Our thanks to KVIA for this report and to Mr. Collins for pointing it out.
According to the report our hospital administrator will receive over $3 million in deferred compensation if he stays on thru 2016. The report did not tell us whether that is fiscal year 2016, calendar year 2016, or light year 2016.
That will be in addition to his base pay and any bonuses that he might get.
The report tells us that he will also get a 56% increase to the deferred compensation to pay for his income taxes on the extra pay. Incredible!
The highest tax rate is currently 39.6%. He evidently does not believe that the concept of “fair share” applies to him.
With this much money at stake why has he been risking being terminated?
I’m surprised that his contract does not grant him the deferred compensation at the end of every year instead of requiring him to make it to 2016.
Now we have video of him asking to please be allowed to finish his job. Baloney! It looks like he just wants to make it through 2016.
I am afraid that there is more to this story.
We deserve better
Brutus
elpasospeak 
I think it’s a leap year, maybe? He’s going to be leaping with joy!
Taxpayer theft at it’s finest…and all planned by supposedly reasonable, intelligent people? Is ripping off the taxpayers through bonuses and incentives the newest fad in corrupt governmental practices?
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UMC is all about hiding the tax dollars from the tax payers. And, it appears that a good chunk of those tax dollars are reserved for this guy. Amazing.
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Just when you think it can’t get worse….
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I again quote Peter Drucker, one of the greatest, most respected management minds ever, who said that outsize packages for CEOs were a “scandal” and that for executives to take big salaries while firing workers was “morally and socially unforgivable”.
If we could peel away the layers of the onion and connect all the dots, I suspect we might find that one or more members of the board are benefiting financially in ways that are not obvious.
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There are several academics which document an inverse relationship between corporate performance and CEO compensation, options included. The more egregious CEO comp, the more shareholders (taxpayers in UMC’s case) get screwed over.
Valenti could be a casebook example of this phenomenon.
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“Pigs get fat. Hogs get slaughtered.”
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No wonder they decided not to reprimand him, making it harder for him to get to 2016.
Next bond issue should be doomed.
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Future bond issues? Look at the market’s view of current bonds.
In August, Fitch Ratings downgraded El Paso County Hospital District bonds to “AA-” and revised the outlook to negative from stable.
The downgrade was attributed to a decline in UMC’s margins and liquidity, which UMC blamed on El Paso Children’s Hospital’s inability to make expected payments under various agreements with UMC.
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