Why Wall Street execs want to silence their shareholders
Last year, the Securities and Exchange Commission approved a new “say on pay” policy that allows shareholders to vote on the pay package for a company’s top executives.
You wouldn’t think that would be a particularly controversial measure. For one thing, the vote isn’t even binding; it is advisory only. And shouldn’t shareholders — the people who actually own a company — be allowed to at least voice an opinion about how their own top employees are paid? Surely that is consistent with free-enterprise market principles, right?
Republicans, however, have fought the measure tooth and nail. It was approved by the SEC by a party-line 3-2 vote, with Republican appointees to the panel trying vainly to delay, weaken or kill it. They also fought it in Congress, voting against “say on pay” in party-line votes in 2009, back when Democrats still had enough votes to pass it.
As the Chicago Tribune reported back then:
“Rep. Pete Sessions (R-Texas), in a comment echoed by fellow Republicans, assailed the (say-on-pay) measure as “unprecedented government intervention in the free enterprise system.”
“This bill is an invitation for political meddling at its worst in the private confines of companies that are trying to work hard to create jobs,” complained Rep. Peter J. Roskam (R-Ill.)
I find those complaints hard to fathom. It is government interference to give the owners of a company a voice — a non-binding voice! — in what its executives are paid?
This week, we got a chance to see the rule in action, and also to see why Republicans continue to fight it so hard. Shareholders at Citigroup, one of the 10 largest banks in the world, voted 55-45 percent on Tuesday to object to the pay packages granted to CEO Vikram Pandit, as well as to bonus and compensation packages for other top executives. By one count, Pandit collected as much as $49 million in pay, stock options, retention bonuses and other compensation last year, even though the company’s performance has lagged.
The Citigroup investor rebellion came after the nation’s largest corporate-governance experts, Institutional Shareholder Services and Glass Lewis & Co., both recommended against approval of the pay package on grounds that it was too generous and wasn’t linked to company performance.
Glass Lewis, for example, gave the company’s executive pay plan an “F”, explaining:
“Having repaid its TARP funds in 2010, the Company was not subject to restrictions governing the structure of compensation paid to its highest-paid executives during 2011. In turn, the Company has implemented incentive plans rampant with significant issues that, in our opinion, warrant shareholder attention. It is clear to us that the Company has squandered the opportunity to form well-designed, objective incentive plans at the lifting of TARP restrictions, opting instead for often discretionary awards that may qualify as a misuse of company capital.”
In other words, the executives were paying themselves more than they were worth and more than they had earned. (When Pandit became CEO in December 2007, Citigroup was selling at a little over $300 a share. Yesterday it closed at $35.08 a share.)
It’s going to be interesting to see what happens now. According to ISS, only 2 percent of executive pay packages were rejected by shareholders last year, so the action by Citigroup investors is pretty noteworthy, suggesting it’s an egregious case. On the other hand, because the Tuesday vote was non-binding, Pandit and Citigroup’s board of directors are under no legal obligation to honor it.
In addition, pay packages for other major Wall Street firms are also coming up for shareholder review, and those companies are also probably nervous about a shareholder revolt.
All of this strikes me as a very good thing. This is not government interference in free markets; this is stockholders regaining just the slightest bit of control over their own property. And it is almost inexplicable to me that Republicans view it as a bad thing.
I say “almost inexplicable,” because blind loyalty to the top 0.001 percent is the only explanation I can offer. If you have a better one, please, let’s hear it.
– Jay Bookman
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946 comments Add your comment
Paul
April 19th, 2012
10:17 am
ragnar
“Why should any government employee not a SEAL have a salary greater than $100,000?”
So government can attract the best and the brightest from private industry to bring their private sector, executive experience to bear on government operations.
Just ask the GSA and Secret Service.
USinUK - ex-pat thug
April 19th, 2012
10:17 am
“Why should any government employee not a SEAL have a salary greater than $100,000?”
yes.
because all government employees = DMV employees.
oy.
Jay
April 19th, 2012
10:17 am
I’ve been highly critical of Raines, kayaker. If they could find criminal charges to nail him on, I’d be just fine with that.
