Executive Pay Packages: What Is This Bull Sh$t?
Posted by cnnek at 15:02, 24 Sep 2008The Bush administration is insisting that executives, especially CEO's, of failed companies that ask for Federal Government assistance be allowed to keep their severance packages worth hundreds of millions of dollars. These people are guilty of, to say the very least, very, very,...very poor management. Thinking that they would get their fat severance packages when it was time to leave or retire from their companies, and knowing that they would get their fat pay checks while they were still working for their respective companies, casually gambled away their respective company's money on very bad investments. It didn't take a genius to know that sub-prime loan mortgage backed securities would default sooner or later. In this regard, we must praise Goldman-Sachs. Goldman-Sachs sold all of their mortgage backed securities, sub-prime and prime, before their ever was a crisis! So, let it not be said that nobody knew that this crisis was coming, or that the banking industry doesn't have good people in management. But, what executive managers seem to forget is that at the end of the day they are just high ranking company employees, not gods. And, any employee that refuses to do their job efficiently should be fired without compensation. Furthermore, any Board of Directors or anyone in company management that promotes employees to their highest level of incompetence instead of leaving them in positions at their highest level of compitence deserves to be summarily fired without compensation also. But, President George W. Bush, whose competence is very questionable, thinks that these executive managers, mainly CEO's, should get their multimillion dollar severance packages that they most assuredly did't earn. This to me is Bull Sh$t!
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Comments
3 June 2008
6 days 2 hours
I hear the same sort of thing being uttered in the UK. It is not only shameful it is immoral.
Carol A Noble
28 June 2006
1 week 1 day
Carol_Noble,
To reward unethical behavior and incompetence, which is what they want to do, is determental to society. The Bush Administration is, in effect, saying that unethical behavior and incompetence should be rewarded. To do this is unthinkably stupid. Who do these idiots think that they are?
What do you think?
cnnek
{You Can Teach People How To Think Or What To Think; But, You Can't Do Both! It Is Better To Teach People How To Think!!!}
12 April 2007
10 hours 14 min
Who do these idiots think that they are?
...The bosses? ;-)
The Latin American presidents sure gave a lot of rants to Dubya on his last stand at the UN. Well deserved IMO
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It's not the depth of the rabbit hole that bugs me...
It's all the rabbit SH*T you stumble over on your way down!!!
Red Pill Junkie
28 June 2006
1 week 1 day
Red Pill,
Power is like glory. It is fleeting. It doesn't last forever. And, what comes around goes around. These idiots are not only sowing the seeds of their own destruction, they are undermining western culture and sowing the seeds of its destruction.
I live in Japan, and Asia is going to be just fine. 2009 is going to be a little shakey; but, after that, everything is going to be just fine. So, this really doesn't affect me very much.
But, what I'm observing is suicidal behavior and utter stupidity beyond anything that I can possibly imagine. If they aren't stopped before it's too late, these people are going to take Western Society down with them. And, it's almost too late! As far as the United States is concerned, the only question now is,"When is it going to default on some or all of its soverign debt?"
What do you think?
cnnek
{You Can Teach People How To Think Or What To Think; But, You Can't Do Both! It Is Better To Teach People How To Think!!!}
12 April 2007
10 hours 14 min
Things are relatively stable —economically— here in Mexico too, and from what I've read in the papers, many other Latin American countries are unaffected by what Argentinian president Cristina fernández recently named "the jazz effect" (in fact, it has to be noted, some countries are glad this is happening to the US).
So, even in a worst-case-scenario, I don't think the collapse of the US would bring about the destruction of the Western world.
Maybe what would happen is that the US would fraction into 3 or 4 minor countries; or they would become a mercenary nation, putting all their fancy weapons at the service of the highest bidder.
After all, that's their top priority. The economic bailout will cost roughly 800 billion. What's the cost of the wars on Iraq and Afghanistan since 2001? Take a wild guess :-)
PS: I really don't wish for the US to collapse you know. I trust in the courage and ingenuity of the American people. They are a great nation, they only have to get rid of their dumbass politicians.
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It's not the depth of the rabbit hole that bugs me...
It's all the rabbit SH*T you stumble over on your way down!!!
Red Pill Junkie
28 June 2006
1 week 1 day
Red Pill,
There is no way to save the U.S. Dollar! At the moment foreign governments are holding most of their dollars, and letting the dollar go down slowly. They are doing this to let their export and manufacturing sectors adjust and prepare for the resulting shock. But, that will not last for more than a year, probably 6 months. In the meantime, the U.S. Government is going to find it more and more expensive to borrow money. Furthermore, the U.S. Government will either have to default on its Soverign Debt, or print money to pay it, and further dilute the dollar. This will creat a bargain basement situation where companies will have to sell themselves cheap or go bankrupt.
Then, foreign firms, especially Chinese, Japanese, Korean, and European Companies will be able to exploit the situation and buy-up what they want. And, U.S. industry will be foreign owned and controlled. Even if the U.S. splits up, this will happen. In other words, the U.S. is about to be economically colonized. And, trust me, after the major sell-off of the U.S. dollar in 6 to 12 months this will happen.
To understand this, all you have to do is study the history and evolution of the "Bretton Wood Monitary Agreement", named for Bretton Woods, New Hampshire. And, study U.S. monitary policy over the last 60+ years.
