Lowden’s Company Finally Files Annual Report… a Month Late
Records Show Lowdens took a $200,000 bonus after cutting 1/4 of employees
LAS VEGAS – We’ve all heard the stories of CEOs lining their pockets while putting people out of work and raiding retirement funds. No one knows that better than Sue Lowden.
According to her company's (Archon Corporation) annual report, which she just got around to filing this week, Lowden gave her husband a $200,000 bonus at the same time they reduced their workforce by nearly a quarter and cut off the company's 401 (k) match for the ones who actually got to keep their jobs. The 401 (k) matching program cost the company less than $70,000, but the Lowdens’ combined income for 2009 was nearly $1 million.
So much for all that talk about being a "job creator."
“After claiming that job creation is her top priority, Lowden owes her former employees an explanation why their jobs were worth less than her husband’s massive bonus,” said campaign manager Brandon Hall. “As her own campaign says, her record in the private sector speaks volumes about how she would represent Nevada in Washington.”
“Maybe that’s why Lowden sat silently as Sen. Reid led the Senate to pass a bipartisan Jobs Bill that even Republican Massachusetts Senator Scott Brown said will create jobs.”
The Las Vegas Chamber of Commerce Chairman Kristin McMillan released a statement today also praising the Jobs Bill stating, “The Chamber appreciates the leadership of Senator Harry Reid and Republican and Democrat lawmakers working together in a bi-partisan manner to enact this bill that will help businesses put people back to work, as well as invest in our nation’s infrastructure.”
The full statement can be found below.
LOWDEN SAYS JOB CREATION IS HER TOP PRIORITY…
Lowden Campaign Manager Robert Uithoven: “She's Been An Effective Job Creator In The Private Sector." "But can she win, and if she wins, can she be effective?" he said. "Those are two important questions to ask. Sue Lowden has taken on powerful politicians in difficult districts and won. She's been an effective legislator, and she's been an effective job creator in the private sector." [Reno Gazette Journal, 10/22/2009]
Lowden Claims She And Her Husband Worked Hard To “Create Jobs” and “Make Sure People Are Employed With Good Salaries.” During a TV interview, Sue Lowden said, “I have an array of diverse activities in my life including being a Nevada gaming licensee and working very hard with my husband here in the Las Vegas and Laughlin community to create jobs and to make sure people are employed with good salaries.” [Face to Face with Jon Ralston, 10/4/2009]
Sue Lowden Says “Fighting For Your Job Is My Job.” At the end of a campaign TV advertisement aired in early February, Sue Lowden says “I’m Sue Lowden and I approve this message because fighting for your job is my job.” [Sue Lowden For U.S. Senate campaign ad “Creating Opportunity”]
Lowden: “I’ve made payroll every day.” While introducing herself at a candidate forum, Sue Lowden said “I am a businesswoman and for a couple of decades now I’ve made payroll every day and that separates me from the folks up here on the dais.” [Sue Lowden at Sun City Conservatives Forum, 2/5/2010]
…BUT HER RECORD AS A BUSINESSWOMAN IS ABSYMAL
Sue Lowden Cut Almost ¼ Of Her Workforce In 2009
Archon Corporation Had 459 Employees At The Pioneer In December of 2008. According to Archon Corporation’s annual report for the year ended September 30, 2008, “As of December 9, 2008, the Company employed 12 executive and administrative personnel and the Pioneer employed approximately 459 persons.” [Archon Corporation Annual Report, 1/13/2009]
Archon Corporation Had 353 Employees At The Pioneer In December of 2009. According to Archon Corporation’s annual report for the year ended September 30, 2009, “As of December 9, 2009 the Company employed 12 executive and administrative personnel and the Pioneer employed approximately 353 persons.” [Archon Corporation Annual Report, 2/23/2010]
Archon Cut A Benefit Plan That Cost The Company Less Than $70,000…
