Author Topic: Further proof they just don't get it...  (Read 1731 times)

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Offline dmastous

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Further proof they just don't get it...
« on: December 09, 2008, 12:03:17 AM »
Words cannot express the unmitigated gaul of these CEOs. They are an embarassment. :cursing:
 
Quote
Commentary: 'No possible way to justify' bonus request

By Campbell Brown
CNN

Editor's note: Campbell Brown anchors CNN's "Campbell Brown: No Bias, No Bull" at 8 p.m. ET Mondays through Fridays. She delivered this commentary during the "Cutting through the Bull" segment of Monday night's broadcast.
(CNN) -- You know, it may be we have been looking at the economic picture all wrong.

The notion that perhaps things really aren't so awful as all that popped into our heads today when we heard the CEO of Merrill Lynch was putting in for a $10 million bonus for 2008 -- mostly because, in 2008, he adeptly held Merrill Lynch down to a loss of only $11.67 billion.

Now, put it in context. This was at a time when Wall Street rivals like Lehman Brothers and Bear Stearns collapsed entirely.

John Thain is the CEO we are talking about, and he also argued he was able to arrange the sale of Merrill Lynch to Bank of America during these troubled times. And that orchestrating the sale of an outfit that had lost more than $11 billion surely ought to be worth some big bonus cash.

One of my neighbors worked for Merrill Lynch, and she recently got laid off.

Literally thousands of Merrill employees are likely to be let go because of the sale to Bank of America. And the CEO wants a $10-million bonus.

Is it me or is this guy nuts?

This was all front page news in The Wall Street Journal today, and because of that, I'm guessing, by late this afternoon Mr. Thain came to his senses and withdrew his bonus request.

Being publicly hung out to dry can be quite a motivator.

Look, Mr. Thain may well have inherited a mess of a company.

He may have done an admirable job of limiting the losses and he may be paying for the mistakes of his predecessors.

But that's life.

That is the world we all now live in and newsflash, Mr. Thain, we are all now paying for the mistakes of Wall Street big shots like your predecessors.


Every single tax-paying American.

We are glad you came to your senses because in this current environment there is no possible way to justify a request like this.

The opinions expressed in this commentary are solely those of Campbell Brown


http://www.cnn.com/2008/POLITICS/12/08/campbell.economic.crisis/index.html#cnnSTCText
« Last Edit: December 09, 2008, 12:05:34 AM by dmastous »

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Offline jeffrx

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Re: Further proof they just don't get it...
« Reply #1 on: December 09, 2008, 09:42:47 AM »
Greed is killing this country.  Jobs get shipped off overseas while these guys pocket millions.  It's sad....
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Online Babblelot

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Re: Further proof they just don't get it...
« Reply #2 on: December 09, 2008, 10:01:48 AM »
MBA = snake oil salesman in a suit

CEO, CFO will replace "attorney" as the butt of every joke.
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Offline alchemist

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Re: Further proof they just don't get it...
« Reply #3 on: December 10, 2008, 05:22:22 PM »
I think this is a ridiculous request.  He should volunteer for a smaller salary next year instead.  Like the article says, he may very well have helped to "limit the losses" but there is no place for a request like this when people are worrying if they'll have a job next year or not. 
« Last Edit: December 10, 2008, 05:24:11 PM by alchemist »
"We've been stuck in a locker room for nine hours a day and he's been chilling out, maybe taking the double decker bus tour of London."

Offline dmastous

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Re: Further proof they just don't get it...
« Reply #4 on: February 05, 2009, 05:58:14 PM »
Well, this is old news, but in case you missed it, poor John Thain is now out of a job. After failing in his bid to get his $10 millon bonus, he did the next best thing. He redecorated his office. At a cost of $1.2 million.
I guess that was a bit too much.
Incidentally, his designer was the same guy who is designing the Obama white house.  :Bleh:

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Offline dmastous

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Re: Further proof they just don't get it...
« Reply #5 on: February 05, 2009, 05:59:21 PM »
Further hanky panky:

TARP overpayments total $78 billion

The Treasury Department paid “substantially above” market value for the financial assets purchased through the Troubled Asset Relief Program, according to the TARP oversight panel appointed by Congress.

