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Old 04-30-2008, 08:37 PM
 
48,516 posts, read 83,890,268 times
Reputation: 18049

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Quote:
Originally Posted by cousinsal View Post
Yes, it's in the hands of the top 1% of the population.

Look around you it isn't just the top 1%. In fact take a good look and you will see people that worked and planned living the good life. Certainly better than many had it when working and living in areas they didn't care for because of the work there.
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Old 04-30-2008, 11:46 PM
 
Location: Lovelock, NV - Anchorage, AK
1,195 posts, read 4,992,638 times
Reputation: 465
My husband and I both worked our entire 35years of marriage, we had jobs in the beginning that paid very low wage but we survived we raised two kids, we both now have management positions and make decent money. On paper we are worth 1 million + but like they say we only have a few bucks in our pockets but we live comfortable but worked very hard and planned for a very long time to be here, it's now starting to pay off.
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Old 05-01-2008, 07:28 AM
 
1,861 posts, read 3,023,912 times
Reputation: 559
Quote:
Originally Posted by Tressa View Post
My husband and I both worked our entire 35years of marriage, we had jobs in the beginning that paid very low wage but we survived we raised two kids, we both now have management positions and make decent money. On paper we are worth 1 million + but like they say we only have a few bucks in our pockets but we live comfortable but worked very hard and planned for a very long time to be here, it's now starting to pay off.
Yes, I worked hard and I'm doing fine, too - good education, good job, decent salary, my own home. I work for a non-profit, as I have most of my life, so the "trickle-down" theory doesn't apply to me.

However, most Americans are not getting the "trickle-down" effect of companies who make HUGE profits. The average CEO salary is 400 times (I think it might even be more now) that of the lowest-paid worker. What happened to the front-line workers "sharing in the prosperity" of this country? Wasn't that the whole point of the theory?

(*see Ronald Reagan)
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Old 05-01-2008, 12:37 PM
 
Location: Oxygen Ln. AZ
9,321 posts, read 16,573,689 times
Reputation: 5692
I think that the CEO that busts his or her rear end and finally after 20 years of hard work, manages to collect the dream $$ that most of us only dream about, is entitled to it. I hear many demand that companies pay them less but what about the ilk of hollywood and the outrageous salaries paid to those nutballs. Let us strip the NBA players of their ridiculous salaries as well. Let us strip Tom and Barbara (I can't carry a tune) of their wealth if we are to whittle down the CEO's that have built companies.
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Old 05-01-2008, 04:37 PM
 
26,589 posts, read 52,257,058 times
Reputation: 20397
A few thoughts...

Can you really begrudge a CEO his or her salary when the purse strings are controlled by the Company Board of Directors?

I believe Corporate CEO's are excessively paid for the most part... but, what I can't understand is why the stock holders permit it???

Trickle Down seems to work much better in a manufacturing or construction based economy... The demand for product trickles down to the shop floor or construction site where additional labor is required...

The Bay Area was a hub of manufacturing when I was growing up and one of my first jobs was in a Tool and Die Shop... that shop and all of the related business have long ago ceased to exist...
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Old 05-02-2008, 10:29 AM
 
1,861 posts, read 3,023,912 times
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Quote:
Originally Posted by MotleyCrew View Post
I think that the CEO that busts his or her rear end and finally after 20 years of hard work, manages to collect the dream $$ that most of us only dream about, is entitled to it. I hear many demand that companies pay them less but what about the ilk of hollywood and the outrageous salaries paid to those nutballs. Let us strip the NBA players of their ridiculous salaries as well. Let us strip Tom and Barbara (I can't carry a tune) of their wealth if we are to whittle down the CEO's that have built companies.
They can be paid whatever they want - BUT, there should be a "trickle down" effect to all in the company, and that does not happen. Either the jobs go elsewhere, or the jobs don't pay enough to make a living.

And, why is that necessary, no matter what the CEO gets paid? This theory was touted by Ronald Reagan, and I don't think it ever worked.
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Old 05-02-2008, 06:45 PM
 
Location: Atlanta suburb
4,728 posts, read 9,085,537 times
Reputation: 3463
Large corporations the likes of Lever Bros., GM, and Exxon are so political from the Board of Directors to the CEOs to the VP of Ops. Even within particular plant sites politics and the good old boy network determines who gets what.

