What is Digg?103 Comments
- Schooley02, on 09/27/2008, -2/+54They are getting paid to lose money!
- junkstuff1, on 09/27/2008, -2/+39I like this quote:
"The CEOs' losses average out to $790 million each last year. That's almost the gross domestic product of Mexico and slightly more than that of the Netherlands."
The author is off by a factor of 1000. - AriaStar, on 09/28/2008, -7/+44FTA: The rich get richer a lot faster than most. That also means they can lose their fortune a lot faster, too.
Um, boo-hoo? - hiriumi, on 09/28/2008, -3/+26I think CEO's pay should be based on their performance just as regular employees' salaries are. They should not be allowed to walk away with millions when the company went down under the CEO.
- TheWriteGuy, on 09/28/2008, -9/+31In China, these guys would be executed. In the USA, they get a government bailout.
- DaviDTC, on 09/28/2008, -3/+23The new WaMu CEO with less than 3 weeks of work.
http://money.cnn.com/2008/09/26/news/companies/fis ...
http://www.reuters.com/article/ousiv/idUSTRE48P8LG ... - Spanq, on 09/28/2008, -1/+17Dugg because you're one of the few people on Digg who can spell lose with one O.
- Wryly, on 09/28/2008, -2/+16That'll throw thousands of prostitutes out on the street.
- geoffg, on 09/28/2008, -5/+18They'll probably still make more on interest alone in one year then any of us will in an entire lifetime of work.
- JoshuaGross, on 09/28/2008, -0/+11Yeah, wtf, you're right. I'd bury the article if it wasn't interesting otherwise.
- JoshuaGross, on 09/28/2008, -4/+12But the corporations, man, they're raping the world and turning everyone into little eichmanns!
- alvaris, on 09/27/2008, -7/+14It's really not easy to become a CEO, and harder to maintain as a CEO.
- hiriumi, on 09/28/2008, -0/+7To be honest, I don't think he could have done anything, but find a way to get WaMu bought out to rescue, but then at the same time, I really don't think he should walk away with millions of dollars. That's just wrong.
- UTKEngineer, on 09/28/2008, -0/+6I agree. Pay CEO's a reasonable amount based on whatever employment contract they sign. Bonuses should be voted on by the ENTIRE company and stockholders, not just the board which is made up of their friends.
Better yet, pay them in company stock. Want a massive retirement package? Increase company stock value. - liuite, on 09/28/2008, -6/+11boo hoo for the fat cats who don't give a damn about their employees
- explnx, on 04/27/2009, -2/+7Erm, *****. So far as corporations are concerned, China is pretty damn free.
- inactive, on 09/28/2008, -7/+12No love lost here.
- cheetohman, on 09/28/2008, -2/+7Boo ***** hoo.
- Chairboy, on 09/28/2008, -3/+8Did they check under the sofa? I'm always finding stuff I've lost there.
- UTKEngineer, on 09/28/2008, -0/+5I think the majority here are only pissed about CEO's who run their company into the ground and somehow still get a golden parachute.
If a company can't give raises or bonuses to high performing employees, the CEO has no billion getting a multi-million dollar bonus. - cebbs, on 09/28/2008, -0/+5Maybe the author was talking about the total loss of all the CEOs combined.
- inactive, on 09/28/2008, -0/+4Its illegal in all states to work a job that doesn't compensate you for overtime. Either you're to much of a moron to realize you're being screwed or you are working a job that doesn't qualify for extra hour compensation, such as being a prostitute.
And who do you think gives the greenlight to these 'innovate concepts' when its a common fact that 90% of new products fail? Who do you think makes the decision to develop a product that in term might cost the company millions of dollars if it fails? Oh wait its the worker bees who are getting PAID to think of the product.
Also you are already proved how much of a moron you are by saying Steve Jobs doesn't get paid as a CEO. I have a friend whose an accountant at a firm that works with Apple, and trust me, Steve Jobs is getting paid. His small salary is just a marketing strategy so gullible people like you will believe that apple cares about its customers and do not fit the image of an evil greedy corporation, like Exxon.
