Thursday, March 24, 2005

HOORAY For NON-Greedy Billionaires!

These guys at Google know they don't needBIG BONUSES at year end. In fact they must realize it makes a statement worth much more than 10s of $millions$ in the real long run.

'SAN FRANCISCO (AP) - Google Inc. (GOOG) pampers its employees with free food and many other perks, but the online search engine leader is more stingy when it comes to rewarding the trio of billionaires who run the company.

In a meeting held earlier this month, Google's board decided not to give 2004 bonuses to the company's chief executive, Eric Schmidt, or its co-founders, Larry Page and Sergey Brin, according to documents filed Wednesday by the Mountain View-based company.

The men, who consult on most of Google's key decisions, each received a $1,566 holiday bonus besides their salaries, which are modest compared with most high-profile companies. All Google workers received the same holiday bonus last year. Schmidt collects a $250,000 salary while Brin and Page each receive $150,000 annually, according to disclosures made as part of Google's closely watched initial public offering of stock.

The wealth created in that IPO ensured Google's three top executives would never have to work again, if they so desired.

All three men rank among the world's richest men. Brin and Page each are worth $7.2 billion, while Schmidt is worth $2.8 billion, according to Forbes magazine's most recent wealth survey..."

Yes, it's a very telling statement. What good can come from rubbing your wealth in your employees faces by reminding them that your BIG Multi-million $$ bonus means barely anything at all to you or to your net worth.

Google's going to get bigger and bigger, good move boys!