Don Blankenship Retires - But How Will He Make It W. A Paltry $12 Million Retirement Package?

[hatrack]

It’s probably safe to say that Don Blankenship had something to celebrate with the new year. Last Friday, the CEO of Massey Energy retired, and according to company disclosures <1> he received $2 million that day. He’ll get another $10 million in July, plus consulting fees for two more years, CNN reported.

Blankenship, dubbed the “Dark Lord of Coal Country <2>” in a November profile in Rolling Stone, saw his company come under scrutiny last year when its Upper Big Branch mine in West Virginia exploded in April, killing 29 miners. Public attention largely shifted when, just weeks later, BP’s Deepwater Horizon oil rig exploded, killing 11 workers. The Wall Street Journal reported today, however, that lawmakers are demanding an end date <3> for the investigation of Massey Energy, which has continued for months in private and with few updates provided to the families of the deceased miners.

The Labor Department’s Mine Safety and Health Administration has long faced criticism for its failure to take swift action against risky mine operators found to be violating safety standards. Part of the challenge is the agency’s backlog of appealed safety citations. Companies frequently contest citations, delaying enforcement action or avoiding it altogether.

In September, we wrote about a government report that faulted MSHA for “lack of leadership” in administering a program that was supposed to identify and penalize mines with patterns of violations <4>. As we noted, the agency had never once tried to exercise its authority by designating a mine as having a “pattern of violations,” a status that opens the door to tougher enforcement, including court- ordered shut downs. A month later, the agency—which had pledged <5> to toughen enforcement going forward—asked a federal judge to shut down <6> a Kentucky coal mine operated by Massey Energy.

EDIT

http://www.propublica.org/blog/item/as-coal-king-retires-to-12-million-mine-safety-struggle-goes-on

[Newest Reality]

1. Such a modest amount. That doesn't go very far

these days, as we all know.

Soon, we can look forward to better compensation and packages for our CEO's and execs. Where would we be without them?

[davidinalameda]

2. may he spend it all on lawyers

defending whatever lawsuits may come his way

[groovedaddy]

3. Yet one more reason to tax the hell out of the rich. I have no problem with getting at

Blankenship's ill-gotten gains.