An amazing quote.

[Mackay]

I just watched Obama on 60 Minutes tonight. He said that 25 years ago corporate CEO's, corporate bankers and wall street type guys (can't remember the exact types he said) use to make about 20 times the amount of an average teacher. These past years they have been making 200 times the amount a teacher makes.

Perhaps a class war is called for!

If these arrogant, self absorbed greedy dimwit ding dongs were brought into line perhaps this system could survive, be restructured and save countless millions from destitution.

 

[Tallman]

I just watched Obama on 60 Minutes tonight. He said that 25 years ago corporate CEO's, corporate bankers and wall street type guys (can't remember the exact types he said) use to make about 20 times the amount of an average teacher. These past years they have been making 200 times the amount a teacher makes.

Perhaps a class war is called for!

If these arrogant, self absorbed greedy dimwit ding dongs were brought into line perhaps this system could survive, be restructured and save countless millions from destitution.

Mac, in your description of the CEO's you left out: #&$@/*#& and %@*#\@. There - I feel better.

 

[On Our own]

Henry Ford said that the highest paid worker in any corporation should never make more than ten times what the lowest paid worker did.

He said the money should be spread amongst the people at the bottom so that they could afford to buy the products that the company made.

Wal-Mart employes can't even afford to shop at WalMart!!

 

[Big Daddy]

I watched him too. He is definitely for bringing their salaries in line. Not much he can do though. Twenty years ago I worked for a company that is now bankrupt and gone. I was making 18k a year. The CEO was at 1.2 million. This company grossed about 750 million per year. That was when I first became aware of wage disparity. That was about 100x as much as I was making. Now it's in the 450x range.

CEO's should have a much lower salary. Max of about 100x what their lowest paid worker bee makes. Then a bonus based on a percentage of net profit.

Nice swingset. I have seen much nicer in backyards of some of the houses I go to during the day. I would have liked to have seen the garden though.

 

[me&thegals]

I think it would be interesting to study the psychology of this. For instance, years ago were CEOs more likely to be in contact with their workers? Did they talk face to face, see them at work? How about today--are they more likely to have many more middle men, use technology to communicate rather than face to face?

I think it would be easier to take down crazy high wages, knowing your "lowest" employee makes only about 1/200th of that, if you never had to see that employee, talk to that employee.

 

[Big Daddy]

I think it would be interesting to study the psychology of this. For instance, years ago were CEOs more likely to be in contact with their workers? Did they talk face to face, see them at work? How about today--are they more likely to have many more middle men, use technology to communicate rather than face to face?

I think it would be easier to take down crazy high wages, knowing your "lowest" employee makes only about 1/200th of that, if you never had to see that employee, talk to that employee.

At my job I worked in the field most of the time. I did spend time at the home office though. The home office had the CEO, CFO and VP"s on the top floor. They had a keyed elevator that went straight to the top no stop. They had 750 outlets and I was at them all the time. The only people who had ever met the CEO were some of the managers.

I think CEO salaries started going up outrageously when Lee Iacoca rescued Chrysler. He earned his cookies though. Most of these CEO's don't.

One of the best things President Obama said was that the people on wall street need to get out of New York and go see what normal people live like.

 

[me&thegals]

I read Lea Iacocca's book about leadership. He didn't even pay himself a salary while he was getting Chrysler out of the red. He figured if he was asking everyone else to take cuts and make concessions, he would have to be willing for it himself.

I agree about getting perspective. When I see pictures of shanty cardboard towns in Colombia from my sister's travels, I realize how incredibly wealthy I am. If people live in gated communities in America, how will they even get a sense of how other people live?

 

[Big Daddy]

I read Lea Iacocca's book about leadership. He didn't even pay himself a salary while he was getting Chrysler out of the red. He figured if he was asking everyone else to take cuts and make concessions, he would have to be willing for it himself.

I agree about getting perspective. When I see pictures of shanty cardboard towns in Colombia from my sister's travels, I realize how incredibly wealthy I am. If people live in gated communities in America, how will they even get a sense of how other people live?

I didn't realize Iacocca was doing it for free. I was trying to say that he showed the business world what good leadership could do. From there successful CEO's were able to negotiate higher compensation and golden parachutes from the stockholder. After that it was a snowball effect that all the CEO's started getting in on.

JMO

 

[me&thegals]

BD--I was agreeing with your assessment of Iacocca's job and further pointing out that he worked free of charge (or maybe $1) until the company was back in the black. In direct contrast to CEOs getting out in golden parachutes.

 

[sylvie]

CEO's Magna Cum Lousy; where today's bad CEOs went to school:

http://www.businessinsider.com/magna-cum-lousy-where-the-fat-cats-went-to-school-slideshow-2009-3

Looking at all the sub par grades these folks earned, why are C, D, F students allowed to run global corporations and receive astronomical bonuses? What happened to the A students? I'd like to see our universities and colleges tapped for newly graduated brilliant talent to help solve this economic crisis, to be placed in CEO positions and for an infusion of new thinking. I know A students can mess up, but why the prevalence of hiring low achievers for these positions?