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| Europe |
| Paper: Deutsche Post gives ex-CEO $26 million |
| 2009-03-16 |
| A German newspaper reported Sunday that Deutsche Post AG has paid a pension of euro20 million ($26 million) to Klaus Zumwinkel, the former CEO convicted of tax evasion. The news sparked outrage among politicians in Germany, which is grappling with the issue of business leaders getting high salaries and bonuses, despite falling profits or management failures. German industrial production fell 7.5 percent during January, as the global economic crisis continued to take its toll on the world's biggest exporter and Europe's largest economy. On Sunday, Deutsche Post spokeswoman Silje Skogstad told The Associated Press that Zumwinkel received the pension that he qualified for in a single payment. But she refused to name the amount. The newspaper, Bild am Sonntag, however, put the sum at euro20 million. It quoted Zumwinkel as defending the payment as "absolutely normal." Hubertus Heil, general secretary of the main opposition party, the Social Democrats, said: "This behavior is an insult to all those in our country who work hard, pay their taxes honestly and follow the rules." The Social Democrats have been calling for limits on executive pay. Zumwinkel was convicted in January of evading about euro970,000 in taxes from 2002 to 2006. He was given a two-year suspended sentence and a euro1 million fine. |
| Posted by:Fred |
| #1 Zumwinkel Damn, here I get stuck with Uncle Harold. I mean that name gotter der Gehgenfargenfernsprechery |
| Posted by: Shipman 2009-03-16 07:55 |