When they act like it’s a crisis, part 37B
posted at 8:50 am on December 23, 2008 by Ed Morrissey
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Investors Business Daily offers a one-two combination punch today on the bank bailout. Yesterday, I wrote about the AP’s discovery that banks didn’t want to discuss what they have done with the bailout money they got from Henry Paulson and George Bush. Today, IBD notes that they have 1.6 billion reasons to keep their mouths shut:
In any real crisis, everyone sacrifices to weather the storm. But the panicky $700 billion bailout that Congress approved for 116 banks in the fall shows an entirely different sense of urgency.
On Sunday, the Associated Press found that $1.6 billion of bailout cash was converted to gravy for 600 bankers. They got bonuses, club dues, financial planners, corporate jet travel, daily limousines and home security systems, courtesy of the taxpayers….
It’s obvious these banker bonuses had no correlation to productivity or performance. In the real world, enterprises provide such benefits only when executives produce results — that is, profits.
On Monday, for example, executives of Caterpillar gave up compensation to ensure that their firm would survive. The banks — especially investment banks — seem to play by different rules.
Michael Ramirez puts it a little more succinctly:
The Treasury should immediately recall the $1.6 billion in funds given to these bankers from the bailout money transmitted to these banks. Paulson and everyone on that team should get the boot for allowing that to happen. If these banks had $1.6 billion available for executive bonuses, then they should have used that to operate their businesses rather than coming hat in hand to taxpayers. It’s a great example of why failing private enterprise should never get government bailouts and should be forced to make the tough decisions necessary for survival.
Ramirez has a terrific collection of his works: Everyone Has the Right to My Opinion, which covers the entire breadth of Ramirez’ career, and it gives a fascinating look at political history. Read my review here, and watch my interviews with Ramirez here and here.
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Too late now, that horse done left the barn.
Skandia Recluse on December 23, 2008 at 8:54 AM
Amazing, predictable but amazing none the less.
conservnut on December 23, 2008 at 8:55 AM
go figure
trailortrash on December 23, 2008 at 9:03 AM
One Bank Exec to Another:
“Sucks being them!”
Hey friends,
Americans voted for this type of garbage… It continues and we still do not fight against it, we do not call or write or e-mail or march in mass protest… We sit here like Lambs being led to the slaughter… We deserve what we get because we have no guts, no spines and we have been wussy-fied by the MSM, Liberals and the Politicaly Correct crowd… We vote in the same morons of BOTH parties time and time again… Then we bitch and moan when they do not perform… NO BAILOUTS PERIOD!~
Somehow, we got to get that message thru… Suggestions?
Mark Garnett on December 23, 2008 at 9:06 AM
It’s almost as if there should be a law about unintended consequences of something.
angryed on December 23, 2008 at 9:08 AM
Our tax dollars at work. And it’s not going to get any better under Barry.
Ramirez used to be the Political Cartoonist at the Commercial Appeal in Memphis, TN. He is the greatest.
kingsjester on December 23, 2008 at 9:09 AM
I just don’t see the problem. In every communist society there is a very defined line between the elite and the comrade peasants. It is very obvious that these bankers are just taking what is not only rightfully theirs but what they deserve as part of the elite. We the comrade peasants should be proud and thankful that they see us worthy enough to support them. As for me, I am jobless and about to lose my house but I feel I am honored that even in my present finical crisis that they still take from me.
jmarcure on December 23, 2008 at 9:09 AM
lying bankers? alert the media!
and, oh by the way…we still don’t have a jumbo mortgage market, fha is actually lowering their loan limits and SBA biz acquistion loans are only made to those who have no need for a loan.
the bailout was actually a golden parachute for wall street. had mccain resisted it and called it what it was, he might be planning a parade in DC next month instead of shoveling his driveway in Prescott today.
