Heard of WebVan? They’re an online grocery store. Except that because they ship you the groceries rather than delivering locally, they can’t ship you anything perishable. So you still have to go to the grocery store, but now you can pay to have heavy canned goods sent to you by UPS.
Sounds like a dumb idea? That’s probably why the stock is at 15¢. But the ex-CEO of the company apparently managed to wangle an interesting retirement plan: He will now get $375,000 a year, every year, for the rest of his life.
Unless, of course, WebVan goes bust—which, given finances like that, seems highly likely.