Leaked email from Applebees exec strikes nerves in the restaurant industry

[Atari2600]

Originally Posted by ocnjgirl

As did the Wells Fargo Exec who presided over the biggest scandal in the bank's history.

Not true at all... he was personally fined over $17.5 million dollars by the FTC (meaning he has to pay for it directly from his funds), and a lifetime ban from ever being allowed to work in the industry ever again, or to serve in any capacity as a CEO.

[ocnjgirl]

Originally Posted by Atari2600

Not true at all... he was personally fined over $17.5 million dollars by the FTC (meaning he has to pay for it directly from his funds), and a lifetime ban from ever being allowed to work in the industry ever again, or to serve in any capacity as a CEO.

He still walked away from Wells Fargo with over $130 million golden parachute. None of the regular employees let go got anything.

[Atari2600]

Originally Posted by ocnjgirl

He still walked away from Wells Fargo with over $130 million golden parachute. None of the regular employees let go got anything.

Nope... not true at all.


He WOULD HAVE walked away with $130 million.





$107 million of the $130 million, was money he personally owned in STOCK purchases.
Of that $107 million, $42 million was stock that was given to him as part of his position.


THAT $42 million was taken away.



Furthermore, the difference between the $107 million and $130 million, were additional compensation and bonuses that were awarded to him via contracts, all of which was rescinded by the board of directors.


So that's:


- 23 Million (rescinded by the board)

- 42 Million (rescinded by the board)
- 17.5 Million (fined by the FTC)
-----------------------------------------
= -82.5 million.


In the end, he had $47.5 million, which were stock purchases that he made himself from past income. This was already his money, and even if you don't like the guy, you can't just strip someone of their wealth because you don't like them.





Finally... the other members of the "C-Suite" were also fined a collective $35 million dollars by the Federal Trade Commission.





But you forget... the entire reason why all of this happened is because, as you put it... "regular employees" were committing fraud in massive numbers (creating fake accounts, etc.) in order to bump their numbers to meet bonuses. Literally, the Wells Fargo CEO was fined and punished BECAUSE he didn't stop his "regular employees" from committing fraud.


So... let's pick another CEO because you're striking out here pretty badly.

[Metlakatla]

Originally Posted by ocnjgirl

He still walked away from Wells Fargo with over $130 million golden parachute. None of the regular employees let go got anything.

Yeah, this. Being "held accountable" means different things for different people.

[alanaj7]

This is a perfect example of "let them eat cake". When wealthy people are so far above the "little people", not only can they not identify with the struggles of daily life, they don't care to do so. They will also view a bad situation from the perspective of "how does this benefit me, even if it puts my employees at a disadvantage." Shameful.

[RogueMom]

No wonder the restaurant/hospitality is always so severely understaffed to the point that we rarely go out to eat anymore.

[moguldreamer]

Originally Posted by Arktikos

Higher pay for employees leads to better customer service, that's been researched and established.

To get better customer service, you need to replace the bottom-of-the-barrel employees with higher quality ones.

[moguldreamer]

Originally Posted by ocnjgirl

As did the Wells Fargo Exec who presided over the biggest scandal in the bank's history.

The problem was the dishonorable local branch employees who scammed the system to earn bonuses that they did not earn and did not deserve. The SHAREHOLDERS were the victims.

[moguldreamer]

Originally Posted by ocnjgirl

He still walked away from Wells Fargo with over $130 million golden parachute. None of the regular employees let go got anything.

The "regular employees" let go should have gone to prison for their crimes.

[ocnjgirl]

Originally Posted by moguldreamer

The problem was the dishonorable local branch employees who scammed the system to earn bonuses that they did not earn and did not deserve. The SHAREHOLDERS were the victims.

They did it because of pressure from the top. Which I understand because I work in a field where they won't say they encourage fraud, but they most definitely do (skilled therapy). If you don't go with the program you won't have a job.