What I cannot understand is, why do they get bonuses when the company is failing, I always thought that you got bonuses for doing good things for the company.
The CEO trail is just one big "Old Boys Club" they go from one company after another picking up more and more money as they go.
Why must the remuneration package only approved by the board and not the Share Holders
Because, Ron, you hit the nail on the head when you said "Old Boys Club". Them and their pollie mates basically run the joint and don't give a rat's about anyone else. Just so long as they get everything they want, everything and everyone else can go take a running leap.
If i were in that position I would take the money (who wouldn't)
I feel its the responsibilty of the board's of big copnaies to not be so stupid & offer people ridiculous - the CEo's can't set their own pay - its up to the board - Most of the time people get voted there & may not have any of the necessary skills
I saw that the other day and, with regards to the top earner, had a discussion with a mate last night who is well-versed in economics and finance. He basically said these people are essentially soulless, have no morals and absolutely no ethics. They are ruthless to the core. Their entire lives are about pushing paper around, transferring documents and never actually ever creating anything beneficial for humanity. They are driven by greed and the green is all that matters.
Judging from that BBC report, and having followed this sort of stuff in the news and such over the years, you can only conclude that apart from the CEO's being ruthless, money grabbing opportunists, the rest of the financial and banking sector right down to the lower middle tier is most likely exactly the same. The pollies might crow about it being wrong and such, but they're not exactly the ones to make waves about it, considering themselves as well.
Ah the joys of capitalism and the market economy. I would not be pointing a finger at the CEO's What about the stupid shareholders that let it occur in the first place. If someone said here, have 700 mil US I would take it.
You've got a very valid point there, Mark, but shareholders are like the rest of them. Just as long as they're getting what they want, who cares. You take that away from them and see what happens. If that investment bank had've collapsed, they would've been baying for blood.
Humayun's mate got the soul and morals of this type spot on. The question this poses is whether these type of people were innately as they are now or whether they became that way as they became embedded in the system. Obviously it must be a bit of both but don't underestimate the latter. By the time a person reaches this level they have become the embodiment of the corporate ethos. They personify those absract entities, the corporations, which "are driven by greed and the green is all that matters".
Asking the shareholders to regulate the executives is futile. Shareholders are the biggest spongers of the lot (forget the 'mum and dad' investors - their role is trivial). These people believe that because they have money they deserve to get more without doing any work. Often too the shareholder in one corporation is another corporation whos CEO is making a bomb and so is unlikely to point a finger at a fellow executive. Then there is the close interconnection between the executives and the big shareholders - in fact they are sometimes one and the same. No, change won't come from that driection.
Anyway, off the soapbox.
David
Last edited by AstralTraveller; 16-08-2009 at 01:03 PM.
Reason: typo
Because, Ron, you hit the nail on the head when you said "Old Boys Club". Them and their pollie mates basically run the joint and don't give a rat's about anyone else. Just so long as they get everything they want, everything and everyone else can go take a running leap.
If i were in that position I would take the money (who wouldn't)
I feel its the responsibilty of the board's of big copnaies to not be so stupid & offer people ridiculous - the CEo's can't set their own pay - its up to the board - Most of the time people get voted there & may not have any of the necessary skills
What happened to morals? Maybe I'm old fashioned, but what he was getting paid is just morally wrong. Maybe you'd accept such a large pay, but some wouldn't. No one is EVER worth that much. EVER. And anyone who thinks that they are worth that much is full of it.
One might turn around and say that I am jealous and/or envious. When, in all honesty I don't have a single jealousy or envy bone in my body.
I couldn't accept that type of money and sleep at night knowing that I am directly profiting off the misery, despair and pain of others.
But, then, as David mentioned, you're probably beyond humanity at that point.
Regards,
Humayun
Quote:
Originally Posted by dpastern
What happened to morals? Maybe I'm old fashioned, but what he was getting paid is just morally wrong. Maybe you'd accept such a large pay, but some wouldn't. No one is EVER worth that much. EVER. And anyone who thinks that they are worth that much is full of it.
We could use the helipad as an observation deck and spend a week or so island hopping the pacific islands, observing the beautiful night sky, free from light pollution.
We could use the helipad as an observation deck and spend a week or so island hopping the pacific islands, observing the beautiful night sky, free from light pollution.
Who's in? IIS Cruise '09.
Too much....that superyacht....not for rent (it's the Sultan of Dubai's personal yacht). However, to rent something like that, you'd be looking at the very least $1000000 US a week.
One might turn around and say that I am jealous and/or envious. When, in all honesty I don't have a single jealousy or envy bone in my body.
I couldn't accept that type of money and sleep at night knowing that I am directly profiting off the misery, despair and pain of others.
But, then, as David mentioned, you're probably beyond humanity at that point.
Regards,
Humayun
Unfortunately Humayun, many people would have no problems benefiting from this sort of immoral behaviour. I always find it amazing that 99% of the world's wealth is owned by 1% of the population. I don't care if they've "worked for it", cos they haven't. They've had people work for them, making a bucketful of money, @ slave wages. Like my bosses @ work - they can spend $500k on a new server room outfit, but can't afford $40k or so to put a 4th technician on to replace the guy who left last November (and we've been busting a gut to get through 4 people's work).
Corporate Greed Run Amock!!!
Bankers defend bonuses
