Last week, it was reported that Con Edison gave four executives $614,000 in bonus pay for their "awesome" job (sucking) during Hurricane Sandy. Now Governor Cuomo is intervening in an attempt to bogart the bonuses!
Cuomo issued a statement, "In light of the ongoing Moreland Commission investigation into utility performance in the aftermath of Superstorm Sandy, I have asked Con Edison to freeze the remaining executive bonuses until the Public Service Commission review is complete. I also urge Con Ed to fully cooperate with the Public Service Commission’s review so we can ensure ratepayers are protected."
Apparently Cuomo sent a letter to Con Ed CEO Kevin Burke (who got a $315,000 bonus) saying that the Public Service Commission would be checking out all documents related to the bonuses, "Six months ago today, Superstorm Sandy hit New York, and in its aftermath we witnessed a complete failure by many of our state’s utilities to provide adequate service to the rate payers they serve."
Burke then decided to give his bonus back, "After careful consideration, I have decided to return the special bonus granted by our compensation committee, and funded by shareholders, for handling very challenging events in 2012. I continue to commend the work of all of our employees." But it's okay—Burke still made $1.2 million last year!
According to the Post, "The other three execs didn’t immediately join Burke in returning their bonuses, as of late yesterday. Craig Ivey, president of the Con Ed subsidiary that provides gas and power to New York and Westchester, got a $146,100 bonus, bringing his pay up to $830,183. Chief Financial Officer Robert Hoglund got an $82,900 bonus that boosted his pay to $721,300. The utility’s general counsel, Elizabeth Moore, got a $70,000 bonus that took her pay to $609,142."