What do you think?
cnnek
{You Can Teach People How To Think Or What To Think; But, You Can't Do Both! It Is Better To Teach People How To Think!!!}
12 April 2007
10 hours 14 min
Thank you for pointing out this agreement. I've been reading the Wikipedia quote on it, and it pretty much seems the first step the US took to become the super power of the World after the European empires collapsed because of the damages suffered by the war, and the need for cash (i.e. dollars). It also seemed wha permitted the dollar to turn into the XXth century 'gold standard'.
I'm not gonna pretend to be an Economy expert, because if there's an area where my brain starts to sweat, is with currency issues and all that. But it seems the Bretton Wood and the Atlantic Charter's main failure was not to consider the 3rd world countries. They probably thought they would remain poor and uneducated forever! But the economic complexity of our days comes from developing countries like India and Brazil becoming equals with the old powers like France and Britain; and suddenly the "free market & free trade" doesn't seem so advantageous to companies who were used to impose their prices to the 'natives' of Latin America & Asia.
We also have to consider a very significant event that occurred between this Economic agreement & the current crisis: the European union and the coming of the euro as the most powerful currency in the world. I'm pretty sure many companies have switched their funds from dollars to euros in the past 5-10 years. So now instead of a monopoly in international trade currency (the dollar) we have the euro, the yen, and in 10 years the yuan will be even stronger.
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It's not the depth of the rabbit hole that bugs me...
It's all the rabbit SH*T you stumble over on your way down!!!
Red Pill Junkie
28 June 2006
1 week 1 day
Red Pill,
In practice, the U.S. has used the World Bank as an extension of the Treasury Department. It has ignored many conventions of Bretton Woods. The U.S. has been printing money for decades to pay for many of its oversease opperations, i.e. wars, diplomatic expenses, foreign aid, etc., without anything to back the currency. The rational for this was that foreign governments would hold on to the currency, and keep it out of circulation, so that, it wouldn't dilute the value of the currency. And now, it's dump time!
Furthermore, Bretton Woods was flawed. The primary two reasons for this are that it wouldn't implement all of the ideas of John Maynard Keynes, and that it was too dependent, in the long run, on the U.S., the country that mismanaged its economy so badly that it was able to give the world the great depression!
There are better sources: but, wikipedia tells you about the way that the U.S. has abused Bretton Woods, and how the U.S. has mismanaged its own monitary policy.
What do you think?
cnnek
{You Can Teach People How To Think Or What To Think; But, You Can't Do Both! It Is Better To Teach People How To Think!!!}
12 April 2007
10 hours 14 min
Any links you suggest I go visit?
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It's not the depth of the rabbit hole that bugs me...
It's all the rabbit SH*T you stumble over on your way down!!!
Red Pill Junkie
28 June 2006
1 week 1 day
Red Pill,
I actually did most of my research in libraries; because,
getting to the good stuff on the web costs too much money, libraries are free. I'm looking for better links; but, these links are good.
http://www.petersoninstitute.org/publica...
http://en.wikipedia.org/wiki/Bretton_Woo...
http://cynicsdelight.blogspot.com/2005/0...
http://www.econlib.org/library/Enc/Excha...
http://www.fee.org/publications/the-free...
What do you think?
cnnek
{You Can Teach People How To Think Or What To Think; But, You Can't Do Both! It Is Better To Teach People How To Think!!!}
28 June 2006
1 week 1 day
Red Pill
These links won't show-up on TDG; but, you can put them directly into google and get them.
http://globaleconomicgovernance.org/docs...
http://www.g24.org/govw/eg.pdf
http://pages.stem.nyu.edu/~nroubini/pape...
http://www.pimco.com/LeftNav/Viewpoints/...
http://www.ww.uni-magdeburg.de/fwwdeka/s...
What do you think?
cnnek
{You Can Teach People How To Think Or What To Think; But, You Can't Do Both! It Is Better To Teach People How To Think!!!}
12 April 2007
10 hours 14 min
Thanks for the links. I'll try to look at them later, and hopefully I won't need an MBA to understand them ;-)
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It's not the depth of the rabbit hole that bugs me...
It's all the rabbit SH*T you stumble over on your way down!!!
Red Pill Junkie
1 May 2004
10 weeks 6 days
Anger erupts over $3.6 billion payout for Lehman's NY staff
Just an example of high strangeness.
28 June 2006
1 week 1 day
Richard,
They seem to have thought that their British branch was a company colony from which they could take what they wanted in order to support the mother company, don't you think? This type of action, the transfer of $8,000,000,000, is criminal. And, the $3,600,000,000 payout to their New York staff is just as criminal and just as self centered, don't you think?
What do you think?
cnnek
{You Can Teach People How To Think Or What To Think; But, You Can't Do Both! It Is Better To Teach People How To Think!!!}
12 April 2007
10 hours 14 min
But, President George W. Bush, whose competence is very questionable, thinks that these executive managers, mainly CEO's, should get their multimillion dollar severance packages that they most assuredly did't earn. This to me is Bull Sh$t!
Well, isn't that their little Republican agreement? "I scratch your back (i.e. give you money for your campaign), & you scratch mine (i.e. bail you out)"?
I was going to save this for my Thursday's news briefs, but what the heck :-)
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It's not the depth of the rabbit hole that bugs me...
It's all the rabbit SH*T you stumble over on your way down!!!
Red Pill Junkie
28 June 2006
1 week 1 day
Red Pill,
The problem is that back scratching time ends when save your ass time begins! Are they so stupid that they don't even know what time it is?
What do you think?
cnnek
{You Can Teach People How To Think Or What To Think; But, You Can't Do Both! It Is Better To Teach People How To Think!!!}