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54 Comments
- algaeturd, on 11/13/2009, -2/+47It seems like with the headline adding 'billionaire' to Bill Gates' title, they're trying to point out some kind of hypocrisy or something? Bill Gates developed things that people use. He started his own business. He built that money.
He didn't get rich buying and selling other peoples' money and gaming a system that rewards people for failure.
Just wanted to clarify. I'm not sure if people really get it or not anymore. - ousthouse, on 11/13/2009, -1/+31BREAKING NEWS: Somebody thinks that forking over billions of dollars to a failed company which in turn spent the money on large paychecks to executives was a bad idea.
- 2Six119, on 11/13/2009, -1/+28Did we really need Bill Gates to come out and clarify this? Was this issue really up for debate?
- kap77, on 11/13/2009, -1/+27When tax dollars are involved, every US citizen has that right.
- GregLoire, on 11/13/2009, -1/+18Haha... "Talent"...
- sniffymcdougle, on 11/12/2009, -0/+14Unfortunately AIG's portfolio was de-valued long before the gov't was forced to buy in. It was a sub-prime buffet.
- disgruntled, on 11/13/2009, -0/+13I dont see this so much as he came out and said. like him or not, he is one of the most successful businessmen of our time and that means people will ask his opinion and in this case he chose to answer with his opinion. If Gates posted an unsolicited blog entry about executive salaries then itd be different but the quote appears to be taken out of a conversation and to me it sounds like he was just answering a question.
- erix84, on 11/13/2009, -0/+11He also donates a TON of money to charity.
- inactive, on 11/13/2009, -0/+10Not to mention his salary is zero. Not even $1 a year. Zero.
- SamurAchzar, on 11/13/2009, -0/+9Read Buffet biography book "The Snowball", it's a real eye opener in many areas, it also discusses in length the issues he had in Solomon Brothers some years ago when he had a large stake in the firm. The good traders asked for huge compensations but they were making so much money for the firms that no one could refuse.
The problem is NOT compensation outright, it's the lack of regulation allowing devastating actions for gaining massive profits. I mean, if someone can play within the rules of regulation AND still make lots of money, great for them and their employer. It's obvious each of these traders generates enough money for the firm to justify their salary, but the playing rules should be adjusted, which consequently will reduce profits.
I think that once better regulation is in place, the revenue potential will go down and accordingly will the compensations. Don't treat the symptoms, treat the cause. - dasunst3r, on 11/13/2009, -0/+9At least Bill Gates tries to go out and do good in the world (via his Bill and Melinda Gates Foundation). That in itself is an example. I am curious as to what his salary consists of.
- AndrewDB, on 11/13/2009, -1/+9Do yourself a favor..
Read this:
http://en.wikipedia.org/wiki/Bill_&_Melinda_Ga ...
And also, realize, everything Gates has, he earned. - novenator, on 11/13/2009, -0/+7The time has come for Wall St. executive salary caps. While we are still suffering in the mother of all recessions, they are taking in RECORD bonuses. If there has ever been a time to intervene for the good of the country, it is right now.
- fuzzynyanko, on 11/13/2009, -0/+7Ballmer's pay is actually pretty good considering how much the company rakes in (he makes $600k/year + $600k in bonuses when their yearly net income was around $12-17 billion)
- Kakumeikeahi, on 11/13/2009, -0/+6Talent? more like those who had the connections to weasel their way in. Forgive me, I'm only sour because I can't manage to snag even a fast food job in our recession and would like to keep a roof over my head.
- AndrewDB, on 11/13/2009, -0/+6You didn't read anything on that wikipedia link.. did you?
- HotLeper, on 11/13/2009, -1/+7DEVELOPERS DEVELOPERS DEVELOPERS DEVELOPERS DEVELOPERS <------ this is talent deserving of the highest pay
- DaviDTC, on 11/13/2009, -0/+5Any company that took bailout money is getting their paychecks written by the American people.
- ohplease, on 11/13/2009, -0/+5Bill wants all the money to go to DEVELOPERS DEVELOPERS DEVELOPERS
- SevenTwo, on 11/13/2009, -1/+6Bill Gates is like the Anti-Billionaire Stereotype, always pissing off everyone else chasing dollar signs.
