Comments on: The plight of the overpaid http://blogs.reuters.com/felix-salmon/2009/04/20/the-plight-of-the-overpaid/ A slice of lime in the soda Sun, 26 Oct 2014 19:05:02 +0000 hourly 1 http://wordpress.org/?v=4.2.5 By: Don N http://blogs.reuters.com/felix-salmon/2009/04/20/the-plight-of-the-overpaid/comment-page-1/#comment-781 Fri, 24 Apr 2009 07:07:30 +0000 http://blogs.reuters.com/felix-salmon/2009/04/20/the-plight-of-the-overpaid/#comment-781 Getting a call at 2:00 in the morning gets you a couple million!?! Damn, when I was on call for IT sorts of things, I got calls at 1 or 2 or 4 in the morning, or even 10 minutes after I left work. Why am I not a multi-million $$ man. Worked hard, got up when the phone rang, know lots of random things. I should be rich or something.

If these quotes in the article are true, the wall street wankers are really detached from reality. What babies.

DN

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By: roger http://blogs.reuters.com/felix-salmon/2009/04/20/the-plight-of-the-overpaid/comment-page-1/#comment-715 Wed, 22 Apr 2009 00:37:48 +0000 http://blogs.reuters.com/felix-salmon/2009/04/20/the-plight-of-the-overpaid/#comment-715 Certainly that article shows one aspect of why TARP and the Fed bailout of the past six months – loan to a bank at two percent to let them buy gov. bonds at 2.5 percent, that is called a bailout – is poison. This elite group of rentseekers sounds exactly like the Communist party elite under Brezhnev. The money wasted on keeping their dead enterprises going for six months more should be regretted all the way around. It would have been much, much better either to have set up a national bank, or to have set up modalities through the viable banks – regional and local – and simply loaned consumers money on the terms the Fed was loaning the big banks.

What is truly funny is that Obama is their best friend. And he is going to raise their taxes to – what they paid under Clinton? My god, it should be what they paid under Truman.

Summers and Geithner are doing their best to bail that clueless sector out. All share the expectation that normal is, like 2006, and we are going back there. So after the pop of spending the trillions for this set (which has a remarkably low unemployment figure so far – 6.5 percent – as compared to other industries, because – ta da! – it is so on the federal tit) has been exhausted, the shrinking process will continue, inexorably. These are the types to become all rightwing militia about it too. Was the Columbia/Wharton line a joke, by the way?

Anyway, again, raising taxes is not enough. Real reform is needed. Crush the OTC system, for instance, the peer to peer trading in hazardous instruments, and trade in a real, institutionally transparent forum – even Myron Scholes is for that. Crush the idea that the equities market is a speculators play thing by instituting a rule advocated by Theodore Roosevelt – market capitalization can never get above the real value of a corporation. Abolish the system of letting corporations chose to headquarter in some compliant state and obey those state laws – make them register nationally and obey national laws. Simple things, but collectively they will shrink the financial sector to the size that it should be for a healthy capitalist economy.

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By: Bluesky http://blogs.reuters.com/felix-salmon/2009/04/20/the-plight-of-the-overpaid/comment-page-1/#comment-712 Tue, 21 Apr 2009 22:24:38 +0000 http://blogs.reuters.com/felix-salmon/2009/04/20/the-plight-of-the-overpaid/#comment-712 “…the going rate for any job which involves being woken up in the middle of the night should be roughly $2 million a year.”

I’m sure this will be great news to the police and firefighting force of New York City, some of whom may be called up in the middle of the night to rescue this twerp from a burning building. Or to the doctors and nurses who would take care of his overpaid a** if he had a heart attack, or, God forbid, was mugged or shot by some irate representative of the untermenschen. And these guys think they’re being subjected to class warfare? Wonder if these words ring any bells: “It was the best of times, it was the worst of times.” They might want to meditate on the fate of Foulon, whose head was carried through the streets of Paris on a pike with his mouth stuffed with grass for remarking that if the people had no bread, they’d eat hay.

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By: Texas Aggie http://blogs.reuters.com/felix-salmon/2009/04/20/the-plight-of-the-overpaid/comment-page-1/#comment-711 Tue, 21 Apr 2009 21:59:12 +0000 http://blogs.reuters.com/felix-salmon/2009/04/20/the-plight-of-the-overpaid/#comment-711 Deaconblue starts out with the right idea (”People are entitled to get paid the value of their services.”), but then he blows it. These guys have destroyed the banks and the US economy causing incalculable losses, but despite being the world’s worst losers, they still expect to get paid some ungodly sum. They, along with deaconblue, seem not to understand that under capitalism, your salary should approximate the value that your work has added to the GDP.

In this case, their work has subtracted from the GNP to the tune of billions of dollars, but instead of being charged for the damage they did, they not only expect to be paid an outrageous fortune, but they then object to returning 3% of it in taxes. Before complaining about being taxed, they need to explain why they should be paid at all.

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By: Texas Aggie http://blogs.reuters.com/felix-salmon/2009/04/20/the-plight-of-the-overpaid/comment-page-1/#comment-710 Tue, 21 Apr 2009 21:46:20 +0000 http://blogs.reuters.com/felix-salmon/2009/04/20/the-plight-of-the-overpaid/#comment-710 Can you be a voice of reason and write an entry on how a “bailout is a loan not a give-away.”

It’s only a loan if there is any chance that it will be paid back with interest. Otherwise, and that is what seems to be happening, it is a giveaway. The loans that have been “paid back” were paid with money that the banks got from AIG when the worthless papers they had were supported at full value by tax payer funds.

This bailout is most definitely NOT a loan.

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By: Texas Aggie http://blogs.reuters.com/felix-salmon/2009/04/20/the-plight-of-the-overpaid/comment-page-1/#comment-708 Tue, 21 Apr 2009 21:38:53 +0000 http://blogs.reuters.com/felix-salmon/2009/04/20/the-plight-of-the-overpaid/#comment-708 “the going rate for any job which involves being woken up in the middle of the night should be roughly $2 million a year ”

Don’t I wish!!! Four four years I was a dairy veterinarian in Wisconsin where the night time temperatures are between -50F to 32F for six months of the year. During that time there was only one night (Christmas of one year) that I was not called out by a farmer for an emergency. At the time I was making about what the local dentist was paying in income taxes.

When I read about these worthless wimps moaning about not getting paid enough, I understand what East Texans mean when they say that some people just need dying.

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By: Bird Williams http://blogs.reuters.com/felix-salmon/2009/04/20/the-plight-of-the-overpaid/comment-page-1/#comment-693 Tue, 21 Apr 2009 15:02:12 +0000 http://blogs.reuters.com/felix-salmon/2009/04/20/the-plight-of-the-overpaid/#comment-693 This whole “I am a graduate of WhereEver so I deserve more money than you” attitude is so transparent. Nice to rely on prestige and your parents’ tuition money to measure your worth, guys, but most of us measure success — and compensate for it — based on performance … and you failed.

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By: Jesse http://blogs.reuters.com/felix-salmon/2009/04/20/the-plight-of-the-overpaid/comment-page-1/#comment-692 Tue, 21 Apr 2009 14:59:34 +0000 http://blogs.reuters.com/felix-salmon/2009/04/20/the-plight-of-the-overpaid/#comment-692 The true problem is that executive compensation is not market-based, unless the market includes other executives who belong to the same country club. Compensation boards are made up of other executives who want to drive up compensation so they can justify to their boards that the “market” has set compensation at this level.

And, the idea that paying 3% more taxes creates a disincentive for those who “strive” to create wealth is disingenuous. The other 99% would gladly take the top’s earnings in exchange for paying 3% taxes. Oh, but they probably wouldn’t be capable of misunderstanding the risk involved with transactions and crippling their company. That takes a degree from Wharton.

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By: Matt http://blogs.reuters.com/felix-salmon/2009/04/20/the-plight-of-the-overpaid/comment-page-1/#comment-691 Tue, 21 Apr 2009 14:49:26 +0000 http://blogs.reuters.com/felix-salmon/2009/04/20/the-plight-of-the-overpaid/#comment-691 “One financier essentially tells Sherman that the going rate for any job which involves being woken up in the middle of the night should be roughly $2 million a year”

I once worked as a facilities manager for a large large bank. I was solely responsible for overseeing the infrastructure (Chillers, UPS Systems, leak detection, halon, etc) of 3 major server rooms. If the server rooms had an infrastructure problem, and the servers went down, they lost millions of dollars every minute they were down. I was on call 24/7. I once slept under my desk during a 36-hour stint at the office. I made 38K a year, (and part of the time I made less, with no health care).

I wonder if “One financier” feels that military personnel, firefighters, on-call doctors, or even say…facilities managers also deserve 2 million dollars a year. Douche. Bag.

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By: Tom http://blogs.reuters.com/felix-salmon/2009/04/20/the-plight-of-the-overpaid/comment-page-1/#comment-666 Tue, 21 Apr 2009 05:50:36 +0000 http://blogs.reuters.com/felix-salmon/2009/04/20/the-plight-of-the-overpaid/#comment-666 Here is one question none of the people referenced in the article will answer:

Why not accept a Silicon Valley compensation structure?

The problem here is incentives. There is a failure in corporate governance to address the long-term health of the organizations. They are creating compensation instead of value.

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