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golden parachute

mla2ofus

Well-known member
GOLD Site Supporter
Well, if the news media can be believed, some big wig for merril lynch got dismissed after 3 months of doing nothing and bought a $37m coop in NYC w/ his $25m golden parachute. If true, doesn't it seem these guys just want to flaunt it. Seems to me they are all becoming "oblivions".
JMHO,
Mike
 

waybomb

Well-known member
GOLD Site Supporter
I bet it included a 25 million severence.

I wonder how he parleyed a 25 million paycheck, that had probably 10,000,000 in taxes withheld into a 37 million coop?
 

The Tourist

Banned
And that's my point, none of us are privvy to his contract.

Here's an example:

"Your wife was the fattest woman in the room."

Not exactly flattering to hear. But it could be factual.

That is, if she worked as my assistant as I sharpened in a kitchen at an anorexia hospital...

Don't jump to banner headlines without looking indepth. These guys want to sell ad space in popular newspapers, not provide you with anything real info you can use.
 

Doc

Bottoms Up
Staff member
GOLD Site Supporter
Deserved or not, it seems to me they are used to a certain lifestyle and they are going to live that way, come hell or high water. Not sure if the word would be oblivious or an attitude that they are above it all. :confused:
 

mla2ofus

Well-known member
GOLD Site Supporter
It's in foxnews as I type this. He was only on the payroll for a couple of days when merril lynch was sold. Hate to sound cynical, but it makes me wonder if this was a good ole boy deal in that somebody saw this coming and helped out his ole buddy!!!! I still think it's nothing but arrogance.
Mike
 

Bamby

New member
The last place I worked at counted every incident. And believe me a incident most of the time didn't amount to anything. Everything was valued at retail price to escalate as much as possible. You scuffed up a box even if product was not damaged it was a full incident. Any 3 incidents in a year and believe me they are not necessarily your fault you are FIRED. No unemployment no golden parachutes just FIRED. And I believe these people were involved in most of it went down on purpose. They were not accidents or incidents and they should have been FIRED.
 

The Tourist

Banned
a good ole boy deal

This is the problem with defining an issue. That is, using an accurate term, or fighting words.

For example, everyone of us knows that when you are a "salaried" employee, you make the same per week, whether that is 40 hours or 80 hours.

But it also applies if it's only 20 hours.

At one telephone company I was paid a fixed rate for security work in finding info on late night alarm calls. (The real answer is actually a funny story.)

I got a fixed amount, food, and when working with a partner, I got a nap.

That's right, I was salaried to sleep.

My partner and I found the problem early, much earlier than anticipated, kept the entire stipend, and the food allowance.

So tell me. Good ol' boy network? Just doing my job?

Oh, and BTW, if you show up for work everyday, buy a home, invest a bit and watch your spending, you will be worth one million dollars at the age of 40 yourself...
 

mla2ofus

Well-known member
GOLD Site Supporter
Hate to sound cynical, but it makes me wonder if this was a good ole boy deal in that somebody saw this coming and helped out his ole buddy!!!!
Mike

My apologies, tt. I guess I should have put a question mark at the end this sentence instead of exclamatiom marks since I didn't intend to define things. I'm thinking maybe you need to change your user name to something like "devil's advocate". You give the impression of looking down your nose at other folks and you must be of an advanced age if you've done everything and been everywhere you say.
Mike
 

The Tourist

Banned
looking down your nose at other folks

Locutus and I were talking on the telephone one night about knives, sharpening and the silly urban legends about the craft. We were amazed at how much silliness had permeated within that industry.

However, the correct info was available, easy to find and proven.

We both commented on how we would spend long periods of time with a newbie, be that when he learned about firearms, knives, tinkery, literature or any other pursuit.

But neither of us will tolerate willful stupidity!

This is a free market country and economy. Been that way since we traded pelts for maize. There's an entire study of long guns called "trade rifles" because they were made, exchanged and used in commerce.

