CEOs cut pensions, pad their own

1prophet

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Aug 17, 2005
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CEOs cut pensions, pad their own

Since the poor, middleclass, and the rich will all end up in the grave, why should we not strive to be like these executives?

If the employees don't like it, are they not free to get another job or start their own business?

After all as long as I get mine why should I care about those who don't since stories like the one below are manmade fantasies.

Luke 16

19There was a certain rich man, which was clothed in purple and fine linen, and fared sumptuously every day:
20And there was a certain beggar named Lazarus, which was laid at his gate, full of sores,
21And desiring to be fed with the crumbs which fell from the rich man's table: moreover the dogs came and licked his sores.
22And it came to pass, that the beggar died, and was carried by the angels into Abraham's bosom: the rich man also died, and was buried;
23And in hell he lift up his eyes, being in torments, and seeth Abraham afar off, and Lazarus in his bosom.
24And he cried and said, Father Abraham, have mercy on me, and send Lazarus, that he may dip the tip of his finger in water, and cool my tongue; for I am tormented in this flame.
25But Abraham said, Son, remember that thou in thy lifetime receivedst thy good things, and likewise Lazarus evil things: but now he is comforted, and thou art tormented.

Maybe if Lazarus got a job or an education he wouldn't have been so poor and have to beg.;)
 

zendari

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May 27, 2005
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They can cut pensions for any future period of time. Any present obligations should be met and paid.

Of course, you fail to mention that IBM froze pensions for executives.
 

1prophet

Diamond Member
Aug 17, 2005
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Originally posted by: zendari
They can cut pensions for any future period of time. Any present obligations should be met and paid.

Of course, you fail to mention that IBM froze pensions for executives.

You mean like this guy?

Samuel Palmisano, IBM chief executive, has no such worries. Palmisano, according to IBM's (IBM, news, msgs) regulatory filings, will receive an annual pension of $4 million when he retires at age 65. That works out to $75,000 a week -- or more than $10,000 a day, including weekends.
 

Engineer

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Oct 9, 1999
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Just received a letter that my pension benefits were reduced by 40% per year from this point on. Current service is frozen as is. All new hires will have NO pension. :(
 

1prophet

Diamond Member
Aug 17, 2005
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Originally posted by: Engineer
Just received a letter that my pension benefits were reduced by 40% per year from this point on. Current service is frozen as is. All new hires will have NO pension. :(

sorry for your bad news:(
 

OrByte

Diamond Member
Jul 21, 2000
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Originally posted by: Engineer
Just received a letter that my pension benefits were reduced by 40% per year from this point on. Current service is frozen as is. All new hires will have NO pension. :(
jeepers where do you work if you don't mind me asking?

let me rephrase: what industry?

 

Engineer

Elite Member
Oct 9, 1999
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Originally posted by: OrByte
Originally posted by: Engineer
Just received a letter that my pension benefits were reduced by 40% per year from this point on. Current service is frozen as is. All new hires will have NO pension. :(
jeepers where do you work if you don't mind me asking?

A tier 1 automotive supplier, which has, up to now, focused on the big 3 automotive companies. Our revenues are down 18% from 2002 to 2005 because of the lost sales and pricing cuts from the big 3. We are working hard to shift production to the "NEW" domestics (Hyundai, Honda, Toyota, etc)...but it is slow.

My 15 years service retirement rates will be frozen and new years will be 60% of what they were under the old plan. New hires = nothing.

However, they did, for the first time in 3.5 years, start matching on 401k plans up 1.5% total match. Not much, but better than nothing.

So it's a :( and a :).
 

magomago

Lifer
Sep 28, 2002
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Originally posted by: zendari
They can cut pensions for any future period of time. Any present obligations should be met and paid.

Of course, you fail to mention that IBM froze pensions for executives.

Read just a little bit further down...

Scott Klinger of Responsible Wealth, a group that tries to promote more equitable pay, says that it's "hard to argue that someone who is getting $75,000 a week is sacrificing or suffering in any way.?
 

zendari

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May 27, 2005
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Originally posted by: 1prophet
Originally posted by: zendari
They can cut pensions for any future period of time. Any present obligations should be met and paid.

Of course, you fail to mention that IBM froze pensions for executives.

You mean like this guy?

Samuel Palmisano, IBM chief executive, has no such worries. Palmisano, according to IBM's (IBM, news, msgs) regulatory filings, will receive an annual pension of $4 million when he retires at age 65. That works out to $75,000 a week -- or more than $10,000 a day, including weekends.

