obama to decide what executives make!- Page 3

[Reginald Tresilian]

Posted: 2/5/09 at 1:45pm

All I know is I'm in an industry that's struggling, and the first thing my company did was cancel our Christmas party.

On the other hand, as Maureen Dowd mentions, "Wells Fargo, which received $25 billion in federal funds, was blithely planning a series of 'employee recognition outings' to Las Vegas luxury hotels this month. . . . Bank of America took its $45 billion in bailout funds and sponsored a five-day carnival outside the Super Bowl stadium, and Morgan Stanley took its $10 billion in bailout money and held a three-day conference at the Breakers in Palm Beach. (Morgan Stanley had also still planned to send top employees to Monte Carlo and the Bahamas, events just canceled.)"

By all means, compensate managers appropriately; by all means, reward hardworking employees with some of the company's profits. But that sort of stupidity (and cupidity) is simply unforgivable.

[danmag]

Posted: 2/5/09 at 1:48pm

I imagine that the execs at these companies all have employment contracts guaranteeing their salaries and bonuses. I wonder how they will get around that?

[sabrelady]

Posted: 2/5/09 at 1:57pm

"accept the terms as offered w the bail out or LOSE THE MONEY."
Then the company goes bust and your contracts are worthless.

Seriously, I can't get over the laise faire attitudes of these senior executives. Royal Bank of Canada's CEO returned his bonus and others are following suit here in the Land of Ice and Snow.

[Yawper]

Posted: 2/5/09 at 2:00pm

Again the double standard - the auto execs were threatened with $1 per year for getting government loans while Wall St. execs are offered $500K per year for taking a lot more money (and are these loans or just give-aways?).

All of Wall Street just needs to be flushed.

[javero]

Posted: 2/5/09 at 2:12pm

Memorandum

Date: February 5, 2009
To: CEO of Corporate Welfare, Inc.
From: Joe Taxpayer, Interim Chairman, Board of Directors
Subject: Exit Processing

Please note that the Board of Directors adopted a resolution earlier today calling for your immediate resignation. We request that you proceed to HR at your earliest convenience for the initiation of exit processing. A staffing specialist will be able to explain the details of your severance package. A press release is forthcoming.