TEPCO President's Golden Parachute: Over 7 Million Dollars

TEPCO's President Masataka Shimizu will resign on June 28 when TEPCO holds the annual shareholders' meeting with a very rich severance package, if what's circulating on Twitter in Japan is correct.

The message is that the TEPCO's president will receive about 600,000,000 yen, or about US$7.46 million.

It's the same no matter where - US or Japan; the incompetence is rewarded, and rewarded very richly as long as you are part of the "ruling class" - politicians, top executives at major corporations with strong connections with the government.

Shimizu, not an engineer, has been known for the relentless cost-cutting at TEPCO, which contributed to the bottom line for the shareholders. Never mind if some of his cost cutting measures may have contributed to the worst nuclear disaster that Japan has ever seen.

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