Is This What A CEO Does With His Money?

Well he isn’t creating any jobs with it this time? I usually don’t bother writing about an individual business but this just smells too bad…and it’s not the CEO’s first little scandal (affair that cost him $1 million a year in salary).

If you’ve been following the money of Johnson Controls CEO Alex Molinaroli…you gotta wonder if he’s fit to run the company…really.

Wild stories have been reportedly about giving money to Joseph Zada, the operator behind a $50 million Ponzi scheme. Molinaroli reported gave Zada millions of dollars to invest but had no idea what the investments might be…oil or something. The reports surfaced that Molinaroli was letting Zada stay in an expensive home in Michigan free of charge and was supposedly paying Zada’s legal fees and had offered to provide restitution for the other dupes in the Ponzi scam. Yet Molinaroli claims he hardly knows the man (Zada).

So he came clean with the board of directors who gave him a clean bill of health saying it was just a personal thing. A personal thing? Mismanaging millions of dollars albeit his own money…and you trust him with the reins of a company that has $43 billion in revenues?

Well I originally thought the show of support from the board was sort of like the general manager of a baseball team showing full support in the field manager two weeks before he fires him. But in an email chain with one of our regular readers…the suggestion came up: Blackmail.

That can’t possibly let the Johnson’s stakeholders sleep any better either…?


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