Talking Head
April 19th, 2012
10:17 am
So Mitt Romney used to make his dog ride on top of the car when the family went on vacation, and Obama used to eat dogs. If I were a dog, I would not feel to good about the next 4 years.
USinUK - ex-pat thug
April 19th, 2012
10:18 am
“Just ask the GSA and Secret Service.”
actually, you might not want to ask the secret service about paychecks right now …
Adam
April 19th, 2012
10:18 am
Also, do you have a say on how much the POTUS and elected officials are paid???
Second time it’s been mentioned. One more from someone else and I think we can safely assume this is the new right wing Tu quoque talking point.
MiltonMan
April 19th, 2012
10:18 am
“hrm.
living in a country = being a part owner of a business
some people seem to have missed a few days in civics class”
…says the person who thinks the US is a democratic society. Interesting. Please inform us of the last time you voted for a pay raise for any elected official.
Soothsayer
April 19th, 2012
10:18 am
Well
.
I just spent the last 15 minutes or so
.
reviewing blog posts from the past few months
.
And I can safely say………the Lyman Hall
.
is……..none other than
.
our old buddy……..Lm
.
I guess……..he just got tired
,
of being run off the blog
.
so many times under……….his
.
old nom de blogue.
.
The reason I…….know this
.
is because his posting style
.
is unmistakable……….he just
.
inserts a period between
‘
line……….breaks now.
Bruno
April 19th, 2012
10:18 am
So Thomas, you propose that we abandon the republic model and go straight to pure democracy?
Jay–I’m confused by your position today. Corporations are essentially run as a “republic”, in which an elected board of directors makes all of the decisions regarding CEO compensation, etc. So, are you proposing a fundamental change in the way large, publicly traded corporations are administered?? If so, then why wouldn’t you support the public directly voting on the salaries of Congress and the President?? If not, then what does this new proposal actually accomplish other than give shareholders a meaningless way to vent??
In other news
April 19th, 2012
10:18 am
“So Mitt Romney used to make his dog ride on top of the car when the family went on vacation, and Obama used to eat dogs.
At least Mitt’s dog didn’t have to worry about being eaten.
Soothsayer
April 19th, 2012
10:19 am
Oops! Jm
In other news
April 19th, 2012
10:19 am
Obama is knee deep in debt, prostitutes, dog meat and doo doo.
Face it folks, he’s done in November and no amount of crying will help you.
Recon 0311 2533
April 19th, 2012
10:19 am
388,000 – 366,000 = 22,000 > 10,000
My bad, 388,000 down 2k to 386,000.
Butch Cassidy
April 19th, 2012
10:19 am
JohnnyReb – ” If Bush, et al created the concentration, why didn’t Obama and company fix it before he lost complete control via the mid-terms?”
You mean why didn’t he break up the banks in the middle of the largest economic meltdown since the Great Depression? I seriously doubt that you or anyone else would give him kudos for such a move. Besides, look how upset people get when the idea of limiting CEO compensation comes up in discussion.
HDB
April 19th, 2012
10:19 am
Butch Cassidy
April 19th, 2012
10:10 am
JohnnyReb – “I trully don’t know who is to blame for allowing a concentration of big banks”
I’ll be happy to to tell you. It was Paulsen, Geithner, Bernake, and to a large extent the Bush Administration. During the meltdown, Lehman Brothers was allowed to collapse, as well as Bear Sterns.”
Bear was acquired by JP Morgan/Chase Manhattan…Jamie Dimon ios the CEO!! All was done during the Bush Years…..
Paul
April 19th, 2012
10:20 am
JohnnyReb
“why didn’t Obama and company fix it before he lost complete control via the mid-terms?”
Wikipedia has some pretty good sources on Dodd-Frank.
“The initial version of the bill passed the House along party lines in December by a vote of 223-202,[1] and passed the Senate with amendments in May 2010 with a vote of 59-39[1] once again along party lines.[1″
Bottom line: Republicans hated Wall Street Reform and bitterly fought it.
