When we look back on these bubble years a decade or two from now, we'll be amazed and disgusted by the greed, collusion and corruption found across so many aspects of society.
* The REIC - check
* The GOP-led government - check
* CEOs and boards - check
Here's an article on the Home Depot CEO shareholder rape. Just one of many, enabled by a culture of corruption. What the article doesn't mention is that Ken Langone, the same thief who was responsible for Dick Grasso's insane package at the NYSE also had his hands in this Home Depot robbery. And that Grasso served on Home Depot's board and comp committee as well. Oh, what a comfy little club...
Collusion at the top
DESPITE HIS failure to increase the value of Home Depot's stock, chief executive officer Robert Nardelli left the company this week with a $210 million farewell package, the result of an agreement he negotiated with the board of directors in 2000.
Across America, a culture of collusion between board members and prospective CEOs inflates executive pay and needs to be checked by greater shareholder involvement.
Nardelli was lured to Home Depot by board chairman Kenneth Langone, after he was passed over for CEO at General Electric. Langone was also on the board of GE at the time. Langone helped set the severance agreement, and he believes in high pay for chief executives.
January 08, 2007
Just another bubble caused by fraud and corruption: The CEO compensation scandal
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15 comments:
Only a liberal loser would complain that someone makes more money than they do. It's a losers' mindset.
I say great for him!
The shareholders got exactly what they deserved here.
As long as the sheeple accept buying stocks in companies that pay little or no dividends and allow management to run the company like it is their personal piggy-bank, the companies (and their directors and officers and mangers) will continue to do so.
Should the sheeple ever wake up, start demanding accountability and refuse to buy any stock that doesn't pay a dividend that is greater than treasuries PLUS a compensation for the risk of being the last in line to get paid in a bankruptcy (a reasonable, annual, dividend, in my opinion would be about 8%-10%), then and only then would these companies start to toe the line.
Instead, we have the little lamb investors, all piled into 401(k)s/IRAs/mutual funds, and trusting Wall Street to look out for the sheeps interest.
And I don't see this changing soon, so it will be "business as usual".
Sad, really, but true none-the-less that most sheeps aren't qualified to manage money or invest.
No wonder Jack Welch "passed" over him, Jack new he was a brain dead whoreing thief and would have wanted his reputation soiled by leaving that punk ass thieving bastard in charge.
As obscene as the CEO payouts seem:
Exxon 400 million
Pfizer 200 million
Home Depot 200 million
I think it's between the shareholders and the company. Personally, I wouldn't own shares in those companies because that CEO money could have been spent much better on promotion, stock buybacks or dividends.
One might also want to research other upcoming similar CEO payoffs and dump the respective stocks if you feel strongly about this.
Let the stockholders vote their opinion. Forget move government interference.
as long as the bud fox's on the street get their share, nothing will change
you'd think in the 20 yrs that film's been out, something would have changed..
Wall Street: The Movie. I love it. You, if anything, are a genius when putting up supporting graphics.
I can't stop laughing.
If readers here knew the size of average year-end bonus paid to Wall Street execs they would not be so outraged by the money Nardeli got.
Every day in-duh-vidual investors are fleeced by the system in a transfer scheme so brazen it might even make Gordon Gecko blush. Trades under 10K shares are just convenient fictions with a few pennies nicked on both sides, and settlements are made from cash accounts. The shares never move but commissions are paid and the market makers get their vig.
Nardelli's payoff is chump change by comparison.
I just loved the phone...
All I am reading here is jealousy. WAAAA WAAA WAAA he made $200 million dollars and I'm stuck in a shitty job making $50K and it's not fair WAAA WAAA WAAA.
I'm curious to know how anyone here would be better off if instead of a $200 million bonus it would have been a $2 million bonus. Would your life be any different?
Quit your complaining. Maybe if you spent less time on an internet blog and more time devoting yourself to your career you might get closer to that $200 million yourself.
"Only a liberal loser would complain that someone makes more money than they do. It's a losers' mindset.
I say great for him!"
You're a douche.
Sad, really, but true none-the-less that most sheeps aren't qualified to manage money or invest.
++++++++++
Investing in the stock market (like investing in real estate) is NOT for individuals any more. There is way too much manipulation, if not downright fraud, going on. I know, I know--"everyone knows" that stocks are a "great" investment, but most of the sheeple just get sheared in the end. I think it makes more sense for individuals to increase their annual earning power (through starting a new career or getting a better job) rather than expect the stock market to make money for them. If an individual earns and banks an extra $10,000 to $20,000 a year and sticks the cash in CDs, I think he/she will come out further ahead than putting $5,000 into equities and hoping to somehow make a killing in stocks....
does it make you feel smart when using the word sheeple?
"does it make you feel smart when using the word sheeple?
"
Ans: Yes, and dont you look stupid because you cant think of anything intelligent to say.
The revenue, profit and dividends of Home Depot (HD) stock has gone up in the six years of this guy's tenure.
He was not responsible for the insane stock valuation when he started.
I hate to burst your bubble but(heh)...this has less to do with executive pay than it has to do with the real estate crash. Home Depot and others in home improvement drank deeply from the well of home equity, which is quickly drying up. The writing is all over the wall, and even Home Depot does not have the resources to make it go away.
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