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.

Chieftain Capital Management, which manages 60.5 million Comcast (NASDAQ:CMCSA) shares, wants to oust CEO Brian Roberts.

Roberts, though, is not going anywhere. His father founded the no. 1 cable company and his family retains a controlling interest. But the Chieftain move shows what a desperate investor will do when shares in a company drop more than 40% in a year. In the case of Comcast, it is an exercise in futility.

Chieftain, which owns about 2% of the outstanding shares, wants Comcast to borrow money and return cash to shareholders. The company could do that, or it could use the cash to improve infrastructure to more effectively compete against the phone companies. The long-term views of entrenched founders are put against the shareholder who wants the quick return.

What Chieftain does not want to acknowledge is that cable is going through an industry-wide drop in share prices. Time Warner Cable (NYSE: TWC) and other similar companies have also seen their stocks fall sharply due to a slowing economy, the FCC's attempt to increase regulation, and competing offerings from telephone companies.

Chieftain might as well save its breath and take the fight elsewhere.

Douglas A. McIntyre is an editor at 247wallst.com.

Comcast Corporation (NASDAQ: CMCSA), the massive cable, telephone and Internet service provider, was mentioned as one heck of a bargain in Barron's Magazine (subscription required), with one article participant labeling it as one of the cheapest 15 stocks in the S&P 500. The combination of strong revenue growth of 18% and strong cash generation could finance a $20 billion buyback, driving the $40 per share, one analyst believed.

However, despite being the number one player in this space, Brian Roberts, Comcast CEO, could be frustrated seeing his other cable brethren potentially making billions, particularly Cox Communications, who went private a few years ago, and Cablevision, who is in the process of going private. While Roberts & Family owns 100% of the voting stock, it only owns around 3 to 4% of the economic shares. The cumulative value of these shares approaches $1b, meaning Roberts could walk away with tens of billions in a successful private equity deal. While shut down for now, the private equity market will not be shutdown forever.

The numbers at Comcast are impressive, now serving 24 million homes versus number two Time Warner who serves 13 million. Comcast also has a presence in 20 of the 25 largest cities in the US.

Will Roberts ever take the private-equity leap, adding more debt on to the $33 billion already on its balance sheet? Most likely not. What has made Comcast the number one player in this space is the Roberts family's wise use of debt. Expect huge share buybacks to be the means for the industry pioneers to increase their ownership in the cable giant. The Roberts family is too risk averse to leverage this gem of a company to the hilt.

Comcast Corp. (NASDAQ: CMCSA) Chief Executive Brian Roberts sold some of his shares in the top cable company for the first time since 2004.

The sale of 350,000 shares was done for financial planning purposes and because he's planning to increase his philanthropic work, according to the Philadelphia Inquirer story I wrote. Wall Street seemed non-pulsed by the sale, which represents a small portion of Roberts' holdings. By mid-afternoon, shares of the Philadelphia-based company were trading up.

Wall Street seems bullish on Comcast. Four analysts have upgraded the shares since the start of the year. The median 12-month target price is $33.51, higher than the $27.43 where it recently traded.

But Comcast hasn't shown shareholders much love this year because pesimissim abounds about cable, particularly as it faces increased competition from telecom players including Verizon Communications Inc. (NYSE: VZ). Comcast shares have slumped about 3%, underperforming its main rivals.

Though Wall Street doesn't think this share sale is a big deal, that sentiment will change if more insiders start lightening their holdings.