It HAS happened before.

Susan Estrich was campaign manager for losing Democratic presidential candidate Michael Dukakis in 1988. Although the popular vote was relatively close (53.4% to 45.6%), the electoral count was an unmitigated disaster (426 to 111). Ironically, Dukakis' margin in his home state of Massachusetts was a similarly slim 53.2% to 45.4% over George Bush.

It was almost as if Estrich didn't understand our system of electing presidents. Conveying an unnecessarily aggressive liberal agenda, and then preaching mostly to the converted, Estrich was able to win only certain traditionally hard-core liberal bastions. With the exception of the District of Columbia, an electoral vote midget, she was unable to score a single impressive state victory.

But yet, she was able to re-invent herself as a pundit, securing positions as an academic and frequent media commentator.

Which brings us to Jill Barad.

Barad started off at toy titan Mattel as a product manager in 1981, drawing on her background as a beauty consultant and advertising account executive. She was named president in 1992, and CEO and chairman of the board in 1997. Fueled largely by tremendous sales of the Barbie doll, the company was in pretty good shape.

Then came 1998. Barad embarked on the ill-advised $3.5 billion acquisition of The Learning Company, which racked up gigantic losses, causing Mattel's stock to drop nearly 60 percent.

Did Ms. Barad exit Mattel in the same condition she left the company?

Not exactly.

Filings with the Securities and Exchange Commission detail her incredible $52 million severance package. Here are some highlights:

• $26.3 million in compensation under her employment contract
• $106,745 a month for 10 years
• $3.3 million to pay taxes
• $7.2 million in loans to her forgiven by the company

One wonders what her severance package would have been if she were successful!

Perhaps the company was worried about bad PR or litigation. At these prices, though, I would have taken my chances.

What kind of message does this send? Was she treated differently because she is a woman? To be sure, there are many cases of men getting excessive severance packages after poor performance, but Barad's arrangement set new highs in terms of its broad publicity, in view of the extravagance.

Is there a hidden agenda in all this? The stockholders might be able to force out an officer, but by God, you'll pay!! Was the Barbie doll actually a Voodoo doll?

Who can say?

At least with respect to golden parachutes, Mattel lived up to its 1950's advertising slogan: You can tell it's Mattel, it's swell!