Since the day you first earned an allowance, you have been a cog in the machine of supply, demand and profit.

People hold out their hands when the money is theirs, and gripe a blue streak when the money is mine.

Now, you can blame the banks, "The Jews," The Knights of Columbus, Bush 43, The Trilateral Commission, alien life forms, or 'Rufus' the third biker from the end on main street Sturgis, but if a money making system is damaged, money making commerce will fix it.

Not inhaling tail-of-the-goat soup, not communism, not BHO and Oprah Winfrey, nor firing some CEO who might make more than you do. They all make more than you do.

Tighten up your use of credit. Spend wisely. Show up for work and make things people want to buy, and oh yes...one more thing.

In the fullness of time a 'money expert' is going to guide our representative government onto the proper balance of banking, finance, capital investment and the role of oversight.

This man will expect to be paid, more than you have ever seen. For pete's sake this time, pay him without the whining. As a nation, we treated Greenspan like a doormat, he protected you from Slick Willie, and got kicked him to the curb when your credit card bill came due.
 

American Woman

New member
Site Supporter
Well, if the news media can be believed, some big wig for merril lynch got dismissed after 3 months of doing nothing and bought a $37m coop in NYC w/ his $25m golden parachute. If true, doesn't it seem these guys just want to flaunt it. Seems to me they are all becoming "oblivions".
JMHO,
Mike
I think there were some underhanded deals going on.
It's hard to believe that nobody raised an eyebrow. This is an unbelievable amount of money in the first place.
 

The Tourist

Banned
A viable, legal, signed contract for a pre-determined amount of money is not an "underhanded deal" just because the public doesn't know, approve or understand the terms and conditions.
 

Tractors4u

Active member
Site Supporter
I have said it before and I will say it again, I don't have a problem with people making a gazillion dollars and I don't care what skill it is that got them the money, turning tricks, knife sharpening or running a big bank. However I do have a problem with a bank taking my tax dollars and paying off one of these guys. I would have been happier if they had filed for bankruptcy, voided the contract and then they got the bail out money. I got screwed out of my tax dollars so it doesn't bother me that someone else gets screwed out of XX millions for 3 months of do nothing that they obviously failed at.
 

The Tourist

Banned
I would have been happier.

Do you really want unschooled people flirting with your livelihood, your licenses to work, the laws under which you live, or even impressment into the military?

I'd be happier if my tax money wouldn't kill young American soldiers for political reasons or waste time trying to find out how loud my pipes are.

And you know, if the general public sentiment mirrors the tone in this forum, in a few months you're going to have unknowledgeable elected officials passing laws using your money and savings with no more concern than how it looks in a photo-op.

When they scream "hang 'em high" and the public cheers, that simply means that the brown-noses handle your finances and your future.

This is a tough (and thankless) job. I quit, and thank my stars every day. Credit managers even have a name for it, "immaculate omelets."

Everybody wants to eat the eggs, but nobody wants to break the shell.
 

waybomb

Well-known member
GOLD Site Supporter
This particular guy. He came from somewhere. Do we know where he came from? Maybe his big salary and Golden Parachute was determined by looking at what he was doing at his previous employer.

Did he leave a high paying job to go go work at the new job? Why shouldn't he get the Chute? In this case, maybe, he left a stable well paying position to help the other guys out. The Chute is what lured him over. So, because we bail them out, this guy should get royally screwed?
 

mla2ofus

Well-known member
GOLD Site Supporter
Do you really want unschooled people
It appears to me the people taking the bailout money let their greed overrule all their alleged schooling and got their companies in the shape their in now. I just don't think the word "conscience" can be used in the same sentence w/ "executive" anymore,unless conscience is preceded by "no".
Mike
 

The Tourist

Banned
And if those companies would have held you accountable to the real amount of money you had, refused to sell you that shiny new SUV or sports car or just torn up your app, you'd still be yelling at them.

But two years ago when the same people brought you the Hummer, you thought they were marketing geniuses.
 

