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He's not as generous as he makes himself out to be. He did donate a large sum of future funds, but that is/was contingent upon his investment(s) doing well...I worked on a school's finances were Microsoft gave the school a price break. Then the original prices turned out to be illegal or wrong. In the end, the school got just a regular deal.
"Brian T. Moynihan, better known at the Chief Executive Officer at Bank of America, received a massive 23% pay hike in 2015, pocketing no less than $16 million. Along with his standard $1.5 million salary, a regulatory filing released on Friday showed that $14.5 million in stock grants were also paid to Moynihan last year."
He earned it.
Lol. I hope that you are joking.
I love all the posts here that try and justify the obscenities of CEO's pay. OY-VEY!!
Ncole1 has the math exactly right. You could pay the CEO zero and it wouldn't particularly impact the bottom line of the corporation. Corporations pay their employees precisely what it takes to retain them and keep them motivated, not one penny more. If you want to increase your pay, increase your worth to your employer.
This is straight class envy. Corporations pay that kind of money to attract the best possible talent. One bad decision by the CEO and the shareholder value of the corporation goes into the toilet.
How many cases are there where share prices tank but the CEO still gets paid? They always seem to be one step ahead in how they've negotiated their contract so they come out smelling like a rose - financially anyway. I guess we have to blame their boards? But of course they're all on each other's boards....yeah...its a pretty cozy club. Even if you do really screw up you get millions for your golden parachute and then on to the next chump company.
How many cases are there where share prices tank but the CEO still gets paid? They always seem to be one step ahead in how they've negotiated their contract so they come out smelling like a rose - financially anyway. I guess we have to blame their boards? But of course they're all on each other's boards....yeah...its a pretty cozy club. Even if you do really screw up you get millions for your golden parachute and then on to the next chump company.
Correct. CEO wealth is disconnected from the health of the company. They get superbly wealthy no matter what. In fact, the more they put the corporation in debt, the more wealth the CEO can accumulate. Ultimately, workers are out of jobs and the CEO is counting his/her wealth on some island in the Caribbean.
Ever since QE there is no longer an alignment between the success of a corporation and the wealth of the CEO. It's all about stock options. Period.
Businesses being greedy and giving the workers less and less of the pie is going to make this country eventually go full on socialist and in the end they are going to screw themselves when everything they make is taken from them.
You can't have price inflation without wage inflation and maintain the status quo.
Turns out just because you can pay your employees less and less, taking advantage of supply vs demand in labor, isn't always the right thing to do.
The one thing companies can't take away is a persons vote and it is going to come back to bite them. Only a matter of time.
If they would of just maintained giving workers the same percentage of pie, none of this would be happening.
Businesses being greedy and giving the workers less and less of the pie is going to make this country eventually go full on socialist and in the end they are going to screw themselves when everything they make is taken from them.
You can't have price inflation without wage inflation and maintain the status quo.
Turns out just because you can pay your employees less and less, taking advantage of supply vs demand in labor, isn't always the right thing to do.
The one thing companies can't take away is a persons vote and it is going to come back to bite them. Only a matter of time.
It's not capitalism and it's not socialism and it's not communism. It's an Oligarchy. All economic systems morph into am Oligarchy when a select few ruling elite are able to get unlimited amounts of free money from Central Banks. At this point, there is no difference between our economic system and that in all other developed countries. And the elite get together in Davos to discuss next steps.
This academic bookish stuff had to be once and for all re-classified in the myths and legends shelves.
CEOs get their money from options and the Boards are well taken care of by the CEOs for the largesse they receive. It's all about the options and the CEOs continuously reward themselves by buying back their options using corporate debt and "corporate restructuring" (firing people), so that they have ample cash to reward themselves. The heck with the corporation. CEOs couldn't care less. They are super-wealthy by the time the corporation goes belly up.
CEOs don't get wealthy by working hard. They get wealthy by transferring gobs of money from the Corporate belance sheet into their offshore bank accounts. BTW, it is also a favorite pastime of corrupt governments.
Thus is how the economies of countries are trashed. The money isn't gone, it's all sitting safely in some hidden vaults.
Not all but too many.
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