Elizabeth Warren told the Senate Banking Committee Thursday that Treasury paid $254 billion in 2008 to financial institutions through the TARP program but received only $176 billion worth of stocks and warrants. This estimate was extrapolated from an analysis of 10 transactions, Warren said.

Congress created the TARP program to thaw frozen credit markets and shore up the U.S. banking system.

The Treasury Department has failed to explain the reasons for the overpayments, even though some of its announced policy objectives could have led it to pay more than the stocks and warrants were worth at the time, Warren said.

“Because Treasury has failed to delineate a clear reason for such an overpayment, however, the panel is unable to determine whether these objectives have been met or whether they justified the large subsidy that was created,” Warren said.

http://www.bizjournals.com/pacific/stories/2009/02/02/daily55.html

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Offline Swish

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Re: Further proof they just don't get it...
« Reply #6 on: February 05, 2009, 06:20:32 PM »
the CEO's are doing what they should and what everybody else does. Get what they can. I would do the same thing.

Offline dmastous

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Re: Further proof they just don't get it...
« Reply #7 on: February 05, 2009, 06:28:30 PM »
the CEO's are doing what they should and what everybody else does. Get what they can. I would do the same thing.

I might be accused of getting some, but there is no way I would got to the lengths that they go to fleece the people. I do have a limit to my ambitions.

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I worry about these things .

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Offline Swish

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Re: Further proof they just don't get it...
« Reply #8 on: February 05, 2009, 06:39:56 PM »
the CEO's are doing what they should and what everybody else does. Get what they can. I would do the same thing.

I might be accused of getting some, but there is no way I would got to the lengths that they go to fleece the people. I do have a limit to my ambitions.

I have my own charities.

There's no telling what I or CEO's would do with the money.

If the amount of money in the economy is constant then every extra dollar you get someone else doesn't get, where's the limit?
When is it NOT OK? $10,000, or ten million.

Offline dmastous

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Re: Further proof they just don't get it...
« Reply #9 on: February 05, 2009, 06:56:02 PM »
the CEO's are doing what they should and what everybody else does. Get what they can. I would do the same thing.

I might be accused of getting some, but there is no way I would got to the lengths that they go to fleece the people. I do have a limit to my ambitions.

I have my own charities.

There's no telling what I or CEO's would do with the money.

If the amount of money in the economy is constant then every extra dollar you get someone else doesn't get, where's the limit?
When is it NOT OK? $10,000, or ten million.


I don't know. I can't set limits. It's not in my DNA. I do think these guys need to understand that there are people suffering. They themselves are putting people in the streets. They need to realize that conspicuous greed is not going to make them any fans. In fact they are making the case for socialism. They need to have a conscious. The don't seem to see that.

Is a tree as a rocking horse
An ambition fulfilled
And is the sawdust jealous?
I worry about these things .

Kevin Godley & Lol Crème (I Pity Inanimate Objects)

Offline OSU Buckeye

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Re: Further proof they just don't get it...
« Reply #10 on: February 05, 2009, 07:21:01 PM »
Reading the title of this thread, I thought it was to Hercules and Emma!?   :rofl_2:

Offline Swish

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Re: Further proof they just don't get it...
« Reply #11 on: February 05, 2009, 07:27:25 PM »
the CEO's are doing what they should and what everybody else does. Get what they can. I would do the same thing.

I might be accused of getting some, but there is no way I would got to the lengths that they go to fleece the people. I do have a limit to my ambitions.

I have my own charities.

There's no telling what I or CEO's would do with the money.

If the amount of money in the economy is constant then every extra dollar you get someone else doesn't get, where's the limit?
When is it NOT OK? $10,000, or ten million.


I don't know. I can't set limits. It's not in my DNA. I do think these guys need to understand that there are people suffering. They themselves are putting people in the streets. They need to realize that conspicuous greed is not going to make them any fans. In fact they are making the case for socialism. They need to have a conscious. The don't seem to see that.

They see it but don't care.