Mick
April 19th, 2012
10:20 am
Personally, I love hot dogs especially nathans…
In other news
April 19th, 2012
10:20 am
“All was done during the Bush Years…..”
Blaming Bush will no longer help the left. Get over it and go home.
USinUK - ex-pat thug
April 19th, 2012
10:21 am
“Please inform us of the last time you voted for a pay raise for any elected official.”
how about you inform us about the last time you were part owner of a business yet had no say in it.
Butch Cassidy
April 19th, 2012
10:21 am
HDB – “Bear was acquired by JP Morgan/Chase Manhattan…Jamie Dimon ios the CEO!! All was done during the Bush Years”
Exactly right. I probably should have clarified that had JPM/Chase not stepped in, BS would be on the same page as LB.
getakife
April 19th, 2012
10:22 am
cons want the wealthy to control all the wealth so their kids have no chance of making a decent living.
Jay
April 19th, 2012
10:22 am
If this is merely a meaningless way to vent, Bruno, why have corporate America and the GOP fought it so hard?
The answer is, because it’s far from meaningless and they know it.
The Citigroup board is now on notice from its own shareholders that its practices are unacceptable. Legally, they can ignore it. But I don’t think that would turn out to be a smart business decision. We’ll have to see just how “meaningless” this turns out to be….
Tall
April 19th, 2012
10:22 am
Mr. Bookman:
There are probably more details here than meet the eye. Can you find out who the campaign donors are?
Brosephus™
April 19th, 2012
10:22 am
G’mornin’ Paul!!
Mick
April 19th, 2012
10:22 am
Let me try again…hey usinuk! whats the matter for you? Squidleys got your tongue?
MiltonMan
April 19th, 2012
10:23 am
Libs – please tell the rest of us here what exactly is “fair compensation” for a CEO.
We are still waiting for Obama to celarly define what a rich person is in this country. Is it a single person who makes up to $200k; “married” couple who make up to $250k or people making over $1 million?
I just received a notice from my employer that my “cadillac” medical insurance plan benefits will be considered taxable income starting 1 Jan 2013. Thanks Obozo!
Doggone/GA
April 19th, 2012
10:24 am
“…says the person who thinks the US is a democratic society”
Yep, some people were DEFINTELY missing from Civics class
Paul
April 19th, 2012
10:25 am
Hey Mick!
“Been missing your tart responses…”
Did you mean the responses were ‘tart’ or did you mean they were responses from a tart?
http://en.wikipedia.org/wiki/British_slang#T
MiltonMan
April 19th, 2012
10:25 am
“how about you inform us about the last time you were part owner of a business yet had no say in it.”
My last job. I worked for a private company.
Good God libs are easy. Any other “gems” there champ???
Steve - USA (I support "None Of The Above")
April 19th, 2012
10:25 am
If you don’t have a voice then don’t be a shareholder.
Lyman Hall
April 19th, 2012
10:26 am
Soothsayer -
.
The State-Sponsored Media may “ban” me……………………they will never “run me off”.
.
The truth will out…………………………………………………………..goob.
Butch Cassidy
April 19th, 2012
10:26 am
MiltonMan – “Libs – please tell the rest of us here what exactly is “fair compensation” for a CEO.”
Can’t speak for the “libs”, but I wouldn’t be opposed to CEO comp being roughly 40 times that of the lowest paid worker in the organization, and was tied specifically to the performance of the company along with the provision that if the CEO fails to meet expectations that he will be given the same severance package as any other rank and file employee.
Hope that helps.
Brosephus™
April 19th, 2012
10:26 am
Recon
gotcha…
In other news
April 19th, 2012
10:26 am
Doggone/GA
Not to mention business classes. Jay Bookman was a history major but thinks he’s an economist. Go figure. Next he’ll be telling us how to wage war and win. Oh wait…
Adam
April 19th, 2012
10:26 am
MiltonMan: Definitions are only meaningful to you and your ilk because you intend to then fight them on that basis, instead of talking about whether or not things are actually moral or not. It’s a method of trying to win an argument by changing the terms of the argument. I know plenty of people who do this, and I am not playing your game.