DrW on December 23, 2008 at 9:10 AM
Maybe instead of legislation restricting free speech at election time John McCain should sponsor a bill restricting government bailouts 60 days before an election. If people don’t realize that those greedheads jumped into the middle of a white hot presidential race to pull of the scam of the century God help ya.
miles on December 23, 2008 at 9:10 AM
“They got bonuses, club dues, financial planners, corporate jet travel, daily limousines and home security systems, courtesy of the taxpayers…”
May be that’s their idea of stimulating the economy with the trickle down effect! After all they bailed out themselves with bonuses which probably helps fund high end housing, private school tuition, and let’s not forget the caterers for their parties and the high end department stores as well as the Mercedes and Lexus dealers. Then they assisted their clubs with dues, their financial planners with fees, their travel employs pilots and drivers, airplane and auto mechanics and all those home security installers. Hey, they probably think they are great Americans to help so many people with our tax dollars.
Done That on December 23, 2008 at 9:12 AM
jmarcure on December 23, 2008 at 9:09 AM
You’re dead on. As a fellow member of the proletariat, I salute your forthrighteousness and am indeed humbled to be a part of this history-making moment. Now, if you’ll excuse me, I have to take care of a little throw-up in my mouth and then scream into a pillow.
kingsjester on December 23, 2008 at 9:14 AM
Paulson and everyone on that team should get the boot for allowing that to happen.
Paulson may be replaced, but he won’t be “booted”. Paulson is Goldman Sachs, one of the few investment banking firms left standing after Paulson determined that Lehman Bros. could go belly-up in September. He’s also a liberal Dem, and along with other WS players they donate heavily to the Dem party.
The first clue for anyone watching this debacle should have been the picture of Paulson kneeling before Pelosi. They are partners in crime.
Yes, those banks should return every dime they were given, but they won’t. No one will demand that they do.
The most worrying aspect is that despite the public opposition to bailouts they continue. Our government is not listening to us, the people who have to should the burden.
Cody1991 on December 23, 2008 at 9:20 AM
should=shoulder
Cody1991 on December 23, 2008 at 9:23 AM
We don’t need examples, we **KNOW** that government getting involved in private business is a guaranteed failure.
We’re just along for the ride now folks, its not going to get better, its not going to “turn around”, the morons in Congress and the WH are not going to turn away from their policies regardless of how bad it gets. Obama doesn’t even understand that lowering taxes creates more tax revenue…
Call me Eeyore.
Geministorm on December 23, 2008 at 9:23 AM
This was exactly my conclusion last week when I wrote about the Japanese auto execs who actually took CUTS IN PAY in order to keep their firms going. Automakers, banks, they’re all scamming us. And we keep opening our wallets like good little sheep. How much longer, I wonder?
stoutcat on December 23, 2008 at 9:25 AM
I hear ya. The wife (CPA, Controller) lost her job in September and the downturn in the economy has got all of the big companies putting on hiring freezes. So, I get the joy of working OT during the week of Christmas. But, I should be grateful, at least I’m not at home fielding the phone calls from debt collectors, I’m looking at losing my $600k house in February if something doesn’t happen soon, and hoping that I can successfully hide all of the stress from the kids while they get their leanest Christmas ever…the wife and I wrapped presents last night and we both remarked at how little they’re getting this year. :(
Geministorm on December 23, 2008 at 9:29 AM
ALLCON,
Good comments.
Now all Y’all make sure you work real hard to elect any body but the folks/fools in office in your state. Start with the bush leagues. City, County, State. If we break the farm team and go after 20% of the congress we can neuter the parties, left and right.
MERRY CHRISTMAS TO ALL
and the aclu too!
Col.John Wm. Reed on December 23, 2008 at 9:29 AM
I’ll say a prayer for you and your family my friend…
But remember one small thing, your children have you and your Wife that care for them, that understand family and are still fighting… Your children will see that… They are learning a valuable lesson from your courage and devotion, your work ethic and character… Your giving your children the BEST Christmas present of all… LOVE.
And meanwhile in a stable long, long ago….