He isn't accumulating any more pension either. What's the problem?
 

zendari

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May 27, 2005
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Originally posted by: magomago
Originally posted by: zendari
They can cut pensions for any future period of time. Any present obligations should be met and paid.

Of course, you fail to mention that IBM froze pensions for executives.

Read just a little bit further down...

Scott Klinger of Responsible Wealth, a group that tries to promote more equitable pay, says that it's "hard to argue that someone who is getting $75,000 a week is sacrificing or suffering in any way.?

$75k as opposed to $85k is a sacrifice.
 

Engineer

Elite Member
Oct 9, 1999
39,230
701
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Originally posted by: zendari
Originally posted by: magomago
Originally posted by: zendari
They can cut pensions for any future period of time. Any present obligations should be met and paid.

Of course, you fail to mention that IBM froze pensions for executives.

Read just a little bit further down...

Scott Klinger of Responsible Wealth, a group that tries to promote more equitable pay, says that it's "hard to argue that someone who is getting $75,000 a week is sacrificing or suffering in any way.?

$75k as opposed to $85k is a sacrifice.

Yea, I'm sure he'll have to head to the soup line now in retirement just like the rest of the working stiffs! :roll:

 

magomago

Lifer
Sep 28, 2002
10,973
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Originally posted by: zendari
Originally posted by: magomago
Originally posted by: zendari
They can cut pensions for any future period of time. Any present obligations should be met and paid.

Of course, you fail to mention that IBM froze pensions for executives.

Read just a little bit further down...

Scott Klinger of Responsible Wealth, a group that tries to promote more equitable pay, says that it's "hard to argue that someone who is getting $75,000 a week is sacrificing or suffering in any way.?

$75k as opposed to $85k is a sacrifice.

Read whatI bolded.

of course 75k vs 85k is a sacrifice on an absolute scale. But on a RELATIVE scale, it is absolutely nothing! Remember, even at 75k a week he is making more than probably most engineers make in a YEAR.

I'm not into "class strife" or arguments that like~ let the sucessful be sucessfull, I'll join them soon enough ;) But at the same time it is a ridiculous argument to make it seem like the hit they are taking is anywhere near similar to the sacrifice that the workers have to takee...ie: the people who actually PRODUCE and MARKET stuff at IBM are taking~

Remember, a person who makes 50k/year has a LOT more to lose if they had to drop their income to 40k/year versus the a person who drops from 1 million to 900k a year~

Think of things on a relative scale...
 

Genx87

Lifer
Apr 8, 2002
41,091
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I find it more appaling Movie stars who get 20 million for a crappy picture than execs being compensated for their work when they manage multi-billion dollar companies with thousands of employees.

 

Engineer

Elite Member
Oct 9, 1999
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Originally posted by: Genx87
I find it more appaling Movie stars who get 20 million for a crappy picture than execs being compensated for their work when they manage multi-billion dollar companies with thousands of employees.

Or overpaid "spoiled" athletes who even have unions to say that they are not paid enough. I agree that many of those suck!!!
 

Zebo

Elite Member
Jul 29, 2001
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You're paid what you're worth. Always there are no exceptions.
 

dahunan

Lifer
Jan 10, 2002
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Originally posted by: Genx87
I find it more appaling Movie stars who get 20 million for a crappy picture than execs being compensated for their work when they manage multi-billion dollar companies with thousands of employees.

Why... these decisions being discussed in this thread affect the middle and lower middle class peoples

How many of those execs you speak about are barely surviving out there and trying to raise a family?

 

dahunan

Lifer
Jan 10, 2002
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Originally posted by: Zebo
You're paid what you're worth. Always there are no exceptions.

Yes and no.. what about people who choose one company over a different one because of the pension plans they were promised? Then the company they chose cuts their pension while the other one doesn't

And the guy receiving $75,000 per week when he turns 65 while he made the choice to cut pensions for the middle class????.. Off Him
 

zendari

Banned
May 27, 2005
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Originally posted by: dahunan
Originally posted by: Zebo
You're paid what you're worth. Always there are no exceptions.

Yes and no.. what about people who choose one company over a different one because of the pension plans they were promised? Then the company they chose cuts their pension while the other one doesn't

And the guy receiving $75,000 per week when he turns 65 while he made the choice to cut pensions for the middle class????.. Off Him

No, give him a medal, for increasing profits for the company.
 

Chadder007

Diamond Member
Oct 10, 1999
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Originally posted by: 1prophet
Originally posted by: zendari
They can cut pensions for any future period of time. Any present obligations should be met and paid.

Of course, you fail to mention that IBM froze pensions for executives.

You mean like this guy?