Instead, I challenge YOU; If you want ANYONE to answer your questions on definitions, first you must submit your own definitions, and they have to be reasonable definitions – not off-the-wall definitions you just made up to be hyperbolic in an attempt to get people to play your silly game.
kayaker 71
April 19th, 2012
10:27 am
As a rule, the shareholders of any corporation should have a say in how the corporation is run, including CEO compensation. As part owners of the corporation, they have that right. As long as it is kept within the private sector, so be it. However, when the government gets involved, it is another issue. Corporate America already has enough regulation and rules to last three lifetimes….. they don’t need any more. But Bozo and the liberals continue to demonize those of means to gain votes in the upcoming election. Is there nothing that this clown does that is not centered on getting re-elected?
Mick
April 19th, 2012
10:27 am
paul
Well, shiver me timbers, I’ll take the double entendre of course…
Jefferson
April 19th, 2012
10:28 am
Why does a US representative have a 1.5 mil staff and supply budget ?
In other news
April 19th, 2012
10:28 am
There seem to be lots of backseat CEO’s pretending to know what they’re talking about. People who sit on a blog all day talking about how they know how companies are owned and operated.
MiltonMan
April 19th, 2012
10:28 am
“cons want the wealthy to control all the wealth so their kids have no chance of making a decent living.”
Wow. Brush up on circular dependency there chief!
USinUK - ex-pat thug
April 19th, 2012
10:30 am
hey mick!!!
how’s the weather???
no, don’t tell me.
Bruno
April 19th, 2012
10:32 am
The Citigroup board is now on notice from its own shareholders that its practices are unacceptable. Legally, they can ignore it. But I don’t think that would turn out to be a smart business decision. We’ll have to see just how “meaningless” this turns out to be….
Last time I checked, the President and Congress have been put on notice that THEIR practices are unacceptable as well, yet I don’t see any response yet. ObamaCare is opposed by a substantial majority of folks, and I don’t see anyone supporting the Senate’s failure to approve a federal budget.
Personally, I think Thomas raised a good point. What’s good for the goose should be good for the gander.
stevie ray...clowns to the left, jokers to the right..here I am...
April 19th, 2012
10:32 am
KAYAKER
Great point but when you dig deeper, that Raines crook is base of an ever heightening iceberg…both sides have a long history of making piles of dough a board members and others…Emanuel, Kerry, Johnson, Paulson, Gingrich….
Jefferson
April 19th, 2012
10:32 am
Minority shareholders has very little say and with the inventions of 401s to prop up the market most workers feeding the system are just being fleeceed of what they should be getting for what they are giving. If you want to control everything, stay private — otherwise be prepared to be fair to all not just the majority share holders.
USinUK - ex-pat thug
April 19th, 2012
10:32 am
I second Butch’s proposition (but would limit it to 20x)
Doggone/GA
April 19th, 2012
10:33 am
“As long as it is kept within the private sector, so be it. However, when the government gets involved, it is another issue”
Government steps in when the private sector fails to step up
MiltonMan
April 19th, 2012
10:33 am
“I know plenty of people who do this, and I am not playing your game.”
Yet you respond via a dissertation???
Please point out where my definitions are “made-up”.
Kudos to Butch for a straight-forward response to the original question with a sound answer that I would agree with from an implementation stand-point.
Bruno
April 19th, 2012
10:33 am
USinUK–Glad to see you back on board. Any truth to the rumor that you’ll be lighting the Olympic Flame this year?? After all, being Queen of the Bookman Blog does have its perks.
godless heathen©
April 19th, 2012
10:33 am
OK, I’ve heard about Romney and his dog story, but where did this about Obama eating a dog come from?
Mick
April 19th, 2012
10:34 am
usinuk
The weather is cherry!! C’mon down for a spell…I’ve invited just about everybody on this blog, friend or foe, to stop by…so far no takers but someone will pop up eventually, then I can share some magic…
carlosgvv
April 19th, 2012
10:34 am
The intense level of vitriol and hatred shown by conservatives here towards Obama is not in keeping with his performance as President. I can only conclude that what you cons really want is a whiter White House. The roots of racism run much deeper than I wanted to admit.
