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Author Topic: CEOs lay off thousands, rake in millions  (Read 2530 times)
LyricFox
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« Topic Start: September 01, 2010, 11:44:51 am »

I swear this turns my stomach.


CEOs lay off thousands, rake in millions
Top execs make more than average when payrolls get cut, report finds

A new report concludes that chief executives of the 50 firms that have laid off the most workers since the onset of the economic crisis in 2008 took home 42 percent more pay in 2009 than their peers at other large U.S. companies.

http://www.msnbc.msn.com/id/38935053/ns/business-us_business/
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« Reply #1: September 01, 2010, 11:57:00 am »

I swear this turns my stomach.


CEOs lay off thousands, rake in millions
Top execs make more than average when payrolls get cut, report finds

A new report concludes that chief executives of the 50 firms that have laid off the most workers since the onset of the economic crisis in 2008 took home 42 percent more pay in 2009 than their peers at other large U.S. companies.

http://www.msnbc.msn.com/id/38935053/ns/business-us_business/

I think I've read several things to that effect over the past year or so...but nonetheless, every last one of those corpses can lick my metaphorical balls. Angry
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« Reply #2: September 01, 2010, 12:14:22 pm »

CEOs lay off thousands, rake in millions
Top execs make more than average when payrolls get cut, report finds

Is it any wonder why no one likes CEOs?  Every single one of them should but put in a rocket and launched into the sun.
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« Reply #3: September 01, 2010, 05:19:04 pm »

I swear this turns my stomach.


CEOs lay off thousands, rake in millions
Top execs make more than average when payrolls get cut, report finds

A new report concludes that chief executives of the 50 firms that have laid off the most workers since the onset of the economic crisis in 2008 took home 42 percent more pay in 2009 than their peers at other large U.S. companies.

http://www.msnbc.msn.com/id/38935053/ns/business-us_business/

I'm curious as to how their compensation was calculated.  If a big chunk of their compensation depends upon stock performance, then I can understand why layoffs lead to higher pay.
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« Reply #4: September 01, 2010, 08:16:38 pm »

I'm curious as to how their compensation was calculated.  If a big chunk of their compensation depends upon stock performance, then I can understand why layoffs lead to higher pay.


I suspect it does...or it seems like I've read that before.
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« Reply #5: September 01, 2010, 08:46:46 pm »

I suspect it does...or it seems like I've read that before.

Wall St rewards companies via higher share prices that are willing to either screw the workers by firing them; save the company by cutting the workforce before the company is facing cash flow issues; reduce costs by getting rid of bloated staff.

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RandallS
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« Reply #6: September 01, 2010, 10:12:42 pm »

Wall St rewards companies via higher share prices that are willing to either screw the workers by firing them; save the company by cutting the workforce before the company is facing cash flow issues; reduce costs by getting rid of bloated staff.

The only problem with this "reward" is that if you look at the history of companies who do this, they get an profit spike right after the layoffs, then earnings and profits usually drop. The CEO gets the benefit of the short term gains while the company usually suffers long term. Wall Street is FAR too focused on the short term for the good of the economy.
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« Reply #7: September 01, 2010, 10:25:57 pm »

The only problem with this "reward" is that if you look at the history of companies who do this, they get an profit spike right after the layoffs, then earnings and profits usually drop. The CEO gets the benefit of the short term gains while the company usually suffers long term. Wall Street is FAR too focused on the short term for the good of the economy.

Very true.

Hmm. I wonder if bringing back income averaging would help or would the complexity be a bigger problem.
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RandallS
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« Reply #8: September 02, 2010, 08:10:38 am »

Hmm. I wonder if bringing back income averaging would help or would the complexity be a bigger problem.

It might help a little it but the complexity would probably be a real problem.

What is needed is some way to refocus companies on the needs of long term investors instead of short term investors/speculators.  I suspect this would reduce the volatility of the overall economy somewhat. It would also probably reduce the need for regulation a bit as companies focused on the long term are less  likely to screw over their customers, employees, and others to make a quick buck when the long effects of doing so would be bad. Unfortunately, there doesn't seem to be a realistic way to do this.
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« Reply #9: September 02, 2010, 01:59:33 pm »




It's stuff like this that makes it tempting not to believe in the divine. Just hearing about jerks being rewarded for hurting a significant number of innocent lives is beyond disheartening.
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« Reply #10: September 02, 2010, 02:15:08 pm »

I'm curious as to how their compensation was calculated.  If a big chunk of their compensation depends upon stock performance, then I can understand why layoffs lead to higher pay.


I'll bet it was calculated using their straight pay, any bonuses, and the present or expected value of the stock options.
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« Reply #11: September 02, 2010, 03:46:34 pm »

I'll bet it was calculated using their straight pay, any bonuses, and the present or expected value of the stock options.

Well, yeah. But how much of it was derived from the change in the value of the companies stock?  Some bonus calcs are based upon change in stock price; and value of options is definately based upon stock price.
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