Samuel Palmisano, IBM chief executive, has no such worries. Palmisano, according to IBM's (IBM, news, msgs) regulatory filings, will receive an annual pension of $4 million when he retires at age 65. That works out to $75,000 a week -- or more than $10,000 a day, including weekends.

Thats enough to fund the whole IT department from IBM thats getting cut and being moved from the US to offshore.
 

Genx87

Lifer
Apr 8, 2002
41,091
513
126
Originally posted by: dahunan
Originally posted by: Genx87
I find it more appaling Movie stars who get 20 million for a crappy picture than execs being compensated for their work when they manage multi-billion dollar companies with thousands of employees.

Why... these decisions being discussed in this thread affect the middle and lower middle class peoples

How many of those execs you speak about are barely surviving out there and trying to raise a family?

What does it matter? The market dictates the price a CEO goes for just like the market dictates what a person on the low end makes.



 

dahunan

Lifer
Jan 10, 2002
18,191
3
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Originally posted by: zendari
Originally posted by: dahunan
Originally posted by: Zebo
You're paid what you're worth. Always there are no exceptions.

Yes and no.. what about people who choose one company over a different one because of the pension plans they were promised? Then the company they chose cuts their pension while the other one doesn't

And the guy receiving $75,000 per week when he turns 65 while he made the choice to cut pensions for the middle class????.. Off Him

No, give him a medal, for increasing profits for the company.


American company

Profits can be increased by hiring illegals or sending all the work to slave labor wage countries too

while they are protected by american tax and copyright and patent laws.. etc etc..
 

dahunan

Lifer
Jan 10, 2002
18,191
3
0
Originally posted by: Genx87
Originally posted by: dahunan
Originally posted by: Genx87
I find it more appaling Movie stars who get 20 million for a crappy picture than execs being compensated for their work when they manage multi-billion dollar companies with thousands of employees.

Why... these decisions being discussed in this thread affect the middle and lower middle class peoples

How many of those execs you speak about are barely surviving out there and trying to raise a family?

What does it matter? The market dictates the price a CEO goes for just like the market dictates what a person on the low end makes.

Not when CEO's set their own wages .. unless the CEO is the market?

Greed sets the wage rate.. stuff like this will come back to cause problems for america..
do away with social security and cut pensions and watch fat cats get fatter and fatter.. GUARANTEEING themselves $75,000 per week in wages at the age of 65 That is Corporate Social Security at its finest.. eh?

People like him make me wish for the whole company to go bankrupt and for his ass to lose every penny of his pension ;) :)
 

Zebo

Elite Member
Jul 29, 2001
39,398
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Originally posted by: dahunan
Originally posted by: Genx87
Originally posted by: dahunan
Originally posted by: Genx87
I find it more appaling Movie stars who get 20 million for a crappy picture than execs being compensated for their work when they manage multi-billion dollar companies with thousands of employees.

Why... these decisions being discussed in this thread affect the middle and lower middle class peoples

How many of those execs you speak about are barely surviving out there and trying to raise a family?

What does it matter? The market dictates the price a CEO goes for just like the market dictates what a person on the low end makes.



Not when CEO's set their own wages .. unless the CEO is the market?

Greed sets the wage rate.. stuff like this will come back to cause problems for america..
do away with social security and cut pensions and watch fat cats get fatter and fatter.. GUARANTEEING themselves $75,000 per week in wages at the age of 65 That is Corporate Social Security at its finest.. eh?

People like him make me wish for the whole company to go bankrupt and for his ass to lose every penny of his pension ;) :)

Not gonna happen.

You think he's stupid and only funds his pension by 10% like stupid workers allow for? Or lets company manage his pension or it's in a private bank like Barclays?

This gets back to what I was tallking about. Public and workers chooses to underfund thier pensions and well as not asking for them thus they get exactly what thier worth. And companies are violating thier contractural agreements in many cases and it's illegal but the worker should have never allowed themselves to be a victim in the first place demanding 100% funding as part of the agreement. You'e paid what you're worth.
 

zendari

Banned
May 27, 2005
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Originally posted by: dahunan
Originally posted by: zendari
Originally posted by: dahunan
Originally posted by: Zebo
You're paid what you're worth. Always there are no exceptions.

Yes and no.. what about people who choose one company over a different one because of the pension plans they were promised? Then the company they chose cuts their pension while the other one doesn't

And the guy receiving $75,000 per week when he turns 65 while he made the choice to cut pensions for the middle class????.. Off Him

No, give him a medal, for increasing profits for the company.


American company

Profits can be increased by hiring illegals or sending all the work to slave labor wage countries too

while they are protected by american tax and copyright and patent laws.. etc etc..

Where was any of this discussed in the article?