There's a difference between a CEO that's paid well and one that's raking in loot he clearly doesn't deserve. The former may invoke a bit of ire in this economic climate, but when cooler heads prevail, the cash laid out is usually but a rounding error on the increases in market cap he's driven. An overpaid CEO, on the other hand ... well, it's a bit harder to justify the inflated package.

Kerri Chyka over at CNN Money reports that the Corporate Library sifted through the bloated and legit packages out there to let us know which top dogs are rolling in dough that should probably be left in the company coffers.

1. Michael Jeffries, Abercrombie & Fitch (NYSE: ANF)
Last year, Michael Jeffries made $71.8 million in total, with a base salary of $1.5 million, according to corporate governance research firm, the Corporate Library. It even included a $6 million retention bonus ... because you want to hang on to a guy who the research firm calls one of the five "Highest Paid Worst Performers" of 2008. If that stings, Jeffries can hop on the Abercrombie corporate jet instead of running away. He's paid better than 75% of rival CEOs, while the share price generally underperformed them.

2. James W. Stewart, BJ Services Company (NYSE: BJS)
James Stewart had a good year in 2008, as it outperformed most of its peers, and he nailed a $34.6 million package. In all fairness, $30 million came from the value realized on stock options. The four years that preceded Stewart's strong performance, on the other hand, were lackluster. The future, it seems, is immaterial, as Baker Hughes picked up BJ Services last month, and Stewart will probably be out the door at the end of the year, when the deal closes.

Faced with a tanking stock price and angry shareholders, Nabors Industries (NYSE: NBR) has taken radical action to preserve shareholder value and mollify concerns about bad corporate governance: Longtime CEO Eugene Isenberg has agreed to accept a bonus of just $100 million in the event of his death.

Before, the death bonus had been pegged at an astounding $264 million. I've complained about this in the past.

While the reduction of ridiculous perks is a good start, it doesn't answer the fundamental problem: Why should a guy who "earned" a $70.8 million bonus in 2008 also receive $100 million in the event of his death, if it comes before March 30, 2013. Mr. Isenberg is 79 years old.