It truly doesn’t get any better than this……

Call me Eeyore.

Geministorm on December 23, 2008 at 9:23 AM

C’mon, dude. Election’s over. We’re past that now :)

two words; TAX STRIKE

jcw46 on December 23, 2008 at 9:42 AM

I hear the sentiment, but we all know that just won’t fly.

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.

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.

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.

I’m going to put my raving athieism to one side and say +1 to that.

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,

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.

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.

They got bonuses, club dues, financial planners, corporate jet travel, daily limousines and home security systems, courtesy of the taxpayers….

Get a rope.

Do I look like I’m joking?

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.

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.

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.

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.

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.

Um, allowing it? How does that work, exactly? Did I mess the memo putting Paulson in charge of setting exec salaries at banks?

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

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.

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.

As in I’ll Be Gone when they check up on everything, so get what one can get now and then depart quickly.

Keep in mind that for many of these managers, bonuses are written into their contracts. If they meet certain goals, they get a bonus.

Precisely the point I was trying to make.

Yoop on December 23, 2008 at 11:39 AM

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.

That stinks like an outhouse in a barn near a horse stable…

What a bunch of garbage.

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.

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…

The Treasury should immediately recall the $1.6 billion in funds given to these bankers from the bailout money transmitted to these banks.

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.

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

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.