Nice Jobs If You Can Get Them

[rayboyusmc]

Here is a listing of some of the compensation some our best and brightest bussinessmen got for screwing up their companies.

You get what you reward, not what you expect. That's what we got.

Photos: CEOs Golden Parachutes From Failed Firms | Newsweek Inside Business | Newsweek.com

 

[editec]

Who here can still make the argument that the invisible hand of the market creates a meritocratic society?

The closest thing I have EVER seen to a society based on merit was, believe it or not, the Navy. And let's face it, that's a feudal structured society.

Of course, one supposes for the senior officer class merit probably wasn't so much the case as for the EM.

 

[rayboyusmc]

It's almost as if we have re-created a Nobility Class based not on competence but on position/title. Seeing where CitiBank is still planning on spending 10 million to upgrade the senior they just don't get it.

You don't have to succeed in making money for your company. You still get rewarded because you are one of the special people.

 

[garyd]

Trouble is without demostrated competence you don't get a shot at thjose positions in the first place.

 

[alan1]

It's called "Promoted to a level of incompetence".
Most of those people were successful until they reached the position they are currently at.
Kinda like most of congress.

 

[DiveCon]

It's called "Promoted to a level of incompetence".
Most of those people were successful until they reached the position they are currently at.
Kinda like most of congress.

i dont think i could agree more
especially that last line

 

[William Joyce]

Part of the problem is the separation of ownership from control in the corporate form. The boards and execs of huge companies are just sitting on top of humongous piles of other people's money -- or the company's money -- and moral hazard sets in.

I don't know of a great solution there, because I doubt the government would do any better. I used to be a super-free market guy, but stuff like this is just bullshit. I hate it.

 

[garyd]

I will agree that part of the problem is the often incestuous nature of the relationship between CEO's and some boards of Directors. See GE for an example where about the only stock holders left are the CEO and the Board of directors and the stock is now less than 25% of it's highwater mark when the current jackass took over.