Nice work if you can get it

[oboe]

WaMu CEO, Alan Fishman, pockets $19 million for 3 weeks' work.    The guy who created WaMu's mess, former CEO Kerry Killinger, received $54 million over five years before leaving earlier this month. He's eligible for around $20 million in severance pay.   

http://blogs.moneycentral.msn.com/topstocks/archive/2008/09/30/the-best-temp-gig-in-history.aspx

I think there is something deeply perverted in our system of executive compensation.

[Hangtime]

yup. No bailout. Neither bailout bill addresses current CEO employment contracts or contracts in place before said garbage bill gets enacted. if it ever gets enacted. 

think about that.

[lasersailor184]

yup. No bailout. Neither bailout bill addresses current CEO employment contracts or contracts in place before said garbage bill gets enacted. if it ever gets enacted. 

think about that.

It's always a bad thing that Government meddles in other people's affairs...  Until they address CEO payments?

[Hangtime]

Nope.. that's a good try tho.. the bill, if passed; will just be lining ceo pockets... I was pointing that out. I would not be for it even if they could figure a way to annul CEO contracts. I don't want taxpayer money used in the market, period.

[Shamus]

You guys are short sighted and just don't get it, his money trickles down, the more he gets the more trickle and jobs we get.

shamus

[Toad]

^

Yep. Congress has proven it knows way more about getting value for the money than that guy could ever possibly learn.

There's no alternative except to tax him at 90% like we did in the good old days.

The rate had reached 94 percent during World War II, on income over $200,000 (approx. $2.49 million in today's dollars). It dropped down to 91 percent in 1946 and remained there until the Kennedy tax cuts in 1962-64. Brackets weren't inflation adjusted back then, so it still applied on income over $200,000, which by then had reached $1.41 million in today's dollars.

I am now an Obamessiah acolyte: we must return to the 1943 tax rates. Thus Barak must tax income over $200k at 94%. Sorry, that's just the way it is.

Not too worry though; it's only going to be 72% unless you make over $60K and only 19% if you're under $2k.

Enjoy.

[Hangtime]

You guys are short sighted and just don't get it, his money trickles down, the more he gets the more trickle and jobs we get.

shamus

LOL.. yah. would were that true.. but sad reality is, in order to maximize benefit share and bonus payout, it usually means the company is gutted and the jobs shipped overseas to cut costs.

[Maverick]

yup. No bailout. Neither bailout bill addresses current CEO employment contracts or contracts in place before said garbage bill gets enacted. if it ever gets enacted. 

think about that.

I'm sure he caused the entire meltdown of the banking industry in 3 weeks.  Please tell me exactly how his salary is the cause of the current economic crisis. 

[Ripsnort]

yup. No bailout. Neither bailout bill addresses current CEO employment contracts or contracts in place before said garbage bill gets enacted. if it ever gets enacted. 

think about that.

LMAO, so, ironically, MG1942 votes for HUGE CEO severance packages! That's beautiful considering his previous opinions of big business! 

[Hangtime]

I'm sure he caused the entire meltdown of the banking industry in 3 weeks.  Please tell me exactly how his salary is the cause of the current economic crisis. 

Bloomberg News reports that Wall Street firms paid the best 2007 bonuses ever, despite massive loss in the public market value of their securities. Specifically, the five biggest Wall Street firms paid a 6% higher bonuses totaling $38 billion to be spread among their 186,000 workers — an average of $201,500 per employee.

which no doubt has nothing to do with the FDIC being bumped to 250,000

and, you didn't say pretty please.

[Maverick]

So your position is their salary is why those companies lost their money?

Now I assume you are going to want federal regulation that will mandate salary caps. What other federal laws do you want in business. What agency do you want doing this?

[Shamus]

We don't have to tax at 1943 rates, hows about the 1986 rates put into place by that liberal?

Of course then capitol gains would be taxed at the same 28% rate as ordinary income and god knows we cant have that, guys like the gentleman in question have figured out how to classify income as capitol gains and sail along at 15% and they even want that lowered to zero.

The hedge fund and private equity managers have been laughing their butt's off for years over this , even Warren Buffet has slammed it, but hey its the golden rule, those with the gold rule.

shamus  

[oboe]

Yep. Congress has proven it knows way more about getting value for the money than that guy could ever possibly learn.

Bloomberg News reports that Wall Street firms paid the best 2007 bonuses ever, despite massive loss in the public market value of their securities. Specifically, the five biggest Wall Street firms paid a 6% higher bonuses totaling $38 billion

It doesn't appear to me that these guys are too concerned about getting value for the money, or if so they are no better than Congress would be at it.    That's my beef - besides the outrageous sums, there seems to be no link between performance and pay.

And 90+% income tax rate in the good ol' days?   LOL, how did we ever survive and prosper as a country, let alone view those days as good?

Also noted from Toad's post, a liberal Democrat, Kennedy, cut this income tax rate?   A Democrat CUT taxes?    Everybody around here knows that could never happen, right?   

[Toad]

A Kennedy Democrat from that time would be a little to the right of your average Republican now.

[alskahawk]

WaMu CEO, Alan Fishman, pockets $19 million for 3 weeks' work.    The guy who created WaMu's mess, former CEO Kerry Killinger, received $54 million over five years before leaving earlier this month. He's eligible for around $20 million in severance pay.   

http://blogs.moneycentral.msn.com/topstocks/archive/2008/09/30/the-best-temp-gig-in-history.aspx

I think there is something deeply perverted in our system of executive compensation.

354 million 5 years CEO for AIG(?) forgot who it was I posted it couple of weeks ago.