Spiffy1

Huh?
SUPER Site Supporter
So, because we bail them out, this guy should get royally screwed?

That sums it all up [I think Tractors noted about the same as I am here]. If they had made some genious decisions and the company was rolling in money, they would have been too and everyone happy. If they would have have gone defunct and everyone had to walk away without a penny, nobody would have complained.

However, they screwed up, then begged for a bailout, and they still expect the rewards for genious decisions rather than the lumps of royal failure? And further expect no public scrutiny for how they're wasting money [as soon as the first dollar was accepted, every US taxpayer now does have a vested interest, and should have the right to hold the recipients accountable] as though it never happened?

Yes, there are those contract employees and teams that fix problems or entire companies, as The Tourist has noted before, who deserve their due just like a plumber or electrician, but neither the original post nor this example fall into that. We're talking about people hired to lead the company..... so yes, I say they can take the lumps with the rest of us.
 

Tractors4u

Active member
Site Supporter
Do you really want unschooled people flirting with your livelihood, your licenses to work, the laws under which you live, or even impressment into the military?

I'd be happier if my tax money wouldn't kill young American soldiers for political reasons or waste time trying to find out how loud my pipes are.

And you know, if the general public sentiment mirrors the tone in this forum, in a few months you're going to have unknowledgeable elected officials passing laws using your money and savings with no more concern than how it looks in a photo-op.

When they scream "hang 'em high" and the public cheers, that simply means that the brown-noses handle your finances and your future.

This is a tough (and thankless) job. I quit, and thank my stars every day. Credit managers even have a name for it, "immaculate omelets."

Everybody wants to eat the eggs, but nobody wants to break the shell.

Nobody said anything about unschooled people running the business and I would go as far as saying they should receive a generous salary for the services, but these corporations are not in a position financially to be able to afford the golden parachutes. I am predicting that your rebuttal will be "if they don't get those perks, then they won't get the best qualified." To that I say, if these guys are so highly qualified and so good at what they do then failure is not even a variable in this equation. Even so, I am sure there are some up and comers with different ideas that would jump at the chance to do the job at half the pay. I know it is cliche, but we need more outside the box thinkers. Knowing you will be paid for failure is not thinking outside the box.
 

Spiffy1

Huh?
SUPER Site Supporter
To that I say, if these guys are so highly qualified and so good at what they do then failure is not even a variable in this equation. Even so, I am sure there are some up and comers with different ideas that would jump at the chance to do the job at half the pay. I know it is cliche, but we need more outside the box thinkers. Knowing you will be paid for failure is not thinking outside the box.

I almost wrote exactly that in addition to my previous post, but thought I was getting to verbose so deleted that paragraph. You have telepathic powers today or something; do I need the foil hat? :blush:

Regardless, well put! :thumb:
 

Doc

Bottoms Up
Staff member
GOLD Site Supporter
But two years ago when the same people brought you the Hummer, you thought they were marketing geniuses.

That's a big stretch Chico. I never ever thought they were marketing geniuses no more than the guy or gal at 7-11 selling me a slurpee was a marketing genius.

They were someone in the business of lending money. If they didn't lend to me, I'd go somewhere else. I worked hard for my credit rating, I earned it. I gave business to those that were a pleasure to do business with. Same with my other consumer decisions. Marketing genius ...that's for the guy who started ebay, or amazon, and guess what, they are not asking for handouts like these marketing geniuses you speak of.

What do you really think of the lenders who did lend money to people who could not afford to pay it back? The lender knew it, it was obvious, but they gave them the money for the hummer or for a huge house anyway. Do you really think anyone ever thought they were marketing geniuses?
 

