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Benedikt
25-09-2010, 09:27
http://news.yahoo.com/s/ap/us_citigroup_executive_pay

this post on 'frugal' for sure should be taken with a pinch of salt, or maybe even a whole sack...
they don't DO anything for the image of the bank, don't contribute, and board is afraid to loose them. so what ,let them go and put a good book keeper in the seat, he or she will for sure tell what is wrong and what is right.
(a pilot from RYAN Air commented to fire their executive because the company is bleeding red and the execs living it up, to put a Pilot ore stewardess in the office chair, because they would know more about the day to day running of the airline company).
But never worry, it is not Citi alone, in my German language newspapers, all over the big boys are in for big raises, or in one case, he works 19 Month! and will get nearly a 200 000 euro pension when he is 60 or sixty fife. the guy is 45 now, can easily work a few other jobs and his pension will be a million or two a year...
Capitalism is great indeed, Karl Marx must be rotating in his grave.

Gypsy
25-09-2010, 10:45
Well don't forget that Marx only developed his version of socialism after failing as an entrepreneur a couple of times and bankrupting the companies - if he'd been born 100 years later he'd have made a fortune on Wall Street. (He'd still have bankrupted the companies but no one seems to care anymore)

Pay for CEO's in public companies, and bankers etc is out of all proportion to the effort they put in and effectiveness at what they do.

The market has shown that it will not regulate senior manager's pay, simply because it is rigged, with the same non execs sitting on each other's remuneration committees voting each other big packages, so sadly governments need to intervene.

The situation in the UK where several banks ended up being effectively owned by the government (maybe the same in Austria?) - then their directors voting themselves massive bonuses, shows the whole system is crooked.

Benedikt
25-09-2010, 17:17
maybe the proportions are smaller but the remunerations are not. the give each other millions and billions, 600 000 Euro for an 'evaluation', 6 pages, that was not worth the paper it was printed on.
a wise man told me, 'put them all (bankers, politicians ) in a sack, and hit them with a stick. You will not hit an innocent one'.:rolleyes: To bad we can't do that. And WHEN we have the power, at least that little bit, at the polling booth every four or 6 years, we don't go.:rolleyes: Nothing much changes anyway we say, who cares who is on top, they are all thieves.:9456: