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If highly paid CEOs bother you so much, sell your stock in the companies that hire them, or vote in different board members. CEO compensation is decided by the shareholders via the board of directors they elect. If you think your company can make you more money with a CEO that accepts a lower paycheck, make it happen.
If you don't own stock in the company...why do you care again?
You don't see an issue with the CEO holding 5000 employees accountable for a policy put in place to enrich himself and others. Did he also take responsibility by returning his stock gains or resigning, what exactly was his punishment.
The problem isn't the CEOs, but the public and investors and what's expected from them. To begin with, Americans belive in magic. The expectation is that the CEO is a star that comes in and with the shear power of his or her personality they change the organization. That was indeed the case with a few CEOs, but the majority are "guns for hire" moving from one company to another. They belong to an exclusive social club where outsiders have limitd access. The pressure on the "miracle makers" is insane. Analysts, investors and the media expect them to perform, be profitable and grow exponentially all the time. That is unnatural and doesn't work in most cases. To give the impression of perpetual success, they start lying, cheating and committing fraud. To some degree the "closed club" supports them ( until the bubble bursts). Most CEOs are basically a mix of salesmen and politicians and only a few have intimate knowledge of their organization. They are detached from the employees, the production floor, the customer support, the shipping, or the bank teller. CEOs won't change until the investors and their expectations change. In the time being, they created a new social class the "executives" with different rules than others. It's a little like nobility in Europe's history, where the worst a$$holes could remain a$$holes for life just by belonging to the right club.
Greed makes the world go around and it's certainly not limited to CEOs.
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.
We asked our colleague to be our CEO when we built our company.
Over the 10.5 years he served as CEO, he worked his ass off. More than anyone else. And we all worked HARD.
We sold our company last year, and I think he deserved everything he got. He drove the vision. He traveled everywhere making the connections. He took the endless meetings and did all the networking. He rolled out the ideas for new product lines and then made them reality.
I don't think most folks know what many CEOs do outside of the fat cat, cigar-chomping Hollywood version they have in their heads.
You don't see an issue with the CEO holding 5000 employees accountable for a policy put in place to enrich himself and others. Did he also take responsibility by returning his stock gains or resigning, what exactly was his punishment.
A large part of his pay is in stock options etc. so his punishment is what WellsFargo stock price does.
If it turns out he knew or was involved in punishing whistleblowers then he should face appropriate criminal and civil penalties.
The problem isn't the CEOs, but the public and investors and what's expected from them.
Huh? The main shareholders are CEOs, top corporate officers, and Board members. And the rule is "one vote per share of stock held". That is how the corporation maintains control of the vote. The public shareholders just go along for the ride.
We asked our colleague to be our CEO when we built our company.
Over the 10.5 years he served as CEO, he worked his ass off. More than anyone else. And we all worked HARD.
We sold our company last year, and I think he deserved everything he got. He drove the vision. He traveled everywhere making the connections. He took the endless meetings and did all the networking. He rolled out the ideas for new product lines and then made them reality.
I don't think most folks know what many CEOs do outside of the fat cat, cigar-chomping Hollywood version they have in their heads.
Most people here have no idea what a CEO's job is. They have never been put in any leadership position if they have worked at all.
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.
Wells Fargo repaid the bailout money back in 2009, they were not the worst of the bunch. They also took over Wachovia which was on the verge of bankruptcy. Their current behavior is relative to inflating their business through false accounts.
And yet the falsified accounts did nothing remotely material for the bottom line.
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