Mark Garnett on December 23, 2008 at 9:38 AM
two words; TAX STRIKE
jcw46 on December 23, 2008 at 9:42 AM
I don’t know about Goldman, but Morgan Stanley employees (notice that I said employees) received year-end compensation that was roughly 65% less than last year.
Several points to make:
1. MS and most other banks were forced to accept TARP money. MS struck a deal with Mitsubishi to help them get through the crisis, but the Feds forced them to accept TARP money anyway. (forced socialization, anyone?)
2. Most managers of these firms are compensated based on performance. Follow the logic here: MS, while having a crappy 4th quarter, actually showed a profit this year. Are you all saying that managers who ran successful branches (increasing revenues and profits) should NOT receive the compensation they are due, just because the firm they work for was forced to receive bailout money they didn’t want? Most managers accept a very meager salary and depend on the year-end compensation. And yes, to those skeptics, there are plenty of branches that were successful this year, despite all the doom and gloom.
3. These companies in general must pay their employees and executives or they will go elsewhere.
Please keep in mind that I’m not talking about the CEO’s, but the mid-level managers who work their butts off every day to create and maintain successful branches.
So, when you hear that executives are receiving “tax payer money for their bonuses” keep all this in mind.
pullingmyhairout on December 23, 2008 at 9:43 AM
Thank you for that and for the advice.
In retrospect, I wish this board had a delete or edit button, my post sounds a little whiney and personal. Sorry to bring my dirty laundry in here, it was OT.
Geministorm on December 23, 2008 at 9:44 AM
One hand washes the other, and together they wash the face. (Substitute dirt for soap)
qestout on December 23, 2008 at 9:47 AM
Not defending the indefensible here, but not all of these bankers are guilty as charged.
The most heinous example here is AIG. Those guys redefine arrogance and cluelessness.
But remember that many of these banks, DID NOT WANT the money. Two things happened. Paulsen and his posse put a gun to the head of folks like Wells Fargo and B of A and made them take it. The “reasoning” was that if strong banks didn’t take the TARP money, then those that needed to would be identified and likely have a run on them.
Once that horse left the barn, scores of other banks pretty much had to step up and take the money if only for competitive reasons. I know this industry. Most of these folks LOATHE the idea of the government as a “partner.” But they’ve been forced into it by the mafia-like moves of Paulsen, Bush, Pelosi, et al. (Yes, this is a true bi-partisan clusterfark.)
And while reporters (most working for papers on their way out of business as well) can zoom in and scream to the high heavens about “excess,” most of these institutions are busy trying to weather this storm.
It’s exceptionally hard to do when you can’t trust what the government will do next.
Sugar Land on December 23, 2008 at 9:49 AM
I saw a report this morning that the UAW are handing out bonuses too…and they have a lovely million $ resort in upper Michigan for their execs…so they dont feel too stressed. ugh
There have been many restaurants and stores closing in a nearby city that provided many jobs. No bailouts for them. Local factories are laying off and no bailouts for them.
Hank Paulson did this to help his buddies at Goldman Sachs and Wall st. the auto industry was bailed out to keep money coming to the Democrat’s campaign. Time for these bozos to be booted out of office…and the bailouts to stop!
becki51758 on December 23, 2008 at 9:49 AM
Business is inherently amoral.
Volumes of corporate law do not — could not — constitute morality. Laws are nothing except rules in a complicated game, but they’re not airtight; anyone who masters the game can and will steal others blind. It’s the perennial human defect.
Law does not equal morality. This was the glaring error in the enlightenment, one that lots of smart people like Burke have tried to point out.
We did a hell of a job erecting that mythical wall of separation between church and state, only to find now that the church has been run out of town, that the state alone is powerless to fix what’s wrong with America.
I say let the whole thing burn and start over.
jeff_from_mpls on December 23, 2008 at 9:50 AM
Geministorm on December 23, 2008 at 9:44 AM
It’s alright. We’re all facing it. I just had to change careers at 50 and am waiting to be called in to orientation while my money’s running out. But we have our families and God is in control. We are Americans. We will hang tough.