Steve Jobs small salary is just designed so people won't associate and stereotype them as just another evil money making company (who knows if there really evil tho?!) - NathanielJ, on 09/28/2008, -1/+5I have $1000 and I'd be pretty pissed if I lost $100.
- algaeturd, on 09/28/2008, -3/+7Oh, well. Them's the breaks. For every thousand dollars they lose, there are Americans out there who are losing their jobs after an entire career of dedication and effort who will also lose their homes and savings.
Put it into perspective...do these men and women work any harder than the people in middle America who work their asses off for $18 an hour?
It sucks, but we'll all feel it eventually. Some more than others but the government is standing behind the billionaire wall street guy, NOT the guy in middle America.
The way I see it...life is pretty simple. The more you have, the more you have to lose. You can't take it with you so I think people are ***** CRAZY who kill themselves, step on people and slit throats to make those millions (when they do.) Karma will sort this mess out in the long run. In the meantime, hold onto your ass. There's a chance you could lose that too if you're not careful. - p51d007, on 09/28/2008, -0/+3amen! It's the ones that screw the company into the ground (Enron etc) and walk away billionaires.
- AlekNovi, on 09/28/2008, -0/+3Its funny how many people missed the sarcasm and are digging you down. I guess sometimes social calibration and digg don't go together.
- inactive, on 09/28/2008, -1/+4way to go with the strawman argument, skinny.
Most are just arguing for some form of regulation, to keep the financial elite from raping the rest of the population.
is that not sensible enough for you? - IAmTheGuy, on 09/28/2008, -2/+5If they don't like it I'd be happy to inherit what they already made and deal with the company.
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:::::::::::::::::::::::::::::::::::::::::::¯¯¯¯::::::::::::::::::::::::::::: - oldgal, on 09/28/2008, -0/+3That describes most of the people with whom I have worked. In many cases (inheriting wealth doesn't count here) the folks who have gotten rich have done so because being rich has been their number 1 priority in life. There are a few who just love the work and are quite good at it and the wealth is a by-product (e.g. Warren Buffet, Jack Welch). I would rather work for the latter, they recognize and reward folks who put in the hours and effort much more generously.
- drex8, on 09/28/2008, -2/+5I have no sympathy for the Wall St. CEOs though..who have probably lost millions to billions of dollars in equity and other form of compensation.
Would you believe, the newly appointed CEO of Washington Mutual (the bank which just tanked) made like $20 million in these recent 3 weeks..even in the midst of this financial meltdown.?? Approximately $20 million!..In 3 ***** weeks!! That's just sucks.
Came across this NY Times article..where they report that newly appointed CEO Fishman of WaMu (Washington Mutual), who has been on the job for less than 3 weeks, is "eligible for $11.6 million in cash severance and will get to keep his $7.5 million signing bonus".
http://www.nytimes.com/2008/09/26/business/26wamu. ... (Scroll down to the middle of the page for the source)
And this is the biggest bank in the US Financial system which just went under! And JP Morgan might take advantage of any bailout bill passed later on, to dump the toxic funds it acquired from WaMu. Essentially on taxpayers' hands.
If this not whats wrong with the current financial system, I don't know what is! - stretch611, on 09/28/2008, -0/+3There is still plenty of work for them in DC.
- Intercon, on 09/28/2008, -3/+6Suck balls. We all know in the real world your pedigree and your friends get you ahead in the business world, and frequently the ability to stab people in the back and grab a bigger piece of the pie. The system is now so vast that there are layers of businesses that do nothing but manipulate credit, capital, and markets to create vast sums of wealth without giving so much as an ounce of benefit back to the human species, let alone the human spirit.
Now when the hogs at the trough come up with a new way to create profit from numbers games, and ramrod legislature through our "government" to ease restrictions, and create new markets out of thin air, everybody makes a *****-ton of cash and the economy goes fairly smoothly. But when reality compensates for these false markets, these moneyhandling schemes, it blows up in everybody's face. Everybody takes the hit. Except the CEOs; who might "lose" billions, but that's just paper money. It's not real. And the CEO's assets are real, and he walks away with real wealth from the company.
That's what's at issue here. - Badandy127, on 09/28/2008, -1/+4HE WAS BEING SARCASTIC. My God.
