kallend 2,184
1969912 0
QuoteAnd BoDs are notoriously inbred, so we have really bad cases of "you scratch my back..." when it comes to setting executive compensation packages.
Yep, that's a big source of problems, but it would be nearly impossible to prevent. Do you know if anyone has come up with a decent solution in the past?
"Once we got to the point where twenty/something's needed a place on the corner that changed the oil in their cars we were doomed . . ."
-NickDG
Lucky... 0
QuoteYou're asking for accountability and justice in our society?
Baaaahhaaawwaaa.
Money talks and bullshit walks.
Right, employees have no rights, what's pathetic is that investors have no rights either.
Lucky... 0
QuoteQuoteCEOs of banks and brokerage houses have racked up billions in losses by their poor decision making, yet they get to keep the obscene salaries they made while doing it.
The board of directors are the people who let him have such a deal. Why don't you complain about them, for not tying the CEO's salary to company performance?
Is the BOD appointed/hired by the COE's or his boys? Probably, or they are in bed otherwise.
Lucky... 0
QuoteThey also make obscene billions making right decisions for their investors. No CEO can always make a right decision. IF we put an addendum in their contracts that would hold them 100%accountable to the shareholders (keep in mind we put a lot of demands on them to succeed 100% of the time anyway, even though it's impossible) we probably will have to pay them a much higher salary to stay on to conpensate for the losses they will have on their down times.
What? You could pay them 1/4 of their current salary and have them lining up. KInd of like with lower court, JP's and Muni's, judges make 80k+ and most aren't even lawyers, some have no college, and they are lining up. Point is, overpay unqualified people and they will line up. Thx for being the, uh, devil's advocate.
Lucky... 0
QuoteQuoteQuoteIsn't it time shareholders held them truly accountable?
Do we have any real power to do so?
Despite JR's assertions to the contrary, I think we do not. Most of the stock is held by other institutions, so individual stockholders have effectively been shut out of the process.
And BoDs are notoriously inbred, so we have really bad cases of "you scratch my back..." when it comes to setting executive compensation packages.
The power is to not buy stocks from certain corps, altho hard to do. Create your own mutual fund.
QuoteQuoteIsn't it time shareholders held them truly accountable?
I'm all for locking their asses up for life.
For investment losses?
You people are aware that risk and reward are supposed to be linked, right? Money will be lost. It's not a jailable offense.
Did they build a house of cards? Sure, but nothing has suggested they did it with fraud or misdirection in mind. Bubbles form, and then they pop.
If you're looking for someone to jail, the ratings outfits like Moody's seems like a much more obvious target.
billvon 3,132
.thumb.jpg.4bb795e2eaf21b8b300039a5e1ec7f92.jpg)
>CEOs of banks and brokerage houses have racked up billions in losses
>by their poor decision making . . . .
If you choose poorly, and invest your kid's college savings in a 401k that loses money for you and your family, should you go to jail?
If you run a DZ, and are forced out of business by a local Skyride operation, should you go to jail?
If you are part of a bigway record attempt, and make a mistake that causes the record not to complete - should you be held liable for essentially stealing tens of thousands of dollars?
>by their poor decision making . . . .
If you choose poorly, and invest your kid's college savings in a 401k that loses money for you and your family, should you go to jail?
If you run a DZ, and are forced out of business by a local Skyride operation, should you go to jail?
If you are part of a bigway record attempt, and make a mistake that causes the record not to complete - should you be held liable for essentially stealing tens of thousands of dollars?
kallend 2,184
Quote>CEOs of banks and brokerage houses have racked up billions in losses
>by their poor decision making . . . .
If you choose poorly, and invest your kid's college savings in a 401k that loses money for you and your family, should you go to jail?
If you run a DZ, and are forced out of business by a local Skyride operation, should you go to jail?
If you are part of a bigway record attempt, and make a mistake that causes the record not to complete - should you be held liable for essentially stealing tens of thousands of dollars?
They aren't relevant analogies at all. The question is why do they keep the huge bonuses and severance pay when they screwed up and others take the losses.
If I screw up on a big way I don't expect a huge monetary reward for it.
...
The only sure way to survive a canopy collision is not to have one.
The only sure way to survive a canopy collision is not to have one.
billvon 3,132
>The question is why do they keep the huge bonuses and severance
>pay when they screwed up and others take the losses.
Same reason you keep your job when you screw up, I suppose.
>pay when they screwed up and others take the losses.
Same reason you keep your job when you screw up, I suppose.
kallend 2,184
Quote>The question is why do they keep the huge bonuses and severance
>pay when they screwed up and others take the losses.
Same reason you keep your job when you screw up, I suppose.
Neither O'Neal nor Prince kept their jobs. They just kept $(tens of millions). In Prince's case he got a performance bonus after Citi lost $(tens of BILLIONS).
...
The only sure way to survive a canopy collision is not to have one.
The only sure way to survive a canopy collision is not to have one.
billvon 3,132
>In Prince's case he got a performance bonus after Citi lost $(tens of BILLIONS).
Sounds like it was Citibank's decision to do so.
Sounds like it was Citibank's decision to do so.
Quote
Neither O'Neal nor Prince kept their jobs. They just kept $(tens of millions). In Prince's case he got a performance bonus after Citi lost $(tens of BILLIONS).
So when exactly did Citi lose tens of billions of dollars, John? I think you need to find a grad student to be your fact checker.
http://www.citigroup.com/citigroup/press/2007/071015a.htm
FOR IMMEDIATE RELEASE
Citigroup Inc (NYSE: C)
October 15, 2007
Citi Reports Net Income of $2.2 Billion, Earnings Per Share Of $0.44
Do we have any real power to do so?
Despite JR's assertions to the contrary, I think we do not. Most of the stock is held by other institutions, so individual stockholders have effectively been shut out of the process.
And BoDs are notoriously inbred, so we have really bad cases of "you scratch my back..." when it comes to setting executive compensation packages.
The only sure way to survive a canopy collision is not to have one.