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  1. #1
    Merchant & ABW Ambassador
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    FBI investigating Freedie, Fannie, AIG, Lehman bros
    Just saw this on cnn, fbi is looking into these guys. Possibly another enron in the making.

    I hope that those executives are jailed and like the ceo of enron, never see the light of day following putting them behind bars.

  2. #2
    Newbie gonzalop's Avatar
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    We are in crazy times.

  3. #3
    Best New ABW Member 2007 sfcom's Avatar
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    How anyone is worth more than a few million dollars a year to run a public company is beyond me. If you are running your own company, then I would have no problem with it, but for a publicly traded company is it really necessary? Does it really take that kind of money to attract quality talent? At those high CEO rates of pay, do they really care if they just work a couple of years and then retire? Give me $10 million or so for two years and I would not care about leaving either.

    Rewards should be based on performance, not historical Fortune 500 greed patterns. I mean really...how much does a CEO actually do? They are just one person. Most of the decisions made are researched, implemented, and approved by the people under them. $10 million is equal to about $1100/hour, asleep or awake.

    -sfcom


  4. #4
    Full Member Code Monkey's Avatar
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    Let's say you run a company that makes $100 Million per year in profit..

    You're looking to hire a new CEO...

    The CEO you're considering has a long track record of doubling a company's profits within 5 years of being hired..

    Is he worth hiring for $10 million per year??

  5. #5
    Full Member Code Monkey's Avatar
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    Quote Originally Posted by sfcom
    How anyone is worth more than a few million dollars a year to run a public company is beyond me. If you are running your own company, then I would have no problem with it, but for a publicly traded company is it really necessary? Does it really take that kind of money to attract quality talent? At those high CEO rates of pay, do they really care if they just work a couple of years and then retire? Give me $10 million or so for two years and I would not care about leaving either.

    Rewards should be based on performance, not historical Fortune 500 greed patterns. I mean really...how much does a CEO actually do? They are just one person. Most of the decisions made are researched, implemented, and approved by the people under them. $10 million is equal to about $1100/hour, asleep or awake.

    -sfcom
    And most people that never graduated high school can hardly understand why someone would need to earn more than $100k a year..

  6. #6
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    Congress is thinking of Clawbacks

  7. #7
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    What really gets me is the millions of $$$ in severance package.

    You grind the company to dust, you wipe out people's 401k, you are the first mover that caused 3% of homeowners to go into foreclosure...and i can go on.

    You are asked to leave after billions of destruction but WAIT, HERE IS A FEW MILLION FOR QUITING and don't let the door hit u in the a$$ when you leave.

  8. #8
    Outsourced Program Manager Ashish Selarka's Avatar
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    Quote Originally Posted by sfcom

    Rewards should be based on performance.

    -sfcom
    I completely agree that rewards should be based on performance. Its very interesting to see some companies hiring CEO's who have ran their past company to the ground and are being hired at Multi-million dollar package.

    My question would be, why offer multi-million dollar package to FAIL?

    You are just telling that person, its ok that you have failed in your last job as CEO, and so what that you wiped our your employees & shareholders.
    [B]Ashish Selarka[/B]
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  9. #9
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    It is good to be a CEO!
    How these folks are hired to be a CEO? I mean what skills are needed and how tough is it to go up there to be a CEO of a fortune 500 company?

  10. #10
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    Oh - BTW -

    Lack of adequate financial regulation is how ended up with this mess, AIG, LEH, Bear, Fannie / Freddie ..

    It is time to boot the Congress for failure. The congress and The Administration should be investigated by FBI too for its failures and how they got carried away with LOBBYIST money and other Washington perks and put aside the "common sense" regulation that could have avoided the WHOLE mess.

    Don't tell me - no body knew the pending disaster brewing since 2000 when every jockey could borrow the money whether they can pay it back or not.

    It is a price we have to pay for the past mistakes of senseless borrowers compounded by the Wall St. greed without any regulatory oversight

  11. #11
    Life is Supposed to be Fun! Rexanne's Avatar
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    Quote Originally Posted by redtagdeals
    It is good to be a CEO!
    How these folks are hired to be a CEO? I mean what skills are needed and how tough is it to go up there to be a CEO of a fortune 500 company?
    It's a small group and an equally smaller group of headhunting firms that place them.
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  12. #12
    ABW Ambassador simcat's Avatar
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    The avg. ratio of CEO pay to the co.'s average worker rose from 42/1 in 1982 to 431/1 in 2004. Gee, thank god for that, I'm sure the U.S. economy would have tanked if CEO's had been forced to make do at that poverty 1982 level.

    http://money.cnn.com/2005/08/26/news/economy/ceo_pay/

  13. #13
    ABW Ambassador Rehan's Avatar
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    They all want Mama to solve the problem...
    http://www.youtube.com/watch?v=mbD62gNi9WE
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  14. #14
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    CEO's should be compensated with stock options so their take/keep is tied to stock/shareholder performance.

    The salary should be capped at $500K and the rest should be only through Stock Options tied to shareholder performance only.

    The whole stock market / wall street should be REGULATED completely so some bad elements, crooked CEOs, insiders do not artificially profit from its gyrations

  15. #15
    Domain Addict / Formerly known as elbowcreek Thomas A. Rice's Avatar
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    I wish someone would put Caning on the table as an acceptable punishment for running publicly traded companies into the ground. I just can't shake the feeling that there are a half dozen individuals involved in this mess that deserve a couple nice, solid whacks.

