Posted on 02/04/2009 10:17:39 AM PST by jveritas
Obama announced an executive order to limit the salary for CEO of bailout companies to $ 500,000 a year. Besides that this is the scary socialism on the march the question from business perspective is what type of CEO would a company get for $ 500,000 a year? The answer to that is very simple. They will get very incompetent CEO’s who are even much more worse than the current CEO’s who are running these bailout companies.
“but boards have been playing quid pro quo and artificially raising officer wages and benefits far above performance.”
Like Jamie Gorelick’s $25 MILLION dollar haul from Fannie Mae??
BOW DOWN before your new Socialist masters, peons!!
They'd have to look for heat grate dwellers for people more incompentent than the ones who ran the companies into the ground.
(Oh, BTW, an apostrophe does not mean "watch out for oncoming "S".)
Maybe they should use the same rule they did for the auto workers, and requires the CEOs to accept compensation competitive with that of their Japanese, Korean, etc counterparts.
“The companies don’t have to take the bailout money...”
DING! DING! DING!!!
We have a WINNER!!
They will make MORE from the new bankruptcy-reorganized company than they will under gub’ment control..
One of the red flags for fraud is performance-based incentives.
“$500K wouldn’t even buy a Senators job in Illinois.....”
Exactly, but it might buy a spouse.
...what type of CEO would a company get for $ 500,000 a year?
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.
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A politically connected / appointed one of course !
zero is supposed to be a constitutional scholar, but he is not ready for the job at hand. He needs to go back to commuity organizing for awhile.
Thanks alot lame stream media.
What kind of pitcher or quarterback will you get for 500K? Barbara Streisand? Thimk about it.
when you buy by price, you get what you pay for
Maybe so maybe not, but that is what executive assistants are for.
I’d like to see the other side of that coin.
If a CEO who is compensated at $1.0 million /year suddenly gets that compensation cut in half....where does the other $500K go?
You take Countrywide, I’ll take Chrysler.
“What Type of CEO Will A Company Get For $ 500,000 A Year?”
A company will get a guy like Obama, a community organizer trying to pass himself off as professional
Ummm actually some companies were forced to take bailout money whether they wanted to or not.
Sure let’s start with firing 15% of the work force, move our call centers to India, and move our headquarters to the Bahamas (or Bermuda) for the tax advantage.
Naw... Kick out the Union’s and re-negotiate the contracts. Next, ignore all of the Federal mandates and just produce cars people WANT to buy.
I bet he wishes he chose a different career path.
I wonder why Obamy hasn't decreed a cut in union autoworkers pay to be competitive with the base pay of non-union autoworkers or their counterparts worldwide? Seems that these groups would understand & accept the "socialist" dogma of "to each according to his need".....
If it works for CEOs it will one day work for the entire workforce.
$500k would basically be someone wanting to either do the job for nefarious purposes (getting in there and influencing the company) or for charity. Basically, $500k would be $250k after taxes. Of course, their corporate jets are gone so figure at least $50k per year out of their pockets for travel because travel expense at that level is often looked at as compensation. We are now at $200k. Now, most of these companies are HQ’d in places like New York city. An average apartment in NYC costs around $7k per month for a three bedroom. That’s another $84 thousand. We are now down to $116k.. Now, your CEO is making what your average business analyst makes.
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