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Socialism?... Naa, just the pay Czar

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FreeEnterprise View Drop Down
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    Posted: 12 November 2009 at 1:23pm

I for one would have never thought that in America we would have a pay czar who is telling private companies how much they can pay the people that run the companies.

 
But, enter "hope and change" and now the pay czar is doing just that.
 
Anyone with a brain will tell you that these leaders of these companies will leave, as working for free is a nice concept if your a socialist. But, it doesn't work in a free enterprise system.
 
Now the pay czar is finding that out, with our "bail out" dollars at risk (which is against the constitution, using government money to prop up private business, but at least we have "hope and change".)
 
 
 
So cutting executives pay by 90% could cause them to leave.... 
 
 
Who would have thought....
 
 
 
 
 
 
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Tical3.0 View Drop Down
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Post Options Post Options   Thanks (0) Thanks(0)   Quote Tical3.0 Quote  Post ReplyReply Direct Link To This Post Posted: 12 November 2009 at 1:41pm
I call 6 pages.
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stratoaxe View Drop Down
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Post Options Post Options   Thanks (0) Thanks(0)   Quote stratoaxe Quote  Post ReplyReply Direct Link To This Post Posted: 12 November 2009 at 1:43pm
Originally posted by Tical3.0 Tical3.0 wrote:

I call 6 pages.
 
And the funny part is, 80% of those comments will be OMG THIS THREAD SUX FE UR DUM.
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Post Options Post Options   Thanks (0) Thanks(0)   Quote Tical3.0 Quote  Post ReplyReply Direct Link To This Post Posted: 12 November 2009 at 1:47pm
Its true the majority of the posts will be like that or what we all had for breakfast.
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Post Options Post Options   Thanks (0) Thanks(0)   Quote slackerr26 Quote  Post ReplyReply Direct Link To This Post Posted: 12 November 2009 at 2:40pm
Originally posted by Tical3.0 Tical3.0 wrote:

I call 6 pages.
 
i see your six pages, and raise you 2
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Post Options Post Options   Thanks (0) Thanks(0)   Quote Ben Grimm Quote  Post ReplyReply Direct Link To This Post Posted: 12 November 2009 at 2:49pm
Originally posted by FreeEnterprise FreeEnterprise wrote:

I for one would have never thought that in America we would have a pay czar who is telling private companies how much they can pay the people that run the companies.
 
1.  We don't have a "pay czar".
 
2.  The US federal and state governments have been regulating pay to executives in select private industries for decades. 
 
If you "never thought" this would happen, you haven't been paying attention.  This is a new application, but not really a new idea.
 
 
Quote Anyone with a brain will tell you that these leaders of these companies will leave, as working for free is a nice concept if your a socialist. But, it doesn't work in a free enterprise system.
 
Conveniently, nobody is asking them to work for free.
 
But speaking of working for free, there have been several top executives around the country that have voluntarily been working for $1 for the past year - in a free enterprise system.
 
 
 
Quote  
So cutting executives pay by 90% could cause them to leave.... 
 
 
Who would have thought.... 
 
You say that like it's a bad thing.
 
Part of the issue here is whether the market has truly priced executive compensation correctly, and there are many reasons to think that the market has failed in this regard.
 
But more specifically - let's say you can get the very best CEO for $25MM/year.  We cut his pay to $2.5MM/year, and he quits.  Somehow I am thinking that we can get a pretty darned good CEO for $2.5MM/year.  It's not like we won't be able to find somebody competent to take the job.
 
The goal here is not to hold on to THESE executives at whatever price, but to get the most bang for the buck.  Whether this is the correct course of action is hard to say, but let's get our goals straight - and succumbing to employee extortion is not a good goal.
 
I hear you complaining about how companies buckle to the demands of trade unions - why is this any different?  The CEO is just another employee.
 
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Post Options Post Options   Thanks (0) Thanks(0)   Quote __sneaky__ Quote  Post ReplyReply Direct Link To This Post Posted: 12 November 2009 at 2:51pm
Originally posted by Tical3.0 Tical3.0 wrote:

Its true the majority of the posts will be like that or what we all had for breakfast.
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Post Options Post Options   Thanks (0) Thanks(0)   Quote choopie911 Quote  Post ReplyReply Direct Link To This Post Posted: 12 November 2009 at 2:56pm
Originally posted by Ben Grimm Ben Grimm wrote:

Originally posted by FreeEnterprise FreeEnterprise wrote:

I for one would have never thought that in America we would have a pay czar who is telling private companies how much they can pay the people that run the companies.

 

1.  We don't have a "pay czar".

 

2.  The US federal and state governments have been regulating pay to executives in select private industries for decades. 

