A "golden parachute" is basically a clause in the contract of a CEO or other higher up where the company agrees to pay severance benefits. I don't have a problem with severance pay in general but some of these things are basically "No matter how much I embezzle and defraud, no matter how many people I kill, no matter how much damage I do, I get tens or hundreds of millions of dollars, to the degree of actually incentivizing getting hired and fired as much as possible.