God Bless Us, Everyone.
kingsjester on December 23, 2008 at 9:51 AM
I dont believe banks were forced to accept this money. A bank in my town refused the money..and put an ad in the paper saying they did.
If they could refuse…why not the others?
becki51758 on December 23, 2008 at 9:51 AM
I’ve got only one thing to say:
9% Congressional approval ratings
98% Congressional incumbent re-election rate
Now, who are the idiots? Congress or the American people?
PD Quig on December 23, 2008 at 9:52 AM
Not really… This is a tough time of the year to be having financial issues, it adds to the stress, the insecurity. If you can’t express a bit of frustration amongst your Conservative friends, where can you go? Look, most of us can relate, it hasn’t always been great for me, I’m pretty solid now, but i can tell you of times eating tuna from the can, buying $1.00 value burgers… It’s times like this though, as I said, that we can “teach” our children and ourselves what Christmas is all about, the meaning of family, the value of just being alive and healthy. Nothing i can say will ease your feelings of wanting to do more ofr your kids, it’s what we do, it’s our job, our responsibility… But when you are doing all you can, when you are trying, when you are living in God’s love, he will NEVER give you more than you can handle… That’s my personal belief. Again, stay strong, do what you can, talk to your kids, explain and watch the majic of a childs love and understanding along with the glories of Christs birth and you’ll be just fine.
Mark Garnett on December 23, 2008 at 9:56 AM
Because basically what Paulson said was – you take the money now to restore confidence in the system, or risk not getting an infusion when you really need it.
Several banks were strong-armed into accepting the money for fear of future reprisal.
pullingmyhairout on December 23, 2008 at 10:01 AM
Good point, I guess even if the house is foreclosed on, we’ll still get by. Our credit will be ruined, but we could still rent an apartment and get by on a single income. I think my family might be better for it. One thing I keep saying to myself is that God never gives you anything you can’t handle, and everything happens for a reason (just ones you can’t necessarily understand at the time).
Geministorm on December 23, 2008 at 10:01 AM
Same here (I say the same thing, see above). When I was a single guy, I had confidence in knowing I could really just pack up and move anywhere and be “OK” because I was healthy and able. Once I got married and had kids, I became pretty stressed at the thought of being homeless and/or unemployed, but now perhaps I need to be confident in my family too and know that we’re all strong.
This is way off topic, sorry folks.
Geministorm on December 23, 2008 at 10:05 AM
ahh…Paulson used terror tactics. Im not surprised. He needs to go as far as Im concerned.
Our bank said they were solvent and would not accept the money. Im in a small town in central Pa….perhaps because its a local bank with only a few branches.
becki51758 on December 23, 2008 at 10:08 AM
Hey, where are we going?
And why are we in this hand basket?
Looks like we’ll find out if any of the American spirit is still alive in ‘09. We’re either headed for a good old freedom loving revolt, complete with blood in the streets, or to the proverbial animal farm, where we’re all equal.
But some are more equal than others.
Dorvillian on December 23, 2008 at 10:09 AM
I’m sure that’s the reason. Most small local banks didn’t get wrapped up in the sub prime mess.
pullingmyhairout on December 23, 2008 at 10:11 AM
pitchforks and torches needed outside the Barney Frank’s DC brothel, ASAP1!!
Alden Pyle on December 23, 2008 at 10:13 AM
Our local PSER got bonuses tho…while losing money. ugh
“The Patriot-News of Harrisburg reports that while the Public School Employees’ Retirement System saw its investments lose 2.8 percent of their value in the 2007-08 fiscal year – a net loss of $1.8 billion – more than $854,000 in bonuses were awarded to the fund’s investment staff.
The bonuses ranged from $9,720 to $106,223, which averages out more than $40,000, the newspaper reports.”
becki51758 on December 23, 2008 at 10:18 AM
Keep in mind that these mid-level managers “who work their butts off” get bonuses? While the miner who produces a ton of coal to produce some electricity gets no year end bonus. But his taxes get to pay that mid-level manager’s bonus.
