Wednesday, August 02, 2006

Too late on the Gary Locke/Safeco/McGavick's golden 'chute thing

I probably should have taken some wonderful advice from a commenter and emailed Gary Locke a few weeks ago. Now that a lawsuit has been filed, how many folks think he would email me back with a "Oh, Hey Emmett.... Well, the reason I voted (didn't vote) to give McGavick a big chunk of change as he was running to unseat Maria Cantwell was..."

Oh well:
A shareholder sued Safeco's former chief executive — U.S. Senate candidate Mike McGavick — and its board of directors on Tuesday, claiming they violated securities laws by awarding McGavick about $28 million in stock and other perks when he left Safeco earlier this year.

The lawsuit was filed by Emma Schwartzman, 27, a former waitress studying at the University of Washington who says her great-great-grandfather was a founder of the company that became Safeco.

The suit contends McGavick and the board "committed corporate waste" and made false statements to investors about the nature of McGavick's financial package.

...

Former Democratic Gov. Gary Locke, a member of the Safeco board, is listed as a defendant, too.

1 comment:

Ken Camp said...

When I saw the lawsuit was filed and my wife told me that the media was crediting Goldy at Horses Ass for starting this whole thing, I thought of your post from a couple of weeks back.