POOR DON - Massey Down On Him, Still Gets Bonus

(04/21/2007)

Massey Energy CEO Don Blankenship received nearly $27 million dollars in 2006 compensation from the Richmond, Virginia based coal corporation, despite the company's 30 percent decline in stock. The information came from a company filing yesterday with the SEC. Most of the compensation came from stock and options valued at about $25 million dollars. Blankenship also received one million dollars in salary and a $300,000 bonus, in addition to more than $250,000 in perks, like use of a company plane, helicopter and cars. Massey faced multiple lawsuits and safety violation fines in 2006, including a record $1.5 million fine from the Mine Safety and Health Administration following the deaths of two miners in the January 2006 Aracoma fire. Blankenship has made WV news with his efforts to elect a Supreme Court justice, and to remove other legislators that have not been favorable to his company. He has been the prime mover in an effort to construct a second coal cleaning facility within a few feet of a Raleigh County school. Massey operates 19 mining complexes in West Virginia, Kentucky and Virginia. It is the fourth largest coal producer by revenue in the United States.

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