Likewise that lineman who works in subfreezing temps gets to repair the downed lines in an ice storm, but gets no year end bonus. The snowplow driver gets to keep the roads open during a blizzard, but gets no year end bonus. The ambulance driver and EMT get to make a run on black ice to save a life, but get no year end bonus. The fireman rushes in to a burning building to make sure everyone is out safely, but gets no year end bonus.
But they all get to share the knowledge that their taxes assured that the mid-level bank manager got his year end bonus because he “worked his butt off”.
You need a reality check in the real world.
Yoop on December 23, 2008 at 10:20 AM
Still OT, but for all of us who are facing difficult situations, here’s something to hold onto.
“Therefore take no thought, saying, What shall we eat? or, What shall we drink? or, Wherewithal shall we be clothed?
(For after all these things do the Gentiles seek:) for your heavenly Father knoweth that ye have need of all these things.
But seek ye first the kingdom of God, and his righteousness; and all these things shall be added unto you.
Take therefore no thought for the morrow: for the morrow shall take thought for the things of itself.”
The whole of Matthew chapter 6 is worth re-reading.
stoutcat on December 23, 2008 at 10:31 AM
With the current level of govt involvement in the transportation industries, you’d think by now they would at least have mandated brakes on handbaskets.
whitetop on December 23, 2008 at 10:40 AM
You would like to think these executives know better, but the signal in this culture is grab all you can. I still can’t believe our government paid people millions for being family of the twin tower victims, but it skimps on benefits to military families.
Mark30339 on December 23, 2008 at 10:43 AM
I’m not saying that people in other industries don’t work hard and I’m not slighting the line worker, the ambulance driver, or the firefighter. I respect the hell out of them. But they are in a different line of work. It would be offensive if those coal miners and line workers worked for virtually nothing throughout the year and then didn’t get their year end comp.
In this thread, we are discussing the financial industry’s compensation.
Line workers and coal workers work for a set salary or hourly pay. Managers in this industry work for their compensation based on performance. It’s set up that way. Most of these managers had nothing to do with the debacle that happened in New York. To place blame on the manager in Birmingham or Oklahoma City for a decision that was made by the Number Three guy in New York, is just plain wrong.
That being said, if the managers screw up and don’t perform, they shouldn’t get a dime.
I’m also not trying to defend the likes of AIG executives, I’m just saying that it’s really unfair to lump all executives into one “bad guy” pile.
pullingmyhairout on December 23, 2008 at 10:45 AM
Come on guys , the bankers are worth the money , were else would we be without their competence? right?
the_nile on December 23, 2008 at 10:48 AM
In retrospect, I wish this board had a delete or edit button, my post sounds a little whiney and personal. Sorry to bring my dirty laundry in here, it was OT.
Geministorm on December 23, 2008 at 9:44 AM
You didn’t sound whiny at all. We are people sharing our thoughts and beliefs. No need to be sorry, or feel it is dirty laundry. You are being real. It is hard. We are suppose to support each other. I will also keep you in my prayers also. Your kids have you and your wife. That is the best gift.
sheebe on December 23, 2008 at 10:51 AM
We are all being taken. What is next? Nothing surprises me anymore.
sheebe on December 23, 2008 at 10:52 AM
There is some truth to that, but we don’t need to turn this into a white collar-blue collar debate.
This story is about, what? 600 managers? I’m sure I can find 600 firemen working under the table somewhere while collecting tax-payers cash for a “disability” in my state alone.
I could go on, but what’s the point? People are people, it doesn’t matter what field they are in, or what collar they wear. You are going to have have plenty of bad apples everywhere.
reaganaut on December 23, 2008 at 11:05 AM
Keep in mind that for many of these managers, bonuses are written into their contracts. If they meet certain goals, they get a bonus.
In my own company, the bottom has dropped out of our market, we are in a hiring freeze and they are letting contractors go when the their contracts expire. We have also had this years raises defered by 3 months. However this years bonuses were good, because they were based on the past fiscal year’s performance. Our fiscal year ends in September, so the year was pretty much over when the bottom dropped out.
