Apology
January 12th, 2010 | Editorial Cartoons | 4 Comments
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It’s bonus season, folks, which means another round of outrageous compensation for the Masters of the Universe, the ones, you’ll remember, who got us into this mess. The only subject of conversation this time around seems to be whether the top bonuses will be seven figures or eight. Some of the soon-to-be obscenely wealthier than they already were recently have come out with mea culpas, evidently expecting that a less-than-sincere apology will innoculate them against the public anger that’s sure to follow.
In a related story, the AARP Bulletin reports that in 2008, S&P 500 companies handed out $44.5 billion in stock grants and options to top execs, compared to $39.5 billion put into employee pension funds. Financial firms gave out $2.30 in executive stock for every $1 put into employee funds.
Topics: opinion; economy; banking; Wall Street; bonus; recession; CEO; compensation
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To use the nicer term, those … of upper management continue to exhibit years of sociopathy in all they do for their own greed, callous disregard for the people, and barriers from the people. As with any other prominent person, the apology is empty and perfunctory and omits the truth, sorry they got caught for being the crooks and cads they are. None of them, not Bill (and Willy) Clinton, Lewis Libby, Joe Nacchio, et al, is sorry for what they did, and had done for years, only that they have been stopped, some temporarily, others for good (hopefully). This is not capitalism; rather this is greed in extremis, on the backs of the people. Reagan truly was not a fiscal conservative and not a hope for the people. He took the party further and further over the starboard end and left many fiscal conservative behind. king georgie made it worse. Those two bloated government and debt out of orbit. I would prefer fiscal conservatism, libertarianism, small government doing its job by the president and congress as two separate thirds of the government, with the Supreme Court interpreting without politics in mind. Therefore, I proclaim the Robin Hood Party and return the country to the people and redistribute the wealth. Then we can go back to fiscal conservatism and a fair and democratic capitalism. Furthermore, I proclaim all jobs shipped overseas under the aegis of Reagan, Bush, Clinton, Bush be returned to this country and … upper management wages reduced without bonus. If they cannot live on $1 million dollars a year, then they will have to learn quickly and breath the air with the rest of us. Thank you.
Corporations are our new duchies and principalities, vast institutions that live longer and larger than mere humans, run their own justice systems (study the mandatory arbitration clause in your credit card agreement), recruit their own security, and do what they can to weaken the power of the king. As was famously said, let us eat cake.
In the system of inherited nobility, the fitness of any particular heir was random. Similarly, in the world of mega-corporation CEOs and their courtiers, there is little connection between their compensation and their ability. Yes, they have MBAs from the best schools, but there is little in the literature (or in reality) to show that an MBA is connected with competence in running anything. What is an MBA, even from the best school? Mostly proof that one had the wherewithal to get into the very best schools, and a strong competitive instinct. The Harvard MBA confirms that one is of the right class to govern, not that one has the practical skill to do so. Like being the firstborn son, the elite MBA is a passport to great wealth, unless one gambles it away. What is the a difference between the card tables of Versailles and credit default swaps?
Let us work toward democratic reform before the heads start to roll, which got pretty ugly the last few times it was tried. But it’s what happens when the folks at the top utterly lose touch with the pain on the ground.
Its obvious these banks are sucking up the money that they should be putting back into the economy and instead pocketing it for their execs.
This hurts tax payers on many levels, including the ability to address social needs through philanthropy.
These firms will try to assuage public opinion by announcing new charitable giving endeavors, new programs and funds ostensibly for nonprofits, but amounting to a tiny proportion of their new record-breaking profitability.
Nonprofits should remind these corporations that the public—and the nonprofit sector—can’t be bought off and silenced with their corporate tax-deductible charitable contributions. However, the NPOs are faced with serving increased needs and decreased resources. The people they served have not made record profits this year and aren’t taking home big bonuses. Many don’t have jobs or paychecks, some don’t have homes and are faced with choosing between eating and taking life-sustaining medications. Bonuses?!
It’s time for the nonprofit sector to tell Wall Street that we can’t be bought on the cheap and time for the American public to recognize the relative pittance that corporate America contributes to charities and to not patronize an organization, just because they “give back.”
Geez, that’s unbeliebvlae. Kudos and such.