 

If you "never thought" this would happen, you haven't been paying attention.  This is a new application, but not really a new idea.

 

 

Quote Anyone with a brain will tell you that these leaders of these companies will leave, as working for free is a nice concept if your a socialist. But, it doesn't work in a free enterprise system.

 

Conveniently, nobody is asking them to work for free.

 

But speaking of working for free, there have been several top executives around the country that have voluntarily been working for $1 for the past year - in a free enterprise system.

 

 

 

Quote  
So cutting executives pay by 90% could cause them to leave.... 

 

 

Who would have thought.... 

 

You say that like it's a bad thing.

 

Part of the issue here is whether the market has truly priced executive compensation correctly, and there are many reasons to think that the market has failed in this regard.

 

But more specifically - let's say you can get the very best CEO for $25MM/year.  We cut his pay to $2.5MM/year, and he quits.  Somehow I am thinking that we can get a pretty darned good CEO for $2.5MM/year.  It's not like we won't be able to find somebody competent to take the job.

 

The goal here is not to hold on to THESE executives at whatever price, but to get the most bang for the buck.  Whether this is the correct course of action is hard to say, but let's get our goals straight - and succumbing to employee extortion is not a good goal.

 

I hear you complaining about how companies buckle to the demands of trade unions - why is this any different?  The CEO is just another employee.

 


Now lets see how he ignores this
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Post Options Post Options   Thanks (0) Thanks(0)   Quote ParielIsBack Quote  Post ReplyReply Direct Link To This Post Posted: 12 November 2009 at 8:14pm
Originally posted by __sneaky__ __sneaky__ wrote:

Originally posted by Tical3.0 Tical3.0 wrote:

Its true the majority of the posts will be like that or what we all had for breakfast.


I try to stay away from them, but they're just so freakin' good.
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Post Options Post Options   Thanks (0) Thanks(0)   Quote __sneaky__ Quote  Post ReplyReply Direct Link To This Post Posted: 12 November 2009 at 8:56pm
Originally posted by ParielIsBack ParielIsBack wrote:

Originally posted by __sneaky__ __sneaky__ wrote:

Originally posted by Tical3.0 Tical3.0 wrote:

Its true the majority of the posts will be like that or what we all had for breakfast.


I try to stay away from them, but they're just so freakin' good.
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Post Options Post Options   Thanks (0) Thanks(0)   Quote __sneaky__ Quote  Post ReplyReply Direct Link To This Post Posted: 12 November 2009 at 10:28pm
Also, FE, quit ignoring Jesus! Become a socialist.
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Post Options Post Options   Thanks (0) Thanks(0)   Quote brihard Quote  Post ReplyReply Direct Link To This Post Posted: 12 November 2009 at 11:31pm
FE, this companies had the option *not* top take government bailout funds, and consequently *not* subject themselves to such conditions. Majority shareholders normally have a lot of discretion they can exercise in these matters, and for all intents and purposes the govenrment is a majority shareholder in several companies now.

Those companies have the option of paying back the TARP money, and so removing the government yoke that, again, they voluntarily assumed in order to stay afloat after their shoddy business practices led them to near ruin. Eight major banks have already collectively repaid over $66 billion of the TARP funds.

If the government had not sought to limit executive bonuses, golden parachutes and the like, they would have been right accused of carelessness in the implementation of TARP. Whether you agree with the bailout in the first place or not, the conditions imposed on receiving companies are fair.


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-FreeEnterprise, 21 April 2011.

Yup, he actually said that.
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Post Options Post Options   Thanks (0) Thanks(0)   Quote Ben Grimm Quote  Post ReplyReply Direct Link To This Post Posted: 13 November 2009 at 11:57am
bri - that actually isn't entirely correct.  The big banks were very much strong-armed into taking TARP funds whether they wanted to or not, and Treasury has also restricted their ability to pay TARP back.  So there is some legitimacy to a sense of government takeover here - it isn't completely analogous to a large shareholder - more like a very hostile takeover.
 
But even so, there is a long history (as in centuries, maybe millenia) of government regulating industry that affects the health of the economy or national security.  Sometimes that regulation includes executive pay limitations, sometimes not.
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Post Options Post Options   Thanks (0) Thanks(0)   Quote Tical3.0 Quote  Post ReplyReply Direct Link To This Post Posted: 13 November 2009 at 12:51pm
where is FEżżżż
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Post Options Post Options   Thanks (0) Thanks(0)   Quote Mack Quote  Post ReplyReply Direct Link To This Post Posted: 13 November 2009 at 1:23pm
The President just needs to appoint a "Jobs Czar" to tell them they can't quit; duh."
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