Perks for jerks keep rolling
Posted
Oct 21 2009, 03:59 PM
by
James Dlugosch
Rating:
After all we have been through, the plush perks for bank CEOs and executives continue to grow unabated. Do they have no soul?
Apparently not. The government has bailed these guys out to the tune of $700 billion or more, yet the golf club memberships and personal use of corporate jets remains the order of the day.
Bing: Executive Compensation
Memo to the jerks: You cannot continue to behave this way without consequences.
A revolution is brewing, and anger is swelling. This kind of news will not help matters.
Instead of patting yourselves on the back for a job well done, you guys need to take a class on empathy. There are millions of Americans struggling without jobs. Many of those still with jobs find their paychecks barely get them by.
Apple still a Buy?
Is it really ok for you to be teeing it up at the finest club in town, yucking it up with your friends at shareholder and taxpayer expense?
No, it is not ok. You are well-compensated already. Why invite more scrutiny by taking advantage of the situation? The dirty little secret is that there are plenty of executives who could take your place.
Your job is not that difficult. All you need to succeed in finance is a simple middle school level grasp of mathematics and enough common sense to make sure any loan underwritten is likely to be paid back. It is not a tough job.
Generally speaking, I am opposed to government interference in compensation, but the more I see these stories, the more I want to encourage the government to put pressure on these boneheads.
It is not right that the same guys that nearly destroyed the financial system are still being rewarded. I know that some of those receiving perks are merely doing their jobs, and some are doing the jobs well, but seriously, this stuff needs to stop.
Look in the mirror and honestly ask if you deserve that obscene compensation. I think you will be surprised by the answer.
In lieu of the government doing something, I want to see the investor class handle this issue. We need more yelling and screaming, the kind we saw at town hall meetings on health care reform, at shareholder meetings.
Vote with your pocketbooks by declining to invest in companies with obscene compensation. If you hold shares, vote out boards and management that continue to do this stuff.
I know I will look more closely at compensation as a prerequisite for future investment consideration. I will do so until the jerks figure out that the little guy does matter.
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