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The CEO of Wels Fargo whose massive bank appropriated customers' information to create millions of bogus accounts responded to questions at a senate hearing by saying he lacked the appropriate expertise.
Stumpf made millions of dollars in the "scam."
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Stumpf said he lacked the appropriate expertise, declaring himself at various times not to be a lawyer, a compensation expert or a credit consultant.
Quote:
"Here's what really gets me about this, Mr. Stumpf. If one of your tellers took a handful of $20 bills out of the crash drawer, they'd probably be looking at criminal charges for theft. They could end up in prison.
"But you squeezed your employees to the breaking point so they would cheat customers and you could drive up the value of your stock and put hundreds of millions of dollars in your own pocket."
There you go folks. Many CEOs are nothing but crooks in white shirts ripping off their employees with low wages and ripping off the shareholders of their company.
The CEO of Wels Fargo whose massive bank appropriated customers' information to create millions of bogus accounts responded to questions at a senate hearing by saying he lacked the appropriate expertise.
There you go folks. Many CEOs are nothing but crooks in white shirts ripping off their employees with low wages and ripping off the shareholders of their company.
I think the Wells CEO is and should be in a world of trouble, but to instantly apply that to 1000s of other CEOs is obviously just agenda driven and not fact driven.
Companies constantly cut back on employee benefits and operating costs. Meanwhile, CEO salaries go through the roof. It is as if the CEOs are using the company to only enrich themselves. There has been a long history of companies going down while the CEO bails (retires) with a multi-million dollar golden parachute.
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In 2008, Congress passed the $700 billion Troubled Asset Recovery Plan bailout. Because of these taxpayer bailouts, more than $40 billion of the golden parachutes of CEOs and other executives of bailed-out companies that otherwise would have been lost, were saved.
The CEO of Wels Fargo whose massive bank appropriated customers' information to create millions of bogus accounts responded to questions at a senate hearing by saying he lacked the appropriate expertise.
There you go folks. Many CEOs are nothing but crooks in white shirts ripping off their employees with low wages and ripping off the shareholders of their company.
Is the corporation owned by the government? If not, how their CEO is paid is none of our business. It's between the CEO and the shareholders.
If you don't want to support that corporation, just don't buy or use their product or service.
CEOs pay is a symptom. The problem is government overreach in the free market. Who can the CEOs influence in government plays a big part in their income.
Government intervention in the free market is as old as business. The first guy to set up a market somewhere in the Indus valley thousands of years ago instantly paid the local ruler to keep anyone else from opening another market. Using government to further the needs of the monopolists is as old as money.
As it was, so shall it be. Now and forever.
As far as doing business with corporations is concerned: I try not to use their products or services unless I have to but what are my other options? GregW
Government intervention in the free market is as old as business. The first guy to set up a market somewhere in the Indus valley thousands of years ago instantly paid the local ruler to keep anyone else from opening another market. Using government to further the needs of the monopolists is as old as money.
As it was, so shall it be. Now and forever.
As far as doing business with corporations is concerned: I try not to use their products or services unless I have to but what are my other options? GregW
1. Go to their competitors.
2. Create your own companies to compete with them.
3. Ask your friends and families to stop using their products.
Certainly not true of all. I work for a mid-size corporation with around 65,000 employees. My health insurance went from $58.00 / month in 2016 to $60.17 in 2017 and they now incorporate vision care. We've expanded a number of benefits -- expanded vacation to six weeks, three months paid maternity leave and another three months reduced pay leave, two months paternity leave, relaxed dress code, lowered the cost of fitness and food, more flexible scheduling, more ability to work remotely, computer reimbursement, college reimbursement strengthened and made more flexible, recharging for electric vehicles in the parking garage, decent COLAs, etc.
Our CEO has been with the company for decades. I've met her a few times and watched her speak a number of times and she is always refreshingly candid about what she does and how the company is doing. There are market and regulatory pressures that have narrowed our margins and forced some tough choices, but the amount of transparency is beyond reproach in my opinion. No one feels our CEO is a crook, or ripping people (employees or stakeholders) off, or lacking expertise or transparency.
And if anyone felt the CEO was a crook, it still wouldn't be a POLITICAL issue.
If you don't like CEO pay, do t do business with that company and don't buy their stock.
If I owned a company, I should be allowed to pay my CEO whatever I chose.
Do you think the government should be allowed to cap what I pay an employee?
Allowed? It's our right and freedom to pay whomever and be paid in whatever amount we see fit.
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