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Old 11-28-2008, 02:13 PM
 
Location: Great State of Texas
86,067 posts, read 78,520,400 times
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Call it by a different name and everything is ok ?

Bloomberg.com: Worldwide

"American International Group Inc., the insurer that said yesterday it scrapped bonuses for top executives after a U.S. bailout, will still pay 130 managers “cash awards” to stay with the firm, including $3 million to retirement services chief Jay Wintrob. "
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Old 11-28-2008, 02:33 PM
 
28,461 posts, read 78,158,021 times
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Well, I have worked at places that were under threat of obliteration and believe me "retention pay" is a needed thing. Without it the places can (and DO) collapse as there is literally no one who knows where the bodies are buried/booby traps are set.

That said, I think that the $3M is far larger than any retention incentive I have seen, and ought to come with some string attached...
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Old 11-28-2008, 05:43 PM
 
48,507 posts, read 90,409,802 times
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I don't think so in this economy when so many in the financials are being layed-offf. Easy to repalce.Just another sign of waht''s wrong with the american business model. Rewarding failure.
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Old 11-28-2008, 07:21 PM
 
28,461 posts, read 78,158,021 times
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No, it is not easy to replace people that know the bad parts of business. Ever. Good economic conditions, bad economic conditions, when there are troubles that require people with specific knowledge of what went wrong/where the bodies are buried you need to have those people working inside. If they leave that brain drain can quickly create a vortex that pulls the company under.
I have seen this. It is ugly.
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Old 11-29-2008, 03:51 AM
 
12,869 posts, read 13,946,126 times
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Quote:
Originally Posted by chet everett View Post
No, it is not easy to replace people that know the bad parts of business. Ever. Good economic conditions, bad economic conditions, when there are troubles that require people with specific knowledge of what went wrong/where the bodies are buried you need to have those people working inside. If they leave that brain drain can quickly create a vortex that pulls the company under.
I have seen this. It is ugly.
the inside people are the ones who should have seen it coming and stopped it. what they need is a new start, especially if they plan on using taxpayer money to do it. a successful company does not need a bailout by taxpayers.
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