Ashland Oil Drops Off Chicago Stock Exchange To Save Money; Top Execs Pull Down Millions

A recent recap of Covington-based Ashland Inc. trials and tribulations:

• Ashland Oil is exiting the Chicago Stock Exchange to save on fees. Hmm.
• Ashland Inc. lost the DOW contract, a move that's finalized next month. Oh.
• Ashland Distribution reported $14 million in operating income for the December 06 quarter, compared to more than $34 million the year before. Ouch.
• In December, APAC, The Ashland Inc transportation division, sent letters of intent to 1100 employees, offering a vountary buy-out. Uh-oh.
• Gelosa and Cappeline's "retirement" has many shareholders wringing their hands. Yes?
• Nothing is confirmed, but Ashland Distribution may soon be cutting back on sales staff to help slow the drain, too.

Yet Ashland Oil has some of the highest paid execs in the industry today. Group Operating Officer Jim (JJ) O'Brien pulls down $13 million and is lauded on message boards as the decade's answer to Gordon Gecko. Hardly a fair comparison. Gecko didn't marry into the family biz. He made his money the old-fashioned way, by pillaging and plundering.

Still, Ashland Distribution employees state it's a great place to work in all of the employee surveys. But then again, does anyone tell the truth on those things?

Somewhere, Gordon Gecko is laughing up his sleeve. Greed is Good.