Mr. Bigshot is hired by the Board of Company A from a competitor Company B because he was in charge when Company B was making big profits. Mr. Bigshot says that he'll jump ship from Co. B for $xx,xxx,xxx plus a 1% bonus of the profit line. Company A is so hot to beat Company B in the dog-eat-dog arena that they approve the deal with Mr. Bigshot.

Now, Mr. Bigshot has to bring along his team of players, his CFO, his VPs of This and That, and because they are "his" guys, they get approved (by him) for big bucks, too.

It is a big game that companies play all of the time and the game lasts for 4 or 5 years at a stretch until it is time to trade for new players again. The bottom line and bonus deals keep getting richer and richer, but the Mr. Bigshots don't get any better. They'll be gone to some other Company C, then D in no time, but the $$ will follow them.

My husband was in the lower tier of the Mr. Bigshots for 12 years until he just wore out from the jumping from one big B-S group to the next. It is a racket that happens world wide and very few of these guys are anything more than an ex-high school jock captain. They know how to bluff their way for a while, the dollars and bottom lines hold - for awhile, then someone else looks even more promising, so the guard changes.

NO, they are not worth the $15.7 that GM CEO, Dick Wagoner earned in 2007, while GM was laying thousands off and closing production plants.
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Old 05-03-2008, 08:01 AM
 
Location: DC Area, for now
3,517 posts, read 12,048,324 times
Reputation: 2141
Great run down on what really has been happening in the industry CEO world. 40 years ago, the top dogs were usually someone who had some skills that pertained to the industry.

Now it is just these yahoos who occasionally are lucky to be at the helm when a company has an up period but still rake off many millions when they fail spectacularly. Most of the supposed "value" these guys give to a company is nothing but they sure do make lots of money in their hop skips. The ideologues will never admit the reality of what business has become. Instead of reinvesting into companies and their best assets - their workforce, they scoop off the profits for themselves.

Stockholders don't do anything about it because unless they hold a controlling share, they can't. A company like Microsoft is really old school - where the founder did know something about the business and still has controlling shares. Funny how that is one of the most successful companies in the world with the richest man in the world but he doesn't follow the modern ideas of know-nothing CEOs scraping off the profits.
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Old 05-05-2008, 08:30 AM
 
1,861 posts, read 3,023,912 times
Reputation: 559
Quote:
Originally Posted by Tesaje View Post
Great run down on what really has been happening in the industry CEO world. 40 years ago, the top dogs were usually someone who had some skills that pertained to the industry.

Now it is just these yahoos who occasionally are lucky to be at the helm when a company has an up period but still rake off many millions when they fail spectacularly. Most of the supposed "value" these guys give to a company is nothing but they sure do make lots of money in their hop skips. The ideologues will never admit the reality of what business has become. Instead of reinvesting into companies and their best assets - their workforce, they scoop off the profits for themselves.

Stockholders don't do anything about it because unless they hold a controlling share, they can't. A company like Microsoft is really old school - where the founder did know something about the business and still has controlling shares. Funny how that is one of the most successful companies in the world with the richest man in the world but he doesn't follow the modern ideas of know-nothing CEOs scraping off the profits.
That's a good way to put it - "know-nothing CEOs scraping off the profits".

They pay these guys (usually, it's guys) even if they FAIL miserably - they still have millions for retirement, and then they cut the pensions of the workforce, and then lay them off and take the jobs to China. It just disgusts me.

None of it is necessary, and none of it is patriotic. But, nobody wants to be patriotic anymore - forget your own citizens, just think about how much money YOU can make by laying off people, and sending jobs elsewhere. It makes me sick, and I'd love to get ahold of these guys in a room, and make them crawl on the floor because *I* was the only way they'd get a job, and it would pay minimum wage, and they'd have to compete with the Chinese, Mexicans, and Indians.
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Old 05-05-2008, 07:10 PM
 
414 posts, read 1,469,324 times
Reputation: 170
Quote:
Originally Posted by Buckhead_Broker View Post
Well, most likely because they earned it.
Yeah, the chairman of Countrywide, Angelo Mozilo, really EARNED all his millions. Right. I see some pigs flying!
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