Paul
April 19th, 2012
10:35 am
MiltonMan
“how about you inform us about the last time you were part owner of a business yet had no say in it .”
My last job. I worked for a private company.
Good God libs are easy. Any other “gems” there champ???”
Do I understand you were part owner of a business but had no say in it?
Golly… I wonder what the other owners knew that we don’t?
Or… did you mean you were an employee of a private, not a public company, had no ownership of it, and you’re comparing that who owns part of a company having no say in how it’s run?
And you say Libs are easy?!!?
Brosephus™
April 19th, 2012
10:35 am
As a rule, the shareholders of any corporation should have a say in how the corporation is run, including CEO compensation. As part owners of the corporation, they have that right. As long as it is kept within the private sector, so be it.
Sounds very reasonable, and I don’t think you’d find many outside toe GOP contingent in Congress that would disagree with you. My only question would be how would that be enforced if you don’t want government involved? Who would step forward for the shareholders if the corporations violate that agreement and silence the voices of the shareholders?
USinUK - ex-pat thug
April 19th, 2012
10:35 am
Bruno –
you mean, being Queen of Bookmanialand gets you a tiara … and MORE??? talk about a wealth of blessings!!!
Mick – would love to visit – we’ve had ALL the weather this week … hail … rain … sun … wind …
saywhat?
April 19th, 2012
10:36 am
Related to the “corporations are people” meme, anybody else notice that the conservative supreme court justices no longer believe that when it applies to holding corporations responsible for committing torture?
USinUK - ex-pat thug
April 19th, 2012
10:36 am
“My last job. I worked for a private company.”
worked for /= part owner
(no wonder they didn’t want you to operate heavy machinery)
kayaker 71
April 19th, 2012
10:36 am
Stevie Ray, 10:32,
Very few of us outside the corporate boardrooms know what is really going on. And as long as our presidential candidates of either party continue to take gazillions of dollars in campaign contributions from them, with significant strings attached, we will continue to have a corrupt, crooked government. I don’t trust any of them.
Steve - USA (I support "None Of The Above")
April 19th, 2012
10:37 am
“OK, I’ve heard about Romney and his dog story, but where did this about Obama eating a dog come from?”
I believe it was a quote from one of his books. No truth though that he said it tasted just like Chicken.
getakife
April 19th, 2012
10:37 am
It’s a shame cons will not fight for their kids to have a better chance to make it because they chose to fight for billionaires.
Grasshopper
April 19th, 2012
10:37 am
Hey jay,
I agree with you! Nice job.
Paul
April 19th, 2012
10:38 am
godless heathen
“I’ve heard about Romney and his dog story, but where did this about Obama eating a dog come from?”
From MadeUpOutrage, Inc.
It’s a growth industry.
MiltonMan
April 19th, 2012
10:38 am
“OK, I’ve heard about Romney and his dog story, but where did this about Obama eating a dog come from?”
Of course you will not hear – nicely swept under the carpet by our friendly liberal media.
Obama wrote about this in his book – “Dreams of my Father”
saywhat?
April 19th, 2012
10:38 am
I’ll see miltonmans “libs are easy” and raise him a “cons are simple”.
zeke
April 19th, 2012
10:39 am
So Jay, why don’t you work tirelessly to do the same for the USA taxpayers? Congress is out of control! They need to have not only their pay, but, the allowance for office(s) and support people, travel and expenses, health insurance and other benefits, retirement compensation, , and, every other thing they do to be voted on by the taxpayers! Not the 50% who pay no income tax, but, by the 50% that do!
Butch Cassidy
April 19th, 2012
10:39 am
US in UK – “I second Butch’s proposition (but would limit it to 20x)”
20 is a little low. If you factor that the lowest paid person in theory is making 24K a year, 20 is really only about $500k. For a CEO, and the responsibilities he has for the organization, even I would say that’s too little. However, at 40 he is going to clear in excess of 1 million a year. Anyone should be able to survive on $19,230.00 a week in my opinion.
