I defended Ameren, but

Gary Rainwater, the CEO of Ameren, recently wrote two letters. One was to the workers and the other was to management.

Both letters started the same. "Without question, 2006 was an exceptionally difficult year for Ameren. From operational and weather-related challenges to public relations and political issues, Ameren's employees were truly tested this year."

Then he announced some bad news. Earnings per share for the year were $2.66. That was below the target level that would mean bonuses. For the worker bees, the magic number was $3.15. For management, the magic number was $2.95.

That seems odd, doesn't it? A lower standard for management? Still, it wouldn't seem to matter. Neither number was met.


Let's read more of Rainwater's letters. In his letter to the workers, he continued with bad news. Because the target EPS was not met, there would be no bonuses. But the letter to management employees contained a paragraph that was not included in the letter to the workers.

"At its February meeting, Ameren's Board of Directors recognized the exceptional efforts of management employees in dealing with the events of 2006, as well as several events outside management's control. As such the board, in accordance with Ameren's incentive plans, adjusted the 2006 incentive to an equivalent EPS of $2.99."