How Eddie Breen earns allowance

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05/01/2009
Wanted to follow up yesterday's post on Tyco's 2nd quarter earnings with some information about Tyco chief Ed Breen's perks. Here's a nice nice AP story about how, despite the fact that overall CEO pay may have dropped in the last year, CEO perks have increased. Jeez, I'm relieved to hear that. Some, like Ed, have new "perk allowances." It's not like the allowance you may have received as a kid, you know, the kind that you had to do some work for, and then your folks gave you like one dollar a week. Nope. CEOs like Ed get a different kind of allowance. You don't have to actually do anything extra, but you do get a big pile of cash that people like Ed can draw from! In 2008, Eddie got $70,000 for his perk allowance, and he didn't even have to do the dishes.