Archon Corporation Stopped Contributing To Employee Benefit Plan In 2009. According to Archon Corporation’s annual report for the year ended September 30, 2009, “The Company has a savings plan (the “Savings Plan”) for its eligible employees, which is qualified under Section 401(k) of the Internal Revenue Code. The Plan covers substantially all employees, including the Company’s executive officers. Employee contributions to the Plan are discretionary. The Plan allows eligible employees to contribute, on a pre-tax basis, up to 6% of their gross salary to the plan; the Company was obligated to match 25% of such employee contributions made until April 30. 2009 when the Company match component was terminated. Employees may also contribute, on a pre-tax basis, up to an additional 9% of their gross salary, and, on a post-tax basis, up to an additional 10% of their salary. Such contributions are not matched by the Company. The Company’s matching contributions paid in 2009 and 2008 were $34,854 and $67,000, respectively.” [Archon Corporation Annual Report, 2/23/2010 (emphasis added)]
…While CEO Paul Lowden Got A Bonus That Cost The Company $200,000
Paul Lowden Received A $200,000 Bonus In 2009, The Same Amount As 2008. According to Archon Corporation’s annual report for the year ended September 30, 2009, “the Compensation Committee approved an annual incentive (bonus) to Mr. Lowden in the amount of $200,000 in 2009 (the same incentive bonus paid in 2008).” [Archon Corporation Annual Report, 2/23/2010]
…And The Lowdens Brought Home Almost $1 Million In Total Compensation
Sue And Paul Lowden Received $929,673 In Compensation In 2009. According to Archon Corporation’s annual report for the year ended September 30, 2009, Sue Lowden was paid $144,830 in salary and compensation, and her husband Paul was paid $784,843 in salary and compensation. The total between the two of them was $929,673. [Archon Corporation Annual Report, 2/23/2010]
Statement from the Las Vegas Chamber of Commerce Chairman Kristin McMillan on passage of the Jobs Bill:
‘The Las Vegas Chamber of Commerce is pleased that the United States Senate passed the “Jobs Bill” today. Businesses are struggling, and this bill will help encourage job growth by giving tax breaks to businesses that hire the unemployed. This legislation also adds $20 billion into highway and mass transit programs that will both create jobs and invest in the infrastructure we need.
‘The Chamber appreciates the leadership of Senator Harry Reid and Republican and Democrat lawmakers working together in a bi-partisan manner to enact this bill that will help businesses put people back to work, as well as invest in our nation’s infrastructure. We urge the U.S. House of Representatives to quickly pass this bill in order for businesses to be able to take advantage of these incentives as soon as possible.”
###
Lowden’s Company Finally Files Annual Report… a Month Late
Records Show Lowdens took a $200,000 bonus after cutting 1/4 of employees
LAS VEGAS – We’ve all heard the stories of CEOs lining their pockets while putting people out of work and raiding retirement funds. No one knows that better than Sue Lowden.
According to her company's (Archon Corporation) annual report, which she just got around to filing this week, Lowden gave her husband a $200,000 bonus at the same time they reduced their workforce by nearly a quarter and cut off the company's 401 (k) match for the ones who actually got to keep their jobs. The 401 (k) matching program cost the company less than $70,000, but the Lowdens’ combined income for 2009 was nearly $1 million.
So much for all that talk about being a "job creator."
“After claiming that job creation is her top priority, Lowden owes her former employees an explanation why their jobs were worth less than her husband’s massive bonus,” said campaign manager Brandon Hall. “As her own campaign says, her record in the private sector speaks volumes about how she would represent Nevada in Washington.”
“Maybe that’s why Lowden sat silently as Sen. Reid led the Senate to pass a bipartisan Jobs Bill that even Republican Massachusetts Senator Scott Brown said will create jobs.”
The Las Vegas Chamber of Commerce Chairman Kristin McMillan released a statement today also praising the Jobs Bill stating, “The Chamber appreciates the leadership of Senator Harry Reid and Republican and Democrat lawmakers working together in a bi-partisan manner to enact this bill that will help businesses put people back to work, as well as invest in our nation’s infrastructure.”
The full statement can be found below.