- Sux4Bux, on 11/13/2009, -2/+7Except it's an old boy's network and not a labor market. They're trying to hoard and consolidate wealth for their group. And none of these people are "earning" or even producing anything of value at all. Our system is just set up in a way that allows a few organizations to have a monopoly over the money supply. These middlemen are just writing themselves giant paychecks. Banks just shuffle money around and no one deserves to leech millions of dollars out of the system for that.
- roodammy44, on 11/13/2009, -0/+4So I'm thinking you mean this in an inverse relationship, right?
The harder you fail, the more pay you get?
That seems to be what has been happening over the last few years.... - curtisag, on 11/13/2009, -2/+6That's true, but if you earn 10 million in one year by taking big risks which causes your company to lose much more in 3-4 years (perhaps when you are gone), that is a problem. Too much emphasis is placed on short term gains vs. the long term sustainability of those gains. It's a problem that runs through our culture, we're all obsessed with short term gratification.
- SamurAchzar, on 11/13/2009, -0/+2No problem - come up with a better operating system, make profit. Apple was on the brink of collapse at the end of the 90's, and got back to the OS market through the back door. You can protect competition; you can not CREATE competition, not when anyone else lacks the package (not specific product, it's broader than that) to compete.
Apple did not have the right package, which is why they are not dominant today. Microsoft just gave people what they wanted.
Now as for Bill Gates himself, his wealth is mainly derived from the valuation of the Microsoft stock. Are you claiming he should have less stock, or that Microsoft is overvalued? First is ridiculous, second is just not correct. - ohplease, on 11/13/2009, -0/+2What Bill Gates is alluding to is that because of the massive amounts of stock options being granted instead of higher salaries, executives have been gaming their own companies' share prices (and asset valuations) which is a big part of what happened with this bubble bursting (the tech bubble as well).
- BlacklabelSAR, on 11/13/2009, -0/+2I'm sure we can get some Indians to replace those Wall Street people for a fraction of the cost.
- sgerwel1985, on 11/13/2009, -1/+2What you're saying makes sense on some levels. For CEO's who improve a company and get them going in the right direction... sure i agree the pay isn't "too high" at all. If you have a CEO who does a fantastic job and keeps improving the company, i don't care if you pay him 20 billion a year. As long as the company is still profitable and still able to grow and be ethical at the same time, fantastic.
However when you have a failed company and your CEO is handsomly rewarded for doing so, you can see where people get this.
Obviously, if you're unaware... AIG is option B. - KyotoWolf, on 11/13/2009, -0/+1looks like Algae has a stalker
- fuzzynyanko, on 11/13/2009, -1/+2When a lot of these banks are losing money, that $1 million doesn't look as justified. I don't mind a CEO of a company bringing in a giant net income getting a good cut, but when that CEO keeps that huge cut when the company is going the way of the Titanic, then really, the CEO should consider being paid a lot less.
- brundlefly76, on 11/13/2009, -0/+1Ballmer holds $11B in MSFT shares.
Like Steve Jobs and his $1 novelty salary, its meaningless to him in relation to his ability to move the stock higher. - roodammy44, on 11/13/2009, -2/+3So if that's true, then president Obama should be making around $1 trillion per year, right? Since he is responsible for such a large budget?
What you're describing is commonly called corruption in other parts of the world. The money they are managing is generally our money, in the way of pensions, savings accounts and taxes. I mean where did you think it came from? - theratdotus, on 11/13/2009, -0/+1237 congressmen have 20 million dollars. 40% of them are rich, compared to the 1% of the country. we the people are *****
http://nicktherat.com/237-congressmen-are-milliona ... - Hyperian, on 11/14/2009, -0/+1how dare that socialist say our current system is flawed
that's what glen beck would say - BerateBirthers, on 11/14/2009, -0/+1They give the money to what they want to. But why should they alone get to decide? Don't we have all deserve some input?
- Justin676, on 11/14/2009, -0/+1@Berate: Wow, that's one of the most ignorant comments I've seen in a LONG time. The government isn't there to serve our every want and need. Read the Constitution. It might help.
- rrwest, on 11/13/2009, -0/+1Actually, you have to point the finger of blame at Mr. Balmer and the people who were coerced into paying $100 to Microsoft for each computer they sold during the late 80s to the mid 90s, even if the units had no OS installed.
And you have to go after Bill Gates' dad as well, since he came up with the idea to license the OS on computers instead of giving users pure purchasing rights. Licensing the OS forced the buyers to comply with the EULA which in itself generates a lot of potential income for the company. - Elranzer, on 11/13/2009, -0/+1Well considering most armchair economics on Digg are somewhat tech-savvy, it takes one of technology's biggest gurus (perhaps the biggest) to get the message through.