Because we met this years goals, were were legally entitled to the bonuses.
Next year, probably no bonus.
MarkTheGreat on December 23, 2008 at 11:19 AM
whoa, whoa, just a minute there.
Who got the bonuses? Democrats or Republicans?
Somehow, I have a wild wild hunch that most of the money went to Democrats. If not, how could they recover their campaign contributions.
Isn’t that the way WasningtonChicago is supposed to work?
notagool on December 23, 2008 at 11:22 AM
I spent 40 years in the underground mines. I’ve seen what people do on the end of a shovel, for NO bonuses, ever.
It’s the “work their butts off” comment that is stuck in my craw.
Yoop on December 23, 2008 at 11:39 AM
I disagree. The only thing worse than these bailouts would be the treasury and congress micromanaging businesses. There should never have been a bailout fund, but using it to empower the government to tell firms who to pay and how much just adds insult to injury.
Vashta.Nerada on December 23, 2008 at 11:47 AM
This really, really pisses me off…I want to see some of these stuffed shirt A-holes making a perp walk in leg irons. Maybe a few months playing jail cell girlfriend to a large black man would change their perspective?
Wyznowski on December 23, 2008 at 12:05 PM
But, but… Barry Obama is thier friend already…
Mark Garnett on December 23, 2008 at 12:10 PM
Keep in mind that we should start seeing where the TARP money went in the normal course of things….once the banks who took it start filing their annual financial statements with the SEC. for a calendar year bank, those should start showing up in late February or March.
cthulhu on December 23, 2008 at 12:14 PM
The Emperor has no clothes. The money has gone down a rat hole. Humpty Dumpty–the bubbles–can never be put back together.
TARP was a psychological prop whose intended purpose was to pretend that adults were in control rather than the inmates. Going forward, assuming failure, it matters little to Congress etc. In the end they will have paved the road they wanted all along–the intervention highway. Auto’s, finance, health care, infrastructure, housing, the list has no end.
Even today the stories are being churned out why the free market as a concept is a failure. The grab for the means of production is in full swing. I would not be surprised if we see global warming now start to subside as the ultimate goal is being accomplished from a different direction.
Watch California going forward, it is the blueprint on what a bankrupt government will do to survive while increasing its market control and interventions.
patrick neid on December 23, 2008 at 12:35 PM
Someone needs to ask these idiots a question about just why this happened right before the election…
That stinks like an outhouse in a barn near a horse stable…
What a bunch of garbage.
benrand on December 23, 2008 at 12:36 PM
Precisely the point I was trying to make.
I was certainly not trying to slight what you and thousands of others have done. I respect what you have done. I just don’t think it’s fair to call all executives of all financial companies “greedy.” Most are far from it – they are decent, honest, hardworking men and women who want to provide a good life for their families, too.
pullingmyhairout on December 23, 2008 at 12:51 PM
It’s the same thing that happened with the money given to hurricane Katrina victims, just on a bigger scale. It’s just the way people are, unfortunately
Ortzinator on December 23, 2008 at 1:40 PM
America’s government has become a kleptocracy.
MB4 on December 23, 2008 at 2:07 PM
Everyone in management in the financial industry works on the “IBG” method.
I’ll Be Gone.
As in I’ll Be Gone when they check up on everything, so get what one can get now and then depart quickly.
albill on December 23, 2008 at 2:13 PM
albill on December 23, 2008 at 2:13 PM
IBG only works so long as your reputation is not allowed to follow you from one company to another.
Thanks a lot lawyers for making it impossible for companies to give accurate referals.
