Greed

[MaggieMae]

More Layoffs, Bigger Payoffs: CEOs Who Cut More Jobs Got Paid 42% More Money in 2009 - DailyFinance

Combined, the CEOs at those 50 firms made $598 million and laid off 531,363 workers -- accounting for more than three quarters of the 697,448 announced layoffs at the top 500 firms. The study also found that 72% of them announced their mass layoffs during periods of positive earnings reports, and that those companies enjoyed a 44% profit increase in 2009.

Kinda warms the cockles of the heart, doesn't it? Let's hear it for modern capitalism!!

 

[Douger]

Nic Marks: The Happy Planet Index | Video on TED.com

 

[uscitizen]

I am sure glad those CEO's are being properly rewarded for all the risks they take.

 

[Madeline]

Depraved sociopaths, all of 'em.

 

[MaggieMae]

Bill Weldon, CEO of Johnson & Johnson (a Big Pharma conglomerate) earned $25 million after 9,000 employees were laid off or fired due to the "recession." I think every unemployed person in America should be given a copy of this report.

 

[Madeline]

I'd like a peek inside the thought process of someone making $25 Million who decides to lay off workers. How in the fuck do they justify their greed? They must see their own workers as some sort of alien species, not fully human.

"Johnson & Johnson, a family company"

Right...like the Mafia.

 

[uscitizen]

I am sure that the companies increased unemployment insurance costs drove them to bankruptcy?
Or did the executives pay them out of their bonuses?

 

[MaggieMae]

I'd like a peek inside the though process of someone making $25 Million who decides to lay off workers. How in the fuck do they justify their greed? They must see their own workers as some sort of alien species, not fully human.

"Johnson & Johnson, a family company"

Right...like the Mafia.

The J&J "Family" is now even bigger since it merged with Pfizer, another lovely "Family."

 

[Flopper]

There is nothing wrong with capitalism. But there is a lot wrong with unregulated capitalism, something Republicans just don't seem to understand.

 

[MaggieMae]

There is nothing wrong with capitalism. But there is a lot wrong with unregulated capitalism, something Republicans just don't seem to understand.

That's why I said "modern" capitalism.

 

[MaggieMae]

So where are all the Randian capitalists who are usually so eager to argue that corporations and their CEOs "need" every penny they make in order to keep Americans employed?

 

[Madeline]

What these corporations need is some sort of outside regulation. Seems to me, that used to come from shareholders...but these days, most shares are held by institutional investors. I'd be in favor of a law against very high compensation as well as one against closing profitable divisions....though that would need deep thought.

 

[johnrocks]

There is nothing wrong with capitalism. But there is a lot wrong with unregulated capitalism, something Republicans just don't seem to understand.

Where is it unregulated? People seem to get true free market capitalism and State capitalism confused with one another.

 

[dilloduck]

You consider shareholders to be outside a corporation ? Political parties are certainly not outside of corporations since they are funded by them so exactly who are you suggesting regulate corporations ?

 

[MaggieMae]

What these corporations need is some sort of outside regulation. Seems to me, that used to come from shareholders...but these days, most shares are held by institutional investors. I'd be in favor of a law against very high compensation as well as one against closing profitable divisions....though that would need deep thought.

Well that's the dilemma. Government can't dictate to a private entity what to pay its CEOs and can't make layoff decisions. Unfortunately, not too long ago, there was such a thing as integrity in business which generated goodwill among investors and consumers, and profits could be expected to be healthy because of that. But it doesn't seem to exist anymore.

 

[boedicca]

There is nothing wrong with capitalism. But there is a lot wrong with unregulated capitalism, something Republicans just don't seem to understand.

Where is it unregulated? People seem to get true free market capitalism and State capitalism confused with one another.

Indeed. Maggie overlooked (Quelle Surprise!) the fact that the highest paid CEO cashed out after an acquisition. If the tax code and regulations hadn't been manipulated to bias exec comp towards stock options, he wouldn't have received such a huge pay-off. It was also in Pharma, which is intensely regulated and not at all a Free Market.

 

[johnrocks]

There is nothing wrong with capitalism. But there is a lot wrong with unregulated capitalism, something Republicans just don't seem to understand.

Where is it unregulated? People seem to get true free market capitalism and State capitalism confused with one another.

Indeed. Maggie overlooked (Quelle Surprise!) the fact that the highest paid CEO cashed out after an acquisition. If the tax code and regulations hadn't been manipulated to bias exec comp towards stock options, he wouldn't have received such a huge pay-off. It was also in Pharma, which is intensely regulated and not at all a Free Market.

Yep, some of the most expensive sectors of the market are also among the most highly regulated sectors of the market from healthcare/insurance to financial s yet the first thing blamed is "capitalism" and screams of "not regulated" is heard ad nauseaum.

 

[MaggieMae]

There is nothing wrong with capitalism. But there is a lot wrong with unregulated capitalism, something Republicans just don't seem to understand.

Where is it unregulated? People seem to get true free market capitalism and State capitalism confused with one another.

Indeed. Maggie overlooked (Quelle Surprise!) the fact that the highest paid CEO cashed out after an acquisition. If the tax code and regulations hadn't been manipulated to bias exec comp towards stock options, he wouldn't have received such a huge pay-off. It was also in Pharma, which is intensely regulated and not at all a Free Market.

I never said, and the report doesn't say it either, that any of this is illegal. It's just greed. Stock options or gigantic salaries--however they "take it," how do those people sleep at night when they are wallowing in their own wealth and laying off workers at the same time? I stand by my point that it's a matter of integrity, which is nonexistent anymore.

 

[Leweman]

Yeah thats rediculous ... I'm all for reward but not rewarding failure. These people should be ashamed of themselves for taking huge salaries while presiding over failing businesses. Greed unfortunately isn't a partisan problem as it exists at all parts of the political spectrum.

 

[johnrocks]

Maggie, I don't know of a system or group where greed isn't prevalent, I don't think it is greed per se that is bad but the few that are so greedy that they will break laws or do whatever it takes to makes as much as they can or get as much power as possible, all others be damned and those are the ones;like Madoff or Lay ; that should be held accountable and prosecuted to the fullest extent of the law to show that that kind of behavior won't be tolerated.