I think they deserve it. If you own a small business and the business is failing YOU take the paycut.. why doesn't this apply to corporations?
Last year's 'bonuses' bothered me and ticked me off so much, I'm glad these greedy bankers are getting their due after what they have done to the American taxpaying consumer.
My debt snowball is a little different... I didn't go with the highest interest first... nor the lowest balance... I just listed my banks in the order of which ones I HATE THE MOST and that really got the snowball rolling...
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At the job I was laid off from (last October) somehow they justified paying the interim CEO over $1 million in SALARY for 9 MONTHS of work. He didnt do a damn thing because... he couldnt. Too much corporate debt but oh yeah, he still got paid. The head of my department (that was 80% gutted) was making almost a half million a year, though this person has now left (couldnt do a damn thing, too much corporate debt)
I have a lot of experience in small business consulting and when I moved into a job with a (relatively) small corporation I was shocked at how much waste was involved- it was more than eye-opening to continue considering going down my own path. And to think how much stronger companies could be now, and better positioned, if they had just employed some rational financial strategies hte past 4 or more years. It can NOT be that hard!
Did you say "HAVE done"....I think it's more like STILL doing
__________________ Bank of America is THE godfather of Hell. When the world ends the only things that will be left are cockroaches, Walmart and Bank of America. Not necessarily in that order.
Couple days ago AOL financial headlines Bank of Hell was crying 3rd quarter loss of 2.something million dollar losses. However, next headline down was how they were giving there top executives whatever 3.3 million in either raises or bonus'. Setting up up for another bailout???? If they can. I also saw where GM was giving a huge one.
__________________ Bank of America is THE godfather of Hell. When the world ends the only things that will be left are cockroaches, Walmart and Bank of America. Not necessarily in that order.
The bonuses are often contractual. Stupid, but legally binding.
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If you could kick in the pants the person responsible for your problems, you wouldn't be able to sit for a month.
Did you know that a 4 year student paying $20,000/year who finances their education graduates with over $103,000 in debt to start? But a student who works and pays cash and takes 6 years to graduate ends with $6,300 in their pocket! So much for "getting a head start by financing!"
Greebo(Nerd Spender): Loving and extremely patiently tolerated husband of ceashels. WARNING: Y Chromosome behind the keyboard. Adjust your listening filters appropriately!
Three Two mortgages, twoone no car loans, one no credit cards, and a partridge in pear tree!
It's a problem where the theoretical rational market doesn't rely on the reality.
In theory, people will be paid wages that properly reflect their value to the company due to competition. In reality, white-collar executives are human beings, so they naturally overvalue the worth of their own kind (other white-collar executives). And they are the ones setting the salaries and contracts.
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Inkstain is much better at keeping up with his hobbies that updating them in his sig line, so we'll just dispence with the updates
Current hobbies include learning French, running, losing weight, improving his chess, cooking and frugality. Rest assured he is making progress in them all
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Top Execs taking a pay cut
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