Ok, then let's factor in deflation and the interest for the bonus to be paid in 2017 or whatever. Angelos is betting that he'll have a better team down the road and is spending that money to not get embarrassed in 2011. That's a good start, but it's not the same as spending it all now.
What Angelos should do is invest the $3m with Madoff, pocket the profits in the meantime and payoff the deferred comp when due.