MarkTheGreat on December 23, 2008 at 2:26 PM
I’m not convinced that we need to wipe out the bonuses … just divide them by a thousand and annouce them as “A 1.5 million dollar bonus awarded, $1,500 paid.” It will work for a year or two, and that should be enough.
njcommuter on December 23, 2008 at 2:33 PM
From a different perspective, they are taking my money to help them keep their jobs. THAT is their bonus. There are people losing their jobs in all different sectors of the economy, yet those getting the bailout money(taxpayers money) not only get to keep their jobs, but get no reduction in salary/bonus. Alot of people here were calling for UAW to give huge wage concessions (rightly so) to save their jobs. ANY company getting bailout money needs to be cutting salaries/bonuses across the board. Why should the taxpayer be shouldering all the pain.
That being said – there should never have been bailouts in the first place as it is just payola to big business.
Corsair on December 23, 2008 at 3:17 PM
Um, allowing it? How does that work, exactly? Did I mess the memo putting Paulson in charge of setting exec salaries at banks?
Paul_in_NJ on December 23, 2008 at 3:38 PM
In the one firm I’m talking about the top tier got no bonuses. the others saw a reduction anywhere from 60% – 75% less than last year.
so, you are wrong about that.
pullingmyhairout on December 23, 2008 at 3:55 PM
I do think that some of us misunderstand the concept of “bonuses” here. A bonus is not a bonus is not a bonus. Many of these mid-level bank managers work at lower “guaranteed” salaries than people in other areas of management. These “bonuses” are far more akin to a salesperson’s commission than some pile of money given simply for being in a management position.
It’s unfortunate, but I guess inevitable, that so many in the banking industry are reviled for no good reason. Historically, banks have been the primary partners of small business, who generate the majority of jobs in America. Most bankers do not work on Wall Street. Hell, most bankers have no idea what exactly it is they actually do on Wall Street.
But just remember, most “bonuses” are not subjective gifts. They are part of a manager’s EARNED compensation.
Sugar Land on December 23, 2008 at 4:17 PM
that’s why I referred to it in an early post as “year end compensation.” I think most people hear the words “Wall Street Bonuses” and immediately think that all these managers bring in millions each. That’s far from the truth.
Most managers have a very small yearly salary and the bulk of their earned comp comes at year end, based on performance and goals met. If they meet their goals, they have earned their day’s pay.
Glad to see that not everyone vilifies bankers and brokers.
pullingmyhairout on December 23, 2008 at 4:39 PM
Get a rope.
Do I look like I’m joking?
quikstrike98 on December 23, 2008 at 5:02 PM
Wow. Is there anybody who didn’t see this coming?
And we re-elected 89% of the people who voted “yes.” And if we voted Democrat or Republican, we picked which one of them we wanted to run the whole country.
angelat0763 on December 23, 2008 at 9:08 PM
More anti-Detroit BS. All three of the Detroit CEOs have cut their pay to $1/yr. Also, the $16.7 million that Rick Wagoner of GM supposedly “took home” last year was also bovine excrement, since $13.2 million of that was stock options and other “at-risk”, company performance related compensation, that while it shows up on GM’s books was worth nothing to Wagoner last year. Options to buy stock at $30/share are worth nothing if the stock is trading at $5. But go ahead, keep bashing Detroit.
I realize that the Toyoda family are God’s gift to humanity and the Ford’s evil trolls, and Detroiters are stupid, greedy and incompetent, but GM paid it’s board members (all outside directors except for Wagoner) less than $200K/year (and yes, they cut their salaries in ‘07 and ‘08) while Toyota paid their directors (mostly company insiders), on avg, over $1 million a year in ‘07. That included $11 million in bonuses. They also raised their compensation for fiscal year ‘08. The cuts you mentioned were $11 million in bonuses. I’ve found no record of Toyota cutting executive salaries this year.
rokemronnie on December 24, 2008 at 12:26 AM
C’mon, dude. Election’s over. We’re past that now :)
I hear the sentiment, but we all know that just won’t fly.
Tain’t no thing, Geministorm. You’re going through a bad patch, you needed to get it off your chest, and you get some commismeration with others who are more or less like minded. It’s all good. We’re all pulling for you in one way or another.
I’m going to put my raving athieism to one side and say +1 to that.
BillH on December 24, 2008 at 12:28 AM
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