Such is life

eBay plans to lay off about 10 percent of its 15,000 employees, reports Barrons.

The online auction house, once an e-business darling, took tough blows this year: a public lawsuit with craigslist, a boycott spearheaded by its own Power Sellers, a counterfeit goods lawsuit that fell in favor of luxury retailers, and the death of its TV advertising marketplace.

A number of key execs also left after the January departure of CEO Meg Whitman: president Rajiv Dutta of Paypal, and venture capitalist Bob Kagle of Benchmark, who sat on eBay's board since its birth.

For executives that stayed and must now face the auction gavel, eBay's golden parachutes should ease the blow. SEC filings report some will receive two years' target cash compensation (annual base salary plus a target annual incentive bonus — usually 100 percent of salary, making the package equivalent to four years of compensation).

Whitman is on the payroll until year's end. She also gets office space, IT and secretarial support for three additional years and will remain on the board until 2010. In what the WebGuild identifies as a stroke of irony, the former eBay CEO is currently advising on the Presidential campaign of Sen. John McCain, whose platform advocates jobs for more Americans. Layoffs at eBay peddle a conflicting message.