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Old 03-06-2009, 01:40 AM
 
Location: Georgia, on the Florida line, right above Tallahassee
10,474 posts, read 14,518,696 times
Reputation: 6378

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Bank of America said revealing the data could help rivals poach talent, prompt employees to leave because their privacy was violated, cause "internal dissension and consternation," increase security risks for bonus recipients, and give rivals a better idea of which businesses it considers most valuable.

Bank of America sees grave harm from bonus reveal | Reuters

Interesting. The company I work for has something similiar written into one of the "non-compete" forms we sign. Basically, if you tell anyone how much you make, and it's accurate and they report you, you can be terminated. Discussing how much you make tends to cause disruption. It can also cause envy or anger, I'd imagine. Perhaps both at the same time. It also gives away information to our competitors, who can make a better deal based on that information. Really, not a heck of lot different than contract bids.

Hrmmm......lawyers are SMART>
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Old 03-06-2009, 06:08 AM
 
3,734 posts, read 4,840,369 times
Reputation: 4766
They should have thought of this before accepting bailout money. GIVE IT BACK!
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Old 03-06-2009, 06:33 AM
 
12,869 posts, read 13,701,239 times
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there is no talent at bank of america to be poached. way to go, cuomo! bonuses should be tied into profit so make them give it back!
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Old 03-06-2009, 09:11 AM
 
Location: Socialist Republik of Amerika
6,212 posts, read 12,013,638 times
Reputation: 1108
Wow, that's what they are concerned with? People might find out how much they make?

Shouldn't they be concerned about overspending while their company is tanking.
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Old 03-06-2009, 09:22 AM
 
Location: Londonderry, NH
41,478 posts, read 54,262,246 times
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I think all salary information should be available to all employees so each individual would understand their real value and relative position. This would let employees see what is actually valued instead of what is said to be valuable. It might make the managers reduce their internal manipulations such as bald faced lies and favoritism.

In any case the executive compensation must be available if a corporation is going to take a bailout, or even a contract, from the Federal government.

I wonder what would happen if everyone's Tax Return was posted on a public website. That might be really interesting.
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Old 03-06-2009, 11:32 AM
 
Location: WA
5,538 posts, read 22,618,445 times
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Public disclosure of private information is NOT good for anyone. I don't want details of my finances made public.

BOA has offered to provide information to regulators with the provision that their employee data is not disclosed. It is certainly a reasonable stand and one I support.
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Old 03-06-2009, 12:02 PM
 
Location: Great State of Texas
86,068 posts, read 76,799,237 times
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Quote:
Originally Posted by cdelena View Post
Public disclosure of private information is NOT good for anyone. I don't want details of my finances made public.

BOA has offered to provide information to regulators with the provision that their employee data is not disclosed. It is certainly a reasonable stand and one I support.
But if the government "loaned" you billions of dollars of taxpayer money then they (the taxpayer) have a right to know where that money went. If it went to bonus money for CEO's then they should reveal it. If it did not then there is nothing to fear.

People are asking for an accounting of "taxpayer" money loaned to BofA.
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Old 03-06-2009, 01:01 PM
 
19,699 posts, read 59,606,057 times
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I know the mentality. Ya know what? Their model didn't work. Their "talent" isn't talented. The ones who make big bucks and don't want competition are whinging. Tough. Get over it. Better yet, fire ALL of them making more than a teller and then make it a public HR listing of jobs and the pay, and those who want to apply can apply, full knowing that everyone will know their wages. Get rid of the deadwood.

Every business tries to get an upper hand through secrecy and diversion of attention. I've worked for companies that would purposely put up "NEW THEATRE COMING!" signs at locations they had no intention of developing. Why? To discourage competitors. What did that do? It kept some very good neighborhoods from ever having a shot at having a theatre, even though it would have been an economic home run.

Look, lying and secrecy was a large part of what got us into this mess. How on earth do you think that more of the same will get us out of it? This is an aspect of the competitive business model as we define it today that is flawed. Real competition depends on a level playing field. If all companies have to abide by the same set of rules, then the essence of capitalism can work. BAC is a FAILED company. C is a FAILED company. AIG is a FAILED company. WE, THE PUBLIC OWN THEM. Hasn't anyone been listening? As OWNERS of the companies, we have a right to know WTF is going on, so that the leeches, the sons-in-law of the execs, and so on can be FIRED. If businesses that survived get to vet and pick up a few good people from the slime pile, good.

These babies have less than zero sympathy from me. "Our business will be in jeopardy if you know what we make." HELLO!!! Your business already failed and we have been FORCED UNWILLINGLY into trying to rescue you, and now you want WHAT? Blow it out your corporate restroom.
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Old 03-06-2009, 02:34 PM
 
Location: Georgia, on the Florida line, right above Tallahassee
10,474 posts, read 14,518,696 times
Reputation: 6378
Quote:
Originally Posted by harry chickpea View Post
I know the mentality. Ya know what? Their model didn't work. Their "talent" isn't talented. The ones who make big bucks and don't want competition are whinging. Tough. Get over it. Better yet, fire ALL of them making more than a teller and then make it a public HR listing of jobs and the pay, and those who want to apply can apply, full knowing that everyone will know their wages. Get rid of the deadwood.

Every business tries to get an upper hand through secrecy and diversion of attention. I've worked for companies that would purposely put up "NEW THEATRE COMING!" signs at locations they had no intention of developing. Why? To discourage competitors. What did that do? It kept some very good neighborhoods from ever having a shot at having a theatre, even though it would have been an economic home run.

Look, lying and secrecy was a large part of what got us into this mess. How on earth do you think that more of the same will get us out of it? This is an aspect of the competitive business model as we define it today that is flawed. Real competition depends on a level playing field. If all companies have to abide by the same set of rules, then the essence of capitalism can work. BAC is a FAILED company. C is a FAILED company. AIG is a FAILED company. WE, THE PUBLIC OWN THEM. Hasn't anyone been listening? As OWNERS of the companies, we have a right to know WTF is going on, so that the leeches, the sons-in-law of the execs, and so on can be FIRED. If businesses that survived get to vet and pick up a few good people from the slime pile, good.

These babies have less than zero sympathy from me. "Our business will be in jeopardy if you know what we make." HELLO!!! Your business already failed and we have been FORCED UNWILLINGLY into trying to rescue you, and now you want WHAT? Blow it out your corporate restroom.
Hrmmm....that's an interesting (and terrifying) concept. Because it's not just ONE bank that is failing nor ONE economy. It's almost every economy.

Which means, no one has talent.....EVEN NOW. The talentless are in charge. I haven't heard about a mass changing of the guard.
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Old 03-06-2009, 03:43 PM
 
Location: WA
5,538 posts, read 22,618,445 times
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Quote:
Originally Posted by HappyTexan View Post
But if the government "loaned" you billions of dollars of taxpayer money then they (the taxpayer) have a right to know where that money went. If it went to bonus money for CEO's then they should reveal it. If it did not then there is nothing to fear.

People are asking for an accounting of "taxpayer" money loaned to BofA.
A loan is a loan so unless specified in the contract you owe principal and interest but it does not give you the right to make any demands regarding the use of the funds. My home loan is from Fannie Mae so in effect it is from the US government and you still have no right to the details of my finances.

And I can guarantee there was not any clause giving the public the right to see the details of employee compensation by a company that BOA had no control of. The situation is regarding bonuses paid before BOA owned ML.

BOA has agreed to cooperate with regulators but is simply trying to protect the rights of the workers that are now their employees.
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