Mick
April 19th, 2012
10:39 am
If I had to put money on it, either jamvet, bruno or even jay might pop up sometime in the future. It would be a hoot to knock a few back with yaker or good ole rb! By the time they left, they be registering democrat!!!
Brosephus™
April 19th, 2012
10:39 am
Butch @ 10:26
Put that between 25% – 30% and I could co-sign that one with you. Another alternative would be to restructure worker pay packages to give them stock options, but not to the extent of execs, based on performance. You then give the worker even more incentive to be more productive as the better the company does, the better their pay could potentially become. You’d also do away with other incentive bonuses as the options would take place of that.
Becky
April 19th, 2012
10:40 am
Kayaker-I love how you include yourself in the corporate boardroom scenario. I hope I do not have any stock in any company of which you are a part as you spend your days on this blog and not actually working. Know what I mean?
kayaker 71
April 19th, 2012
10:40 am
carlos, 10:34,
When will you liberals stop pinning racism on the criticism of this clown in the WH. He is an abject failure, has no significant record and should still be in Chicago. There are numerous black Republicans that I would be glad to vote for. Just not this Muslim wannabe.
barking frog
April 19th, 2012
10:40 am
getakife
were you once getalife?
Steve - USA (I support "None Of The Above")
April 19th, 2012
10:40 am
“From MadeUpOutrage, Inc. – It’s a growth industry.”
No doubt, both parties use it often.
They BOTH suck
April 19th, 2012
10:40 am
“I don’t trust any of them.”
Especially those running campaign ads in Spanish, which basically means the majority of those who are or were running for the Repub nomination as well as Obama
MiltonMan
April 19th, 2012
10:41 am
“It’s a shame cons will not fight for their kids to have a better chance to make it because they chose to fight for billionaires.”
Every heard of multi-tasking chief??? We all fight for billionaires, fight for our kids (you know that BS known as stay-home moms), fight to keep the oppressed down, etc., etc.
You libs should try it every so often.
lovelyliz
April 19th, 2012
10:41 am
If corporations are “people” too shouldn’t the entire “family” have a say in how the “family’s” $$$$$ is spent?
They BOTH suck
April 19th, 2012
10:42 am
“Just not this Muslim wannabe”
Would you vote for any Muslim?
ty webb
April 19th, 2012
10:42 am
“When will you liberals stop pinning racism on the criticism of this clown in the WH.”
It’s really all they got…besides “inherited” of course.
saywhat?
April 19th, 2012
10:42 am
MiltonMan
April 19th, 2012
10:38 am
Of course you will not hear – nicely swept under the carpet by our friendly liberal media.
Obama wrote about this in his book – “Dreams of my Father”
_____________________________________________________
The liberal media has conspired to edit every book sold to conservatives to hide the information from them for the past 17 years, but one unaltered copy mysteriously slipped out. Either that or it took the simple cons that long to read a single book. You decide.
Mick
April 19th, 2012
10:42 am
**Just not this Muslim wannabe**
Yeah, there’s your sign…
getalife
April 19th, 2012
10:42 am
frog,
I was but changed.
Like a tad pole to a frog.
kayaker 71
April 19th, 2012
10:43 am
Becky, 10:40,
I retired after spending nearly 43 yrs putting people back together. I spend my days on this blog to irritate liberals like you….. as much as I can.
Mick
April 19th, 2012
10:44 am
**I spend my days on this blog to irritate liberals like you**
Irritate us? I think not mr. poison ivy…
getalife
April 19th, 2012
10:44 am
The end game to corporate power is they control all the wealth.
Tell your kids who you fought for cons when they can’t never leave your house.
TM
April 19th, 2012
10:44 am
Haven’t read all the comments but shouldn’t this same rule apply to government and we vote on the salary of our leaders
USinUK - ex-pat thug
April 19th, 2012
10:44 am
“From MadeUpOutrage, Inc.