  16. #16
    Full Member TerriFalcone's Avatar
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    What has always bugged me is lack of accountability. When companies do well the CEOs are given super-duper bonuses. When companies do poorly they seem to trade off to a "new" CEO who gets even more sign on bonuses. When companies totally implode the CEOs get golden s. Meanwhile those who produce and sell get (regular employees and middle management) and stockholders get shafted. Now that is without criminal actions. If in addition they are guilty of various criminal acts they should be prosecuted to the full extent of the law. We all know in our bones that there is more at work than universal greed although the greed of the general public had a part to play. "Everyone" is guilty bit some are much more guilty than others. It reminds me of the prosecution of Martha Stewart. Sure, anyone could make a mistake and violate a rule but if you were in the business of trading as she had been and you know the law covering trade then it make you more culpable. Add to that arrogance and the lynch mob starts to rumble. Insult those who are charged with prosecuting and judging you and well....you start to measure for curtains to hide the bars.

  17. #17
    2005 Linkshare Golden Link Award Winner  ecomcity's Avatar
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    Wouldn't it be cheaper for the stockholders to completely wrap the failed CEO in 14kt gold foil and toss him out of the corporate jet's back door. Hell ... give him/her the golden watch and 100 lbs of Kugerands to help weight them down...

    I've refused to make any real estate sites for the last 10 years nad Mortgage sites for the last 6 years as all the clients were obvious greedy dirt bags... Someone put some frosting on a small pile of dog crap and let all those failed senators/Congressmen-woman eat cake... Who Whooo they have a 17% approval rating and only came out when they heard about some 700 billion $$$ give-away at the Federal pig pen... oink oink
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  18. #18
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    WaMu Bits the dust
    http://www.bloomberg.com/apps/news?p...OAjmI&refer=us

    Some say that it's the biggest bank failure in the history of the nation

  19. #19
    Analytics Dude Kevin's Avatar
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    I cringed when WaMu bought Providian back in the day. They deserve this, with all the bad mortgage and credit card paper they've acquired.

    There are still some solid, solvent banks out there. I'm seriously considering switching my assets (yes, all $116.34) to a local or regional bank.
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  20. #20
    Domain Addict / Formerly known as elbowcreek Thomas A. Rice's Avatar
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    Now if cityfinancial would bite the dust, I would be completely a-ok with that.

  21. #21
    Analytics Dude Kevin's Avatar
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    Quote Originally Posted by elbowcreek
    Now if cityfinancial would bite the dust, I would be completely a-ok with that.
    I could help you there. I'll stop paying my mortgage.
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  22. #22
    Moderator BurgerBoy's Avatar
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    Cool
    Quote Originally Posted by Code Monkey
    Let's say you run a company that makes $100 Million per year in profit..

    You're looking to hire a new CEO...

    The CEO you're considering has a long track record of doubling a company's profits within 5 years of being hired..

    Is he worth hiring for $10 million per year??
    NO - they are not. All they are is professional con men.

    All they are is crooks going from company to company - steal all they can before they get fired - and then steal from the company again as they leave to find another sucker company.

    It makes you wonder how smart the people (handling you money) are to have hired them in the first place. We should also think about how dumb we all must be to have elected all of the politicians we sent to Washington. They all seem to be crooks too. We need to fire all of them.

    They should be required to have to buy a large amount of stock in the company they manage and then their own money will be at risk and they will have to preform for all of the stock holders instead of just how much can they steal for themselves.

    If the company they run goes under any bonuses due them should not be paid and they should be kicked out the door with a swift foot to the ass and nothing else.

    Isn't that the way it is for everyone else here? If you manage a company and screw up and make it lose money and get in trouble you get fired and that's it.

    They are no better than the rest of us. When they go to take a it stinks just like everyone elses does.
    Last edited by BurgerBoy; September 26th, 2008 at 12:23 PM.

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  23. #23
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    Quote Originally Posted by Kevin
    I could help you there. I'll stop paying my mortgage.
    That is the worst thing you can do.

    If everything goes back to normal, I will put a pretty penny on your house going into foreclosure for non-payment.

    There was an article on CNN Money asking people to PAY mortgages even if your mortgage company goes down.

    Pay your mortgage everybody...

  24. #24
    2005 Linkshare Golden Link Award Winner  ecomcity's Avatar
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    Mike & Charlies official 700 $billion dollar bailout plan: Take heed this is the only one that'll work....

    There is no downside to the plan for the FED to buy up
    any "in-foreclosure process" mortgage at 50% of unpaid
    balance. The family/person caught in the default process
    can immediately sign papers for a new HUD or
    Frannie/Freddie 30 year mtg at 5% with payments based
    upon the 50% off home price valuation. No need for
    appraisal fees, inspection fees, closing costs etc etc for
    those currently living in the house. (Merrill Lynch just
    liquidated their held mtgs for 22 cents on a dollar so
    50% is a crisis bonus). If you can't afford to make a $850 mtg payment...
    can you make a $400.00 mtg payment on the same house?

    If Joe Blow & family can't afford a house payment that's
    1/2 their current one .... then let them live under the
    bridge in a cardboard condo. Then sell their 1/2 priced
    fixed HUD/Frannie/Freddie mtg house to anyone who can afford and
    love the low low payments. Take the 700 billion and put
    it into this deliquent mtg pool and start buying on Monday.

    You pushers work out the payback profits the FEDs
    would get if 90% of these new mtg's make it to final
    payment. I'm sure it works out to trillions for the 700 billion investment.

    In the election you can kick out all incumbent congressmen/women with a write-in vote for me or Charlie. Heck put one of us in the Whitehouse the other in Congress (contrary to popular opinion neither me, nor Charlie, were born outside the USA)
    Last edited by ecomcity; September 27th, 2008 at 01:32 PM.
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