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Just about gagged on my breakfast this morning while watching the TV news Are Canada's highest paid CEOs worth their salaries? - Your Community . The viewers comments were interesting. Watch the clock tick The Clash for the Cash: CEO vs. Average Joe | Canadian Centre for Policy Alternatives . Really didn't need that cold water shave to wake me up this morning.
Bob
Nobody is worth that kind of money. Nobody.
But wait it will get worse, just like in the States, they will get bonuses for killing a company and screwing the workers.
I used to work for a company that did just that although they did not kill off the company altogether. Not surprisingly it was an American company. No we don't have to wait, it is here already and getting worse.Quote:
Originally Posted by nun2sharp
Bob
Not so long ago i watched a news program about those big international companies that has business here in my country too. About how much their CEO's earn.
No do remember the name of the company now, that would be irrelevant anyways. However, a quick mathematic calculation told me that in three and a half days that dude earned more money than me in my lifetime (say 30 - 45 years at work, minimum).
That is something i thought and opened a beer.
So, you think some entertainment figure is really worth what most of them get these days? They can make most CEO's look like chump change.
There has never been any doubt that a good CEO is worth a lot of money. However at a time when average incomes have stagnated and in quite a few instances have declined it makes you wonder if in that same time period remuneration for CEOs went from approximately 130X the average yearly wage to 189X the average yearly that something is more than a little cock eyed.
Entertainment figures and pro athletes are another kettle of fish.
Bob
Actors surely have their ways of getting all the money they can ask, ask long as they sell. I think that they are not worth it but it seems that as long as people are ready to pay, it keeps going this way.Quote:
Originally Posted by thebigspendur
With CEO's it's little different. I'm sure most, or at least many of them are really profitable for their companies and share holders. Howevers, the richer you get, you have better changes to find your way to avoid paying taxes.
And in many cases they get their salaries for kicking out the working people or closing down their factories. That is a damn shame.
having said that, i'm not jealous for those earning so much more than me. I've always tried to get along with what i have without trying to find out how can i get as much of i can from others.
Yea, definitely no jealous here either just a bit incredulous. I get along fine on my pension so no biggy and nothing a having a beer or 3 won't put into proper perspective either.
Bob
Of course - most actors do indeed make their investors money. Sometimes.Quote:
Originally Posted by thebigspendur
The issue with CEO's is that any public company is bound to make profit for it's shareholders - most CEO's are liability's. CEO's generally make money for a company by slashing costs, downsizing, and off-shoring which can... I say can, cover their pay sometimes - but it's a short-run thing, and usually leaves the companies long-term objectives vulnerable. Hence, the prices they get paid really are liability's to the company and it's shareholders - seriously.
Seriously - it should be illegal.
Then there is Jack Welch. He neither fired a lot of people or slashed GE to the bone. He set up an advanced highly technical company that increased in total value 4000% in the twenty years that he was at the helm.
How is it that everyone rails on CEO but say nothing about sport figures making $100 Million a year, or an actor making $100 million a year, or politicians on a $150 K salary ending up with $50 million after being in office for 10 years. Those hired gunslingers live a perilous existence and just speaking for myself I would not last one week without cutting my throat.
later,
Richard
Your revered Jack Welsh did not earn the sobriquet "Neutron Jack" for nothing Jack Welch - Wikipedia, the free encyclopedia . It had quite a bit to do with making huge numbers of people jobless over the course of his tenure with GE. It looks to me like he may very well have set the benchmark for how things have gone these last 30 odd years. We did not get to the present situation over night, it has been a longish road.Quote:
Originally Posted by riooso
CEOs are selected/hired from the same strata of society that they themselves belong to. That is akin to politicians who vote their own pay raises.
Bob
The whole lets compare actors and athletes to CEO's isn't right in that it's apples to oranges.Quote:
Originally Posted by riooso
An actor and a athlete are "the" attraction. They are what people pay to see or watch play. A CEO's job as public as it may be isn't "the" attraction.
There is allot of debate over this - tons!! Many argue that huge pay and bonus are the incentive needed to bring the "best people" to the table - that's fair. And in some cases that might be true. I don't know that much about GE and Mr. Welch - so I can't say that it was or wasn't "him" that made the company see the value rise.
Anyway - by rights the CEO's job is to maximize the "value" of the firm. It used to be maximize "profit," and by rights, still is no matter how they word it in North America - by law. Hence, when a public co. is making say for examples sake $100 in accounting profit vs economic profit, if a CEO is getting paid $90, that leaves very little for the shareholder and... if $90 is the equivalent of 999% of what a grunt gets... the CEO is a liability.
This is very common in North America, and something the business world debates on an ongoing basis. The thing is most companies have a huge amount of shareholders that are rather "ignorant" in that they hold shares in their 401K's and the funds that manage them don't rail out against it with their proxies. Because in the short-run, new high priced CEO's raise share prices-which is great for them when they come to reporting their gains.
It really is a schizophrenia based type of environment with the little shareholder getting screwed - but generally speaking - like elections, many shareholders feel they can't make a difference - so no difference is made.
I can say that corporations are a relatively new thing in the history of business and as seen lately with the too big to fail - stealing and corruption is rather rampant. CEO salaries could almost be considered stealing by some lol.
*ahem* ... I am worth that kind of money. ;)Quote:
Originally Posted by nun2sharp
I believe that you might be right! But your healthcare provider doesn't lol!! What does your policy cap you at? That's what you are worth!Quote:
Originally Posted by JackofDiamonds
Only if you can refute the tautology of the chicken and the egg. :pQuote:
Originally Posted by JackofDiamonds
Chicken came first, it was mutation from a dinosaur egg... Duh!!!
And healthcare is against my religion, I consider it a form of gambling ...and I don't gamble.
Certainly and that is why they don't give us the same privilege of voting our own salaries. :DQuote:
Originally Posted by JackofDiamonds
Bob
Okay, all jokes aside, I read a poll once that said people who work low paying jobs seem content that they are properly paid. And those who are in the high end paying jobs are never satisfied. I think the low end jobs are just a self justification. I don't really have a nice term for the high end ones... :(
In my experience I have worked for both private companies and public ones.
In the private sector if the owner made XXXX million a year i didn't begrudge him one bit. He had a lot invested in it and he risked it. He provided me and many others with a good living and i think that is good.
With a public company the CEO is nothing more of another worker than I am. He could argue that his contribution is worth 3 or 4 times as much as mine but beond that it is ridiculous!
Yeah if a guy takes the risk and puts up his own capital sure... do as you wish.Quote:
Originally Posted by 32t
Ford is interesting if you look at how they are structured. I might get this wrong but I think the family still has all the voting rights. Or at least 51%. Interesting. Wonder how the bailout would have worked there :).
DANG! Look at this - just as I say its all corrupt, another case of the U.S. "getting their man!!"
BBC News - Swiss bank Wegelin to close after US tax evasion fineQuote:
"What is clear is that the Justice Department is aggressively pursuing foreign banks who have helped Americans commit overseas tax evasion."
Man they closed that sucker down!! Sorry - kind of off topic...
"The Wegelin case comes four years after a far larger Swiss bank, UBS, agreed to pay a $780m fine to US authorities related to tax evasion charges. UBS also agreed to reveal the details of US account holders.
However, UBS neither pleaded nor was found guilty. Instead it and US prosecutors came to what is called a deferred prosecution agreement, with the fine being paid in exchange for the charges being dropped."
:rofl2:
These guys made their millions. Paid off the U.S. government and will laugh all the way to another bank!
That is so true for me also but out of all the CEOs out there how many founded the company they are head of? Darn few in the scheme of things I'll bet. Although I would put a CEOs worth a little higher than you but certainly not in the realm of 189X the average income in a country.Quote:
Originally Posted by 32t
Bob
Thieves don't like competition.Quote:
Originally Posted by earcutter
Bob
You guys do know that in looking at professions which the highest rate of psychopaths....CEO's are #1 right?
Being a psycho means you don't give a damn......about other people at least.Quote:
Professions with the most Psychopaths and how it effects our world, page 1
First off, psychopath doesn’t just mean someone who cuts you up with a chainsaw — though the majority of people who do things like that are psychopaths. What’s the definition?
Psychopathy is a personality disorder that has been variously described as characterized by shallow emotions (in particular reduced fear), stress tolerance, lacking empathy, coldheartedness, lacking guilt, egocentricity, superficial character, manipulativeness, irresponsibility, impulsivity and antisocial behaviors such as parasitic lifestyle and criminality.
So which professions (other than axe murderer) do they disproportionately gravitate towards — or away from?
Most Psychopathy +
1. CEO
2. Lawyer
3. Media (TV/Radio)
4. Salesperson
5. Surgeon
6. Journalist
7. Police Officer
8. Clergy person
9. Chef
10 Civil Servant
Least Psychopathy -
1. Care Aid
2. Nurse
3. Therapist
4. Craftsperson
5. Beautician/Stylist
6. Charity Worker
7. Teacher
8. Creative Artist
9. Doctor
10. Accountant.
Being a phycho means you never have to say you are sorry.
Bob
Based on the title I was almost sure this thread would be about Jillian Michaels being a lesbian. I'll be going now.
Well, it sorta is in a way.Quote:
Originally Posted by 1OldGI
Bob
I wish I hadn't read that! Ridiculous.
How about a little absurd chaser to go with that Christie Blatchford: Attawapiskat audit reveals reserve finances in complete disarray | Full Comment | National Post .Quote:
Originally Posted by Firefighter2
Bob
Thanks for the chaser! It's a little easier to swallow, but still ridiculous! LOL