ 15,434,000 Tampa Bay Buccaneers
    5 Geathers, Robert $ 14,000,000 Cincinnati Bengals
    6 Redding, Cory $ 13,625,000 Detroit Lions
    7 Dockery, Derrick $ 13,504,680 Buffalo Bills
    8 Bush, Reggie $ 13,375,960 New Orleans Saints
    9 Dielman, Kris $ 13,305,280 San Diego Chargers
    10 Johnson, Larry $ 13,300,000 Kansas City Chiefs
    11 Ferguson, D'Brickashaw $ 13,253,380 N.Y. Jets Jets
    12 Young, Vince $ 13,143,000 Tennessee Titans
    13 Thomas, Adalius $ 13,006,720 New England Patriots
    14 Porter, Joey $ 13,000,000 Miami Dolphins
    15 Williams, Mario $ 12,981,240 Houston Texans
    16 Grant, Charles $ 12,800,000 New Orleans Saints
    17 White, DeWayne $ 12,605,400 Detroit Lions
    18 Vasher, Nathan $ 12,354,560 Chicago Bears
    19 Hawk, A.J. $ 12,221,770 Green Bay Packers
    20 Tillman, Charles $ 12,104,720 Chicago Bears
    21 Kelsay, Chris $ 12,100,000 Buffalo Bills
    22 Polamalu, Troy $ 11,576,920 Pittsburgh Steelers
    23 Barnett, Nick $ 11,475,000 Green Bay Packers
    24 Fletcher, London $ 11,410,000 Washington Redskins
    25 Clements, Nate $ 11,100,000 San Francisco 49ers[/QUOTE]

  13. #13
    Constant issues with salaries and benefits? I think that we have become a society who only thinks it is right to take care of top tier management. These boards of brethren take care of their own and will lay off hundreds. If you do not have a problem with that then so be it.

    Roberts should step up and say he doesn't need this ridiculous package. My buddy works for Comcast and they are notoriously cheap with their employees, well I guess unless you are top management.

    [QUOTE=Warfish;2289139]Since when did pure "need" become part of the calculations for salary and benifits?

    I just don't understand you're constant issue with the slaries and benifits of others.[/QUOTE]

  14. #14
    [QUOTE=cr726;2289150]Constant issues with salaries and benefits? I think that we have become a society who only thinks it is right to take care of top tier management. These boards of brethren take care of their own and will lay off hundreds. If you do not have a problem with that then so be it.

    Roberts should step up and say he doesn't need this ridiculous package. My buddy works for Comcast and they are notoriously cheap with their employees, well I guess unless you are top management.[/QUOTE]

    I just don't find your argument having any merit my friend. This IS Capitalism, pure and simple. You are worth what someone else will pay you or what you can make on your own, nothing more, nothing less. And when you found and build a company, benifits flow when you're successful.

    And really, "should step up and say he doesn't need this ridiculous package" is laughable in the real world, and you know it. No one would do that, and no one does. I am SURE that you do not strictly "need" every single benifit you get either, I am sure you could survive without it. Have you offered to give any back? Nope, neither have I.

    Your argument comes accross as simple jealousy and class envy. You do not make what he does, nor do you have that tyoe of potential, and it bothers you that he CAN therefore make what he does. It's none of your business, of course, but that doesn't stop you.

    So what if your Brother works for Comcast. So what if he "thinks Comcast is cheap". Soulds to me like standard-isses employee *****ing and moaning. If he feels he is being under-paid, there is a VERY simple solution.....quit, and find a better paying job or form a competing company.

    He is worth what others will pay him or what he can make on his own, just like everyone else. The Rich are not holding You or him down CR. Really.

  15. #15
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    [QUOTE=Warfish;2289179]The Rich are not holding You or him down CR. Really.[/QUOTE]



    No. They just don't pay their plumbers. :D

  16. #16
    [QUOTE=PlumberKhan;2289202]No. They just don't pay their plumbers. :D[/QUOTE]

    Perhaps you're working for the wrong rich my friend. Or not taking appropriate precautions to ensure payment.

    Trust no one.

  17. #17
    [quote=JetFanTransplant;2288278]Happens all the time. Whats the big deal? If you think for a second that Comcast doesn't have Key Man insurance on him to cover that salary you are a fool.

    The CHEAPEST thing that could happen for Comcast is for him to knock off tomorrow. Then the insurance company will pay the salary and not Comcast and the insurance premiums will cease.

    By-the-way, if you cannot grasp what I am talking about, don't ever go into business for yourself, become a Prinicpal, C-Level Exec or President of a company.[/quote]


    ummmm, not for nothing but can't you just make your point without the patronizing comments? there's no reason to come off as a cocky assh*le......

    idk, after further reading of the thread it seems that maybe your comments were directed towards one perosn and not the congregation, if so i recant my statement
    Last edited by neckdemon; 12-30-2007 at 10:49 AM.

  18. #18
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    this is typical of the looney left who want to punish success and achievement...the guy founded the company, is still on the board and his son runs the show....he made millions and wants to guarentee his and his families future...big deal- would anyone on this forum do anything otherwise if they were in the same position???

    funny thing- if this guy went broke trying to develop this company and ended up penniless the same libs in this thread crying about the deal he crafted for himself would shrug their shoulders and say, "that's life"...

    want low cable bills???? get the basic minimun it's about $10/month- no one says you need 7000 channels at $70 per month...

  19. #19
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    it's obvious why you never post on the football forum- your knowledge of football is even worse than your knowledge of politics, as though that was even possible....

    [QUOTE=cr726;2289147]Professional baseball and/or basketball players would be a better argument. [B]They have guaranteed salaries unlike the NFL[/B].[/QUOTE]

    :shakehead:shakehead

  20. #20
    Sorry I meant contracts. The only money guaranteed is the signing bonus. Go back to your basement and pretend you are a draft expert.

    [QUOTE=Come Back to NY;2289255]it's obvious why you never post on the football forum- your knowledge of football is even worse than your knowledge of politics, as though that was even possible....



    :shakehead:shakehead[/QUOTE]

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