Economy & Business: THEM'S FIGHTIN' WORDS

The takeover battles that T. Boone Pickens and others have waged over the years have produced some of the business world's most colorful terms. Among these distinctive additions to the lexicon of corporate America: GOLDEN PARACHUTE. THE GUARANTEE OF A HEFTY PAYMENT TO TOP EXECUTIVES WHOSE COMPANIES LOSE OUT IN THE TAKEOVER GAME. SUCH AGREEMENTS,

WHICH ARE NOW A STANDARD PART OF MANY TOP-LEVEL EMPLOYMENT CONTRACTS, ensure corporate officers that they will be paid off if the company that buys their firm fires them or reduces their power. These bonuses can reach $10 million for the chairman of a large company.


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