CEO Spends 30 Percent Of Earnings Staying Out Of Jail

August 25, 2004 | Issue 40•34

NEW YORK—Bellcroft Industries CEO Robert M. Burdick said Monday that he spends up to 30 percent of his $2.4 million salary keeping himself out of jail. "Accountants who can hide illegal profits and lawyers who know how to set up off-shore companies don't come cheap," Burdick said. "My recent 20 percent raise isn't that great when you consider how many people I have to pay to keep me out of prison." In addition to losing 30 percent off the top each year, Burdick spends 5 percent of his income on taxes.