US Senator Sunspot Johnson (POS-Wi) proves to be a big spender - and taker: Firm pays him $10M

[Scuba]

http://www.jsonline.com/watchdog/noquarter/124468318.html

<snip>

After dropping nearly $9 million from his own pocket to win a seat in the U.S. Senate, Ron Johnson didn't have to feel the pain for very long.

Johnson's plastics company paid him $10 million in deferred compensation shortly before he was sworn in as Wisconsin's junior senator, according to his latest financial disclosure report.

<end snip>



"You take a look in terms of what would be a reasonable compensation package, OK?" Johnson said this week. "It's a private business. I've complied with all the disclosure laws, and I don't have to explain it any further to someone like you."

....Yeah, Ron, you do. Your arrogance is unseemly, if expected.

Records show the Oshkosh businessman still had income of $1.3 million and $2.3 million annually from 2005 to '08 from capital gains, corporate earnings and real estate. In the first half of 2010, he received $650,000 in what he called "pass-through income" from a limited liability company that owned Pacur.

Unlike most deferred package deals, however, it appears that the company had not set aside a specified amount annually that would be paid out when he left the firm. Instead, Johnson said the $10 million payment was "an agreed-upon amount" that was determined at the end of his tenure with the company.

Agreed upon with whom?

"That would be me," he said.


...Disingenius, Ron, and you got caught in five seconds. Not very impressive.

"I have no idea what could be suspicious or cynical about this," Johnson said .

...Clueless too?

[Scuba]

1. Great post on the related blog, from "stopmakingsense"...

Can't you just picture the 'negotiations' he had with himself?

Ron: Holy Smokes... I actually won the election!
Ron: Yes, but you are out 8.7 million, my friend.
Ron: Hmmm. Wow. How am I gonna explain that to my wife?
Ron: Let's see. Ok. How about this. You spent, what, a year of
company time running?
Ron: Running? I don't run, I take the limo.
Ron: No, no... running for office.. Remember, you're a Senator now!
Ron: Whoa! Yea, right! Isn't that neat?
Ron: Yes, quite. Now, let's take the lowest salary, at least on paper
that you earned these last few years.
Ron: Right- 1.3 million. Wife was pissed that year, cause we couldn't
replace the bentley-- settled for a rolls. So?
Ron: Well, how about we give you a bonus, you know, to 'thank' you for
all the amazing things you did here?
Ron: Hmmm. Yeah, sure, why not... got all those peons off our
insurance books and onto some silly state program... that probably was
worth a bonus.
Ron: Yes, of course it was. So, let's agree the bonus would be 10
million dollars.
Ron: (VERY long pause) Hey, that would be like my low end salary...
plus what I spent buying the Senate seat!
Ron: College math did you well.
Ron: Huh? Can you explain that to me?
Ron: I don't have to explain it any further to anyone like you.
Ron: hehe... gotta remember that line!
Ron: Nice doing business with you. We'll talk about deferred comp,
company options, speaking gigs, honorariums, severance packages,
return packages, company profit sharing for you... all that stuff another
time.
Ron: Okey dokey!

[undeterred]

2. Dumbass is going to give that money away to end the Federal deficit....

:sarcasm:

[City Lights]

3. The arrogance of Republicans is stunning. nt