- Homerr, on 11/13/2009, -1/+1I think Bill Gates has done great with Microsoft, and now with his earnings from that with the foundation. He still has too much money IMO. I don't think that he, in the entire economic ecosystem of the world, is worth as much wealth as he has accumulated. I think what work he has done is very valid and he should be rewarded for it.
Microsoft deserves to make money, of course, but as a monopoly they are making much more money than if they had true competition. What I'm getting at: if MS and Apple had each had 50% of the market for the last 20 years then Bill Gates would probably be worth about half of what he is. Monopolies concentrate too much money with too few people. - duckferret, on 11/13/2009, -1/+1Next article: Pacific Ocean says Sea World is using too much water.
- rrwest, on 11/13/2009, -0/+0Bill Gates' salary is zero but his income is in the millions of dollars he earns through the interest on his accounts and other financial items.
And the "crap" that algaeturd writes about is absolutely true.
The financial market has gamed the entire economic system to favour lenders and creditors over producers (like working people) and "savers".
Borrowed money supporting borrowed money that sits on top of individual savings acounts earned by actual work is a top-heavy proposition. In the long run it serves only those who get the commissions on the lending and the banks that get the interest. - rrwest, on 11/19/2009, -0/+0Actually I have read economics books, including those at university levels.
The problem is that what is taught at economics schools is not exactly what is practiced in the real world. That is why people have called it the "dismal science", since all of the theories and mathematical equations and studies will never be able to accurately predict why people do the things they do with money except in hindsight. With that in mind, the up and coming trend is to study "predictable irrationality".
All I know is that when a financial product is purchased, someone is promising either a return on investment or rate of interest in exchange for the money so long as that money is locked into the agreement for an agreed upon length of time. In effect, the money is being loaned to the purchaser. What that purchaser does with it is anybody's guess.
What I see in the credit-based economy is a whole lot of financial products which do not really produce anything except more paper, not houses, cars or even food.
I tend to abstract the flow of money/data to its basic level, to what is happenning as transactions take place. It may not be pure economics, but it serves my understanding of what is going on. - mad6ryan, on 11/16/2009, -0/+0Um, have you even read an economics book? Doesn't seem so. You should really learn to back up your opinions with fact.
- BerateBirthers, on 11/14/2009, -1/+1@Justin: This isn't 1790. The government now works to do what we need, not what we want.
- rrwest, on 11/13/2009, -0/+0So what happened to the mortgage brokers and lenders who benefitted from the sub-prime mortgage industry?
They got their commissions and went laughing all the way to the (overseas) banks.
Had mortgage brokers' incomes been tied to the monthly mortgage payments on the accounts they opened, rather than giving them lump sum commissions up front, then they would have made pretty darn sure that the mortgage holders were able to pay up. - gfryesc, on 11/13/2009, -3/+2if we're tackling what people have made, can't we start with you, Mr Gates? I know you're a big donator to charities, I'd like to pay less taxes so I could select exactly where my contributions go as well. You have crushed competition and gamed tax law to amass your fortune, so please stop playing class warfare when you yourself are at the top of the heap.
- SamurAchzar, on 11/13/2009, -4/+1He didn't shy from committing ethically dubious actions to get there. Remember the anti-trust? Microsoft are no angels. Although they might have done more for the technological progress of the world compared to most companies, I don't think Bill Gates has the moral high ground to preach others.
- mad6ryan, on 11/13/2009, -4/+0Wow! The more I digg into your past comments the more frightened I am that you actually believe that crap that you write. Since you snide remark to my comment yesterday I just had to find out if you really are an idiot or if it was just a one time thing. Like maybe you got into you mommy's pills or something and lost you senses. Nope, just an idiot with nothing worthwhile to say.
- BerateBirthers, on 11/13/2009, -7/+2Doesn't mean he still doesn't have too much money. Wouldn't the world be better off if every American had that wealth instead of it going only where Bill Gates wants it to? Why aren't all Americans involved in where that money is going?
- Homerr, on 11/13/2009, -9/+3Bill Gates has too much money.
- BerateBirthers, on 11/13/2009, -8/+2Why do we NEED charities? It's because the government doesn't tax enough to do what it needs to do.
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