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150 millioner kroner til Goldman Sachs for at forestå salget af Royal Mail til den bedst mulige pris. Goldman sachs er ikke helt kendt for at varetage sine klienters interesser:

"Goldman Sachs and UBS, the companies paid a stonking £16.9m by the government for managing the privatisation, were questioned about the price discrepancy by a parliamentary committee in November. They denied any impropriety, claimed the 330p price was correct according to their research and described the whole fiasco as a "well-executed transaction". Less than a week later, Goldman Sachs issued a note to its investors, advising them that the price of the shares would settle at about 610p."

Og i en lidt anden aftapning: "Right now the shareholders of a public company are at the mercy of management.  Without an expensive proxy fight, the shareholders cannot nominate or vote for their own representatives on the Board of Directors.  The CEO nominates a slate of golfing buddies to serve on the Board, while he or she will in turn serve on their boards.  Lately it seems that the typical CEO’s golfing buddies have decided on very generous compensation for the CEO, often amount to a substantial share of the company’s profits.  The golfing buddies have also decided that the public shareholders should be diluted by stock options granted to top executives and that the price on those options should be reset every time the company’s stock takes a dive (probably there is a lot of option price resetting going on right now!  Wouldn’t want your CEO to lose incentive).

If current trends continue, the CEO and the rest of the executive team will eventually have salaries that consume 100 percent of a public company’s profits and they will collect half ownership of the company via stock options every few years.  Who would want to invest in that?  Not sophisticated investors, it turns out.  Big universities such as Harvard and Yale have reduced their exposure to U.S. public companies down to about 15 percent.  Instead of buying a forestry company and watching the managers steal the trees, they’ve chosen to own forests directly.  Given the laziness of university administrators, it should have been a wake-up call to the SEC that something needed to change when Harvard preferred to run its own forests.

Corporations are supposed to operate for the benefit of shareholders.  The only way that this can happen is if a majority of Directors are nominated by and selected by shareholders.  It may have been the case that social mores in the 1950s constrained CEO-nominated Boards from paying their friend $50 million per year, but those mores are apparently gone and the present structure in which management regulates itself serves only to facilitate large-scale looting by management."

Næh, men det er da sådanne politikere vi har behov for udtaler sig. Han påpeger et interessant aspekt, at renten er for at undgå en anmærkning fra EU. DONG egner sig nok næppe til Børsen pt., da det ikke er i den bedste forfatning og vi investorer ikke ville betale alverden for sådan et selskab. Men det er da relevant, hvad DONG står over for og hvordan disse udfordringer kan løses - det er jo trods alt el-forbrugernes penge oprinddeligt.

Jeg kender personligt en ansat hos DONG og de er dæleme godt lønnede. Jeg synes options-ordningerne er for generøse - det er el-forbrugernes egne penge, som de skal have.

Fed video og sang. Thumbs up