- DigitAl56K, on 09/28/2008, -0/+2C-level officers in nearly any company are compensated thousands of times more than nearly any other employee through salary, bonuses, stock options, golden parachutes, interest and tax experts who help them avoid the IRS wherever possible. Don't feel sorry for these guys because after they lose their millions in the crash they'll make them back on the recovery, and meanwhile they have more than enough to "get by".
- oldgal, on 09/28/2008, -0/+2Better yet, pay them in company stock. This is what caused the problem. When compensation committees decided to reduce CEO/Sr. Execs salaries and replace that compensation with stock options, the execs argued that they were now taking on risk that was a disincentive. To take care of the disincentive the compensation boards added the parachutes and umbrellas to the compensation packages.
Before I retired, I saw corporate execs manage the businesses based on short-term stock value (making the analyst's numbers) rather than the long term benefit of the business. For instance, if towards the end of the fiscal year it looked like profits were going to be higher than the analyst's projections then they would allow folks to go out and buy really stupid stuff -
I saw a millions of dollars spent on software licenses for software that never even got installed. Likewise, if projects would fall short, they would cancel important strategic projects, laying off employees and letting the contractors go. It was costly to restart these, and often the window for the business opportunity was gone. - oldgal, on 09/28/2008, -0/+2The Chinese official in charge of the Food Industry just stepped down.
- Badandy127, on 09/28/2008, -0/+2Your bank would most likely fail. FDIC can't back every savings account, so we'd likely need foreign nations to buy even more gigantic sums of money to back that. There would be HUGE currency devaluation (nothing like you're seeing now, way worse) and money would be meaningless. Gold prices would most likely soar as people try to put their money into actual commodities. Too much of this is bad.
We're spending $700 billion (which, by the way, is the initial expenditure, we'll probably get most of it back) so that our nation doesn't lose trillions in wealth. - ScienceDoc, on 09/28/2008, -0/+2Best stat of all: Rupert Murdoch declined $2 billion to $6.8 billion. News Corp.'s stock price fell 34% over the last 12 months.
- nugx, on 09/28/2008, -2/+4I'll bet they still have a place to go home to.
- JoshuaGross, on 09/28/2008, -0/+2Yeah, I understand that it can be hard to detect sarcasm over the 'net but geez :p
- oldgal, on 09/28/2008, -0/+2In this country, the U.S. Navy seems to be the only organization that maintains a true sense of honor and personal responsibility for it's officers.
- stretch611, on 09/28/2008, -2/+4Cry me a river...
- paradisetonight, on 09/28/2008, -0/+1its great to hear that rupert has lost a ***** load of money
- Thesuccessguide, on 09/28/2008, -0/+1It's not that I don't think their are many corrupt CEO's because their is. You judge them too quickly though when you assume that just because their rich means they're corrupt, greedy, have nothing to lose, and don't care about their employee's. You would have to get to know them each individually to really know that.
If you think about it, it's not the CEO but it's all the people under him that get fired when things go wrong! That's not a good thing. - Mpwns, on 09/28/2008, -0/+1in the last week, I'm i the only one having problems sleeping at night? i have been living on my own for 2 years now and I'm enjoying it very much. but real talk i never been this worried in my life. if the bailout passes we loose if it does not, we loose.our only two choices really is go to the poor house now or get taxed into the poor house. let just let it die now i say the sooner it crashes the sooner we can bounce back and rebuild.
- shig, on 09/28/2008, -0/+1"Do you have any idea what would happen to YOU if there were no bailout?"
I'd have a free market to invest my money in sound financial institutions that I know are solvent? - DestroyFascism, on 09/28/2008, -0/+1I feel sorry for them. No really I do...........
(sif) - p51d007, on 09/28/2008, -0/+1Oh really? So, how many people do YOU employ? Just think....those CEO's are the ones investing money to make it possible for you to have a job. It's clowns like you, indoctrinated by liberal idiot college professors, who've never had a REAL private sector job who give "higher education" a bad name. Those that can, DO, those that CAN'T, teach!
- werries, on 09/28/2008, -0/+1I don't understand. Why don't they just appoint someone else as CEO and just go live off their money?
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