It’s a growth industry.”
and worldnutsdaily is their paper of record.
MiltonMan
April 19th, 2012
10:45 am
Dang – hate to leave this one but I have to go make my “evil rich boss” some even more money.
barking frog
April 19th, 2012
10:45 am
getalife
change and hope to be
better?
TaxPayer
April 19th, 2012
10:45 am
Are Republicans on here today trying to convince us that job creators such as Pandit could create so many more jobs for us if we would just give them more bigger tax cuts. And wouldn’t it be a novel idea to actually let shareholders have a little say in the company they own other than voting yes or no to approve the company’s selection of company directors and other such worthless activities. I wouldn’t waste my money on Citi or BAC or any other company that would pay their executives outrageous sums of money for doing a horrible job.
Paul
April 19th, 2012
10:45 am
Steve
That’s why it’s growing so well -
USinUK - ex-pat thug
April 19th, 2012
10:45 am
“I retired after spending nearly 43 yrs putting people back together”
you worked at the Barbie factory?
getalife
April 19th, 2012
10:46 am
kay,
A doctor?
MiltonMan
April 19th, 2012
10:46 am
“The end game to corporate power is they control all the wealth.
Tell your kids who you fought for cons when they can’t never leave your house.”
Gotta love that double negative so kindly brought to us via an APS education.
kayaker 71
April 19th, 2012
10:47 am
Suck, 10:42,
I learned all I want to know about Islam on September 11, 2001. When we stop spending gazillions of dollars of our federal budget protecting ourselves against these idiots, I might be a bit more tolerant. And as to the Spanish speaking ads, that was a significant mistake on my part. Apologize to the whole blog for that one.
MiltonMan
April 19th, 2012
10:47 am
““I retired after spending nearly 43 yrs putting people back together”
you worked at the Barbie factory?”
That actually is down-right hilarious. Thanks for the laugh US!
Peadawg
April 19th, 2012
10:47 am
“Why Wall Street execs want to silence their shareholders”
B/c they are a bunch of greedy b*sta*ds.
Becky
April 19th, 2012
10:47 am
Dang it- I was going to suggest the Mr. Potato Head factory.
Paul
April 19th, 2012
10:48 am
kayaker
“I spend my days on this blog to irritate liberals like you….. as much as I can.”
Yeah, and some of us like to return the favor.
Wanna talk about why ex-military cons love socialized medicine for themselves but hate it for those they were sworn to protect?
(just kidding, I think we’ve beat that to death for now)
Butch Cassidy
April 19th, 2012
10:48 am
Bro – “Another alternative would be to restructure worker pay packages to give them stock options, but not to the extent of execs, based on performance.You then give the worker even more incentive to be more productive as the better the company does, the better their pay could potentially become. ”
And that my friend, is how it used to be. Both employee and CEO had vested interests in the companies performance, so everyone shared the risks and the rewards. It’s not a coincidence that employee loyalty began to subside when pensions were replaced with 401k’s and management training and OTJ programs were eliminated. It also concides with the advent of viewing the employees as potential liabilities to the P&L rather than assets to the company. Too bad we can’t go back.
kayaker 71
April 19th, 2012
10:49 am
getalife, 10:46,
Yep.
They BOTH suck
April 19th, 2012
10:49 am
Bro
“Another alternative would be to restructure worker pay packages to give them stock options, but not to the extent of execs, based on performance”
When a profit sharing margin is achieved, a major employer down at the airport does a combination company performance and individual performance for the payout of the rank and file……
HDB
April 19th, 2012
10:50 am
MiltonMan
April 19th, 2012
10:41 am
“….fight to keep the oppressed down, etc., etc.”
Gee, you ADMIT it!! The light of truth…..
BTW: it a big difference between a 5-8 year old child eating a foreigh delicacy (dog is an Asian delicacy) vs. strapping a dog on the roof of a moving car and s#!t running down the rear window!! A very big difference!! What we eat here can repulse some Asians as do some of what Asians eat repulse Americans…..that’s part of the American superiority problem that occurs when we go overseas……