YA GOTTA HAND IT TO
these board room
ALPHA SWINE
some of em remind me
of
my childhood hero
the late reich's marshall
hermann goering
once shrewed and
fierce
and now corrupt
adicted
and as soft
as a late Mamloouk
========================================
check out this columnist's
snide slap shots
---------------------------------------------------
"John Kenneth Galbraith once wrote :
"The salary
of the chief executive
of a large PUBLIC corporation
is little more
then a warm personal gift
that same individual
grants to himself."
nothing could be more true .....
" where as
in Russia,
those who manipulate capitalism
to gain fabulous wealth
are called the oligarchs
Herein in the states
we just call these guys
C.E.O.'s
even though
just like in russia
when our ceo's act naughty
they usually don't go to prison
they just
reward themselves
with increased
compensation packages "
---------------------------
"This is the time of year
when CEO's
get to mug
their shareholders......
Over the next few weeks
if you're nosey
you can find out
precisely how much
" our public companies"
overpaid
their chief executives"
write it off to...
i don't know....
our unquenchable
public indulgence
of money masd rascals
and you can
forget the pompous
calls
for tighter swifter
more effective
board room justice
that just
makes for soupy tempest type
head lines
like
" once again
a wave of
insider plundering
sweeps thru
amerika's top boardrooms"
or think pieces on
" market failure at the summit "
or
"whither the rogue board rooms ? "
etc etc etc
change?
reform?
please ....
this same monkey business
has been around since
issac newton
got burned
by the south sea bubble
-----------------------------------
supporting anecdotes :
take
Carly Fiorina
the fast climb
lady
that cracked thru
the high tech
glass ceiling
she gets her self
sacked last month
as chair-person
and dominatrix in chief
of Hewlett-Packard
and yup
the board rewards her
with a total of
$8.15 million
then there's
Michael Eisner
disney's
second mighty mikey
finally after 12 years
of the most blatant hee hooey
he gets pushed out
out out out
finally
out
as the magic company's
chief knuckle basher
and balance sheet
re-animator
what else can a poor board do
after he's
run old Walt's pirate ship
over a half dozen water falls
but then
what does
this same board do ?
they hand him
a $7.25 million good bye
kiss
a one time cash bonus
and to boot
they
install
his hand picked rubber necked stooge
as the outfits
neat new guy in charge ......
If Kim Jong Il
came to America
he would immediately feel
right at home
heading up
one of these
large public ventures
we got here "
--------------------------------------------------------
here's
some more
systematic evidence
of the "deep filthy "
up there at the top of the stairs :
first off
a question
was last year
a great year for earnings growth ?
not really
not mostly
but still ......
" major U.S. corporations
raised CEO bonuses
by
record amounts "
" the percentage increases
were the highest
since comparable studies began
five years ago"
" proving the theory
small cats
can get skinned
more ways then one .....
back ground:
boards
facing scandal and scrutiny
have cut back
on the number one 90's abuse
massively
piled up
CEO stock options....
but to off set thatloss
to compensate
the compensation......
ceo bonuses are soaring"
----------------------------------------------
a few final numbers :
"Since 1993
the average pay for C.E.O.'s
of the S.&P. 500 companies
has tripled
to $10 million "
" 60 % of the time
over the last 20 years
big public companies
increased CEO
bonuses in years
the companies' earnings dropped"
" public companies devote
about 10 percent
of their profits
to compensating
their top five executives
thats
up from 6 percent
in the mid-1990's"
is compensation
based on peer comparisons?
hardly
check out the trick
yard sticks results
" of the 1,000 largest companies
two-thirds reported
they'd
" outperformed
their peers..."
two thirds
nice "Lake Wobegon effect" eh? "
final note:
"Boards sometimes argue
that they need to pay
huge sums to hang on to talent"
hang on
Really?
often it costs more to let em go....
Consider Mr. Eisner
he's been
a walking pay scandal
since 1993
the year
Disney earnings
fell 63 percent
and he paid himself
$203 million
but since then
He has been so desperate
to stay at Disney
that he has virtually
Super-glued himself
to his chair
full cost of removal /
call me in ten years .....
bye bye suckers
oh and keep investin'
the swells at the top need
need to count
your votes
of confidence
in personal
"paid out dollars"
of course
========================================================
Posted by pinky at March 20, 2005 05:20 AM
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