Comments on: Bosse challenges Casey: How much executive pay is enough?

By: Bosse

Bosse — Wed, 15 Jul 2009 17:41:02 +0000

My jaws ARE dropping: Goldman Sachs is on course to distribute bonuses that could rival the record paydays of the heady bull-market years:

http://seattletimes.nwsource.com/html/businesstechnology/2009471723_goldmanearn15.html

Poor former General Motors Chief Executive officer Rick Wagoner. He is ONLY receiving $8.5 million

http://seattletimes.nwsource.com/html/businesstechnology/2009471692_wagoner15.html

By: Shan

Shan — Mon, 29 Jun 2009 05:30:19 +0000

Amazing! Actually, I think they DO get it Suzanne. And they are going to get it – the money they believe they should be paid.

Really, how can a new government compensation oversight plan be so simplistic as to not address total compensation? Another government plan, and more loop holes for people to figure out how to get around… All at the expense to the tax payers paying for a new government plan that does not and will not work.

By: Suzanne

Suzanne — Thu, 25 Jun 2009 13:34:43 +0000

Citigroup is increasing base salaries of employees – by up to 50% – to offset restrictions on bonuses (note that Citibank is one of the companies that received bailout funds and face restrictions on bonuses as part of the the new government comp oversight plan. By making this shift in compensation it sounds like Citibank will continue to pay employees – incuding traders – as much as they received in 2008. They just don’t get it, do they?

Let’s hope that Obama’s “special master” Kenneth Feinberg stays on top of this one!!!

By: Casey

Casey — Fri, 05 Jun 2009 05:35:18 +0000

From MSN Money…

A $500,000 cap on CEO pay at banks that have taken billions in taxpayer money?

It’s not enough. “Off with their heads!” yelled Wonderland’s Queen of Hearts. Why isn’t there ever a bloodthirsty sociopath with dictatorial powers and no regard for legal niceties around when you need one?

And heads do need to roll. Not just to satisfy a widespread desire for revenge on the masters of the financial universe who got the world into this mess — although that’s certainly a plus. But because the greedy, shortsighted and, in some cases, downright crooked people must be punished this time. That includes everyone from middle-class speculators who lied to get mortgages they couldn’t afford to CEOs who took extreme risks because they thought they’d be out the door before the pyramid collapsed.

By: Fido

Fido — Thu, 28 May 2009 21:59:36 +0000

I remember that some important human once said something to the effect that the thinking needed to get us out of the problems humans and their businesses created for themselves will need to go beyond the “business thinking” that was used to get them into those problems in the first place. Maybe Bosse’s friend Casey had a point… it’s possible that compensation managers (and their bosses!) need to look to developing alternative compensation systems sufficient to attract a different kind of executive than the “greed” based executives that have gotten us the failed lending practices, the bankrupt auto companies, the bailed out banks and insurance companies, that are at the core of our economic problems today. We hear so much about how you have to pay the going rate if you’re going to be competitive for the top talent. Seems like too many companies have been paying through the nose for anything BUT the top talent. What we need is a different type of talent, which would be attracted by a different form of compensation. Like Bosse said, after the first few million in annual compensation, another million or so becomes less relevant when compared to things like more romps on the beach, chasing sticks, a chance to dig for more bones, getting my stomach scratched by a friendly human, dock jumping, and garbage can sniffing. But then what do I know, I’m just a dog….

Scott

By: Bob Fuller

Bob Fuller — Thu, 28 May 2009 20:48:58 +0000

Well, I remember hearing a Yale Legal Ethics professor answer the question “What is your definition of ethical behavior?” He said “ethical behavior is doing more than you are required and less than you are allowed”. Doing the right thing means going beyond just playing by the rules. Yes, the game is about the dynamic interplay of greed and fear. Shareholders could take more responsibility for managing the collusion between CEOs and their Boards. We could do more to support the rights of workers to organize, refuse to buy stock in companies that are rewarding CEOs for ruining their companies in order to be fired and therefore qualify for their obscene severance packages. But, wouldn’t it be refreshing to have a CEO just take the high road, take to heart the lyrics of Keb Mo’s song “A better man”. Change the world one person at a time, starting with yourself.