LOWDEN SAYS JOB CREATION IS HER TOP PRIORITY…
Lowden Campaign Manager Robert Uithoven: “She's Been An Effective Job Creator In The Private Sector." "But can she win, and if she wins, can she be effective?" he said. "Those are two important questions to ask. Sue Lowden has taken on powerful politicians in difficult districts and won. She's been an effective legislator, and she's been an effective job creator in the private sector." [Reno Gazette Journal, 10/22/2009]
Lowden Claims She And Her Husband Worked Hard To “Create Jobs” and “Make Sure People Are Employed With Good Salaries.” During a TV interview, Sue Lowden said, “I have an array of diverse activities in my life including being a Nevada gaming licensee and working very hard with my husband here in the Las Vegas and Laughlin community to create jobs and to make sure people are employed with good salaries.” [Face to Face with Jon Ralston, 10/4/2009]
Sue Lowden Says “Fighting For Your Job Is My Job.” At the end of a campaign TV advertisement aired in early February, Sue Lowden says “I’m Sue Lowden and I approve this message because fighting for your job is my job.” [Sue Lowden For U.S. Senate campaign ad “Creating Opportunity”]
Lowden: “I’ve made payroll every day.” While introducing herself at a candidate forum, Sue Lowden said “I am a businesswoman and for a couple of decades now I’ve made payroll every day and that separates me from the folks up here on the dais.” [Sue Lowden at Sun City Conservatives Forum, 2/5/2010]
…BUT HER RECORD AS A BUSINESSWOMAN IS ABSYMAL
Sue Lowden Cut Almost ¼ Of Her Workforce In 2009
Archon Corporation Had 459 Employees At The Pioneer In December of 2008. According to Archon Corporation’s annual report for the year ended September 30, 2008, “As of December 9, 2008, the Company employed 12 executive and administrative personnel and the Pioneer employed approximately 459 persons.” [Archon Corporation Annual Report, 1/13/2009]
Archon Corporation Had 353 Employees At The Pioneer In December of 2009. According to Archon Corporation’s annual report for the year ended September 30, 2009, “As of December 9, 2009 the Company employed 12 executive and administrative personnel and the Pioneer employed approximately 353 persons.” [Archon Corporation Annual Report, 2/23/2010]
Archon Cut A Benefit Plan That Cost The Company Less Than $70,000…
Archon Corporation Stopped Contributing To Employee Benefit Plan In 2009. According to Archon Corporation’s annual report for the year ended September 30, 2009, “The Company has a savings plan (the “Savings Plan”) for its eligible employees, which is qualified under Section 401(k) of the Internal Revenue Code. The Plan covers substantially all employees, including the Company’s executive officers. Employee contributions to the Plan are discretionary. The Plan allows eligible employees to contribute, on a pre-tax basis, up to 6% of their gross salary to the plan; the Company was obligated to match 25% of such employee contributions made until April 30. 2009 when the Company match component was terminated. Employees may also contribute, on a pre-tax basis, up to an additional 9% of their gross salary, and, on a post-tax basis, up to an additional 10% of their salary. Such contributions are not matched by the Company. The Company’s matching contributions paid in 2009 and 2008 were $34,854 and $67,000, respectively.” [Archon Corporation Annual Report, 2/23/2010 (emphasis added)]
…While CEO Paul Lowden Got A Bonus That Cost The Company $200,000
Paul Lowden Received A $200,000 Bonus In 2009, The Same Amount As 2008. According to Archon Corporation’s annual report for the year ended September 30, 2009, “the Compensation Committee approved an annual incentive (bonus) to Mr. Lowden in the amount of $200,000 in 2009 (the same incentive bonus paid in 2008).” [Archon Corporation Annual Report, 2/23/2010]
…And The Lowdens Brought Home Almost $1 Million In Total Compensation
Sue And Paul Lowden Received $929,673 In Compensation In 2009. According to Archon Corporation’s annual report for the year ended September 30, 2009, Sue Lowden was paid $144,830 in salary and compensation, and her husband Paul was paid $784,843 in salary and compensation. The total between the two of them was $929,673. [Archon Corporation Annual Report, 2/23/2010]
Statement from the Las Vegas Chamber of Commerce Chairman Kristin McMillan on passage of the Jobs Bill:
‘The Las Vegas Chamber of Commerce is pleased that the United States Senate passed the “Jobs Bill” today. Businesses are struggling, and this bill will help encourage job growth by giving tax breaks to businesses that hire the unemployed. This legislation also adds $20 billion into highway and mass transit programs that will both create jobs and invest in the infrastructure we need.
‘The Chamber appreciates the leadership of Senator Harry Reid and Republican and Democrat lawmakers working together in a bi-partisan manner to enact this bill that will help businesses put people back to work, as well as invest in our nation’s infrastructure. We urge the U.S. House of Representatives to quickly pass this bill in order for businesses to be able to take advantage of these incentives as soon as possible.”
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