Gramm Decries ‘Exploitation’ of CEO With $158 Million Golden Parachute

Gramm Decries ‘Exploitation’ of CEO With $158 Million Golden Parachute July 31, 2015

Former Sen. Phil Gramm, a lickspittle for the rich if ever there was one, testified in front of the House Financial Services Committee this week and was outraged — slammed the table and everything — that his good friend, former CEO of AT&T, was “exploited” because he only got a $75 million payout when he retired (it was more, actually).

Phil Gramm, a former three-term Republican senator from Texas who once ran the Senate Banking Committee, told the House Financial Services Committee yesterday that “it was an outrage” that his friend Edward Whitacre, the CEO of AT&T, only got “$75 million” when he retired in 2007.

“If there’s ever been an exploited worker” it was Whitacre, said Gramm, testifying on the fifth anniversary of passage of the Dodd-Frank financial reform bill. Gramm appeared genuinely aggrieved by Whitacre’s shabby treatment and literally pounded the table while speaking.

Whitacre actually received a retirement package totaling $158 million.

The full statement:

GRAMM: It’s the one form of bigotry that is still allowed in America, and that’s bigotry against the successful … My friend Ed Whitacre at AT&T, if there’s ever been an exploited worker, even though they made a big deal about him getting $75 million when he retired, the man added billions of dollars of value, he was exploited, it was an outrage!

The funny thing is that Gramm was the co-chair of the McCain campaign in 2008, but was forced to resign when he declared that the United States was a “nation of whiners.” Irony!

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