Sunday, March 09, 2008

Why Al Gore didn't run again

Because he is getting filthy filthy filthy rich.

What’s an Emmy worth? If you’re former Vice-President Al Gore, it’s worth just north of $1 million a year and roughly another $48 million in stock. That’s a hefty sum for a guy who of late has traveled the globe as a goodwill ambassador for mankind, stressing the need for humanity to wake up to the dangers of global warming.

You've heard of "green collar" jobs? I think Gore has a "green tux" job.

Something about this deal just doesn't sit right with me. Gore isn't just taking piles of cash. According to the filing Gore, who is listed as executive chairman, and his CEO partner, lawyer-turned-entrepreneur Joel Hyatt, each loaned the company $1 million to get it started. They'll get that back in the IPO. But the two guys also collect hefty salaries for a company that hasn't shown a profit in three years -- taking down $491,677 apiece last year in cash, plus bonuses of $550,000 each for, in Gore's case, helping get the company new affiliate agreements, broadening exiting agreements, and putting together a management team. The two currently receive $600,000 a year in salary and are eligible for additional bonuses, according to the IPO filing.

Better and better:

What really sticks out to me, however, is that Gore and Hyatt, who started the company in 2002 [and jump-started it with a broken-down Newsworld International channel they bought for $70.9 million] will have the kind of hammer-lock control over the company decried by shareholder rights activists and many of the same unions that supported Gore for years.

The root of all evil and all that...if you let it.

via LST