Look at GS share price it has gone up more then 30% in the last 3 months due to blow out earnings and good management. This is why the CEOs are being paid so much.... 53 million is like a small drop in the bucket compared to how much market share GS has gained this year. Though I dont agree they should get paid as much as they do.... the shareholders value has increased greatly over the last year and it does warrant from the shareholders point of view a reward. The rich and powerful get even richer and more powerful.... its an endless cycle thanks to the manipulation in captalism and problems in a free trade open market.
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Goldman Sachs CEO receives a $53.4 million dollar bonus
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Is that all, 1/2 of 1% of their profits (to one guy)?? Hell, he did such a helluva job they should at least give him a lousy 1%, don't you think?
The percentage of profits isn't really relevant to me, it's the amount of money that one guy gets. I don't think they really earned that much and they would have did the same thing for 1/5 of that bonus. They're selling you people a bill of goods by making you think they are so "special" (as the church lady would put it).
Vic
Elite Member
A state-granted and regulated monopoly, and the government corruption surrounding its "deregulation" are not examples of capitalism, but of corporatocracy.
Now, do you have an explanation for Jon Corzine? He was the CEO of Goldman Sachs during that period with Montana Power who went on to be the Democratic Senator and now Governor for the state of New Jersey.
So much for your vaunted ideological fantasy of a powerful Democratic party free of corporatist corruption.
While reading that piece all I could think about was this is a pretty good piece of self ownage. Really only topped by Craigs debut with the unbiased positive piece about Chavez from a newspaper dedicated to partisan coverage of the Communist Party of America.
At the beginning of the article you knew this was going to be a great story when they considered a state regulated monpoly capitalism at its best.
I do wonder what Craigs true feelings are on the democrat running Goldman Sachs at the time of this debacle. I am sure he will come back with some longwided tale about how we dont understand the true issues and are blinded by the right winged ideology!
LegendKiller
Lifer
Ok, here's a common misconception, that the stockholders are in control. The vast majority of publicly owned stock for most companies is held by fund managers, who often work for big i-banks and even if they don't, they are tied in. Thus, when the proxy vote comes in they usually rubber stamp the issue, especially if their bank is tied into a nice revenue stream with the associated company.
Some will say "chinese wall!", yeah, whatever, I don't believe that it works all of the time, nor do I believe that fund managers always vote the proxies with their stockholder's best interest in mind.
Just think of Jack Welch. He was a good CEO and GE returns were pretty good. However, he was far from the best and his pay was multiples of what the best was, even adjusted for inflation.
Personally, I'd love