Bamby

New member
A friend of mine's wife works in the banking industry. She was put under constant pressure to make loans. Matter of fact there was a performance quota of some sort and I don't know all the details. But the quota was almost imposable to achieve. She was told to approve loans she knew people were not qualified for or could not afford. She knew there loans would fail it was just a matter of time. It was not her choice she was just doing what she was told it was mandated from the upper chain of command. Maybe they also were money grubbing everywhere to gather as much as passable before they filed bankruptcy themselves who knows. People without honor do that all the time I'm sure you know. Fact is it was allowed to happen and was encouraged and her job was threatened if she did not go along with it. Banks at least some of them made clear mandates to make bad and risky loans. I'm reaching here who's the guiltier thief. Also there bank is receiving some of the bailout money and ain't that nice.
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For a interesting read about one of automotive history's little darling. If it were up to the marketing experts and corporate C.O's we never would have had the Ford Mustang. Remember they did not want to market them. How Lee Iaccoca managed to get them to market is a wonder. How many potential sales wonders died and never seen the light of day because some C.O. failed to see there true sales potential we'll probably never know.
 

American Woman

New member
Site Supporter
Nobody said anything about unschooled people running the business and I would go as far as saying they should receive a generous salary for the services, but these corporations are not in a position financially to be able to afford the golden parachutes. I am predicting that your rebuttal will be "if they don't get those perks, then they won't get the best qualified." To that I say, if these guys are so highly qualified and so good at what they do then failure is not even a variable in this equation. Even so, I am sure there are some up and comers with different ideas that would jump at the chance to do the job at half the pay. I know it is cliche, but we need more outside the box thinkers. Knowing you will be paid for failure is not thinking outside the box.
I couldn't have said it better myself :thumb:
This whole thing is fishy.....The company knows they are close to bankruptcy before this big of a salary is taken on. They should have had to take the same hit the rest of us has.
 

Bamby

New member
I'm stepping out on a limb here. But yes I believe he did deserve to make good money. There's something to be said about the old school executives that none of the new ones possess that I'm awhere of. They seemed to be motivating leaders of business. None of the ones I see and hear about now have his character. The newer models of C.O. put there pay scale before there actual qualities. Something like the school teachers around here. There opinion is the kids would learn more if we were paid better philosophy.
 
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American Woman

New member
Site Supporter
I'm not thinking it was a matter of weather the guy was worth the salary...I'm thinking where does this company get off with hiring a guy for this much money when they know they are going down? Then ask us to bail their stupid a$$ out?
 

ddrane2115

Charter Member
SUPER Site Supporter
I'm not thinking it was a matter of weather the guy was worth the salary...I'm thinking where does this company get off with hiring a guy for this much money when they know they are going down? Then ask us to bail their stupid a$$ out?

AMEN sister. the execs in the banking industry should be smart enough to know that if you loan a family of 4 150,000.00 on a house that is worth 140,000.00 with a payment that is equal to 2 weeks of their take home pay that is NOT ETHICAL. Scum bags should be tossed out on the road to make a living in the street..............

still like my plan of saving them better, govt pays off all the mortgages, of single family, lived in by owner homes, then the banks would have the mortgages off the books, and the money for them and would be able to lend again. We would have paid for homes and we could tell our scum bankers...............up yours dipstick.

bushy boy dont like this cause he can not GIVE AWAY 700 billion of OUR MONEY to HIS BOYS, and have them STILL forclose on all those unfortunate enough to fall for the lies of the banking industry.

and yes folks I know what I am talking about, I had one of those 'he can afford this' loans, thank goodness they did not include my wifes income........we made too much.........cause without what she made I could not have afforded the loan............and I knew it!

the exec's dont deserve anything but a good swift kick from a size 11...........all the way to the gutter in the street.
 

Bamby

New member
On the twelth day of Christmas
The market sent to me
Twelve weeks of leave
Eleven days free shopping
Ten car groups a -tanking
Nine cancelled parties
Eight chiefs a milking
Seven rescues a-shaking
Sixty beach house bargains
Five hundred pink slips
Four finance knock-backs
Three busted banks
Two points off borrowings
And a \margin call in an email
tra la la la, dee ho hum
Mein world is a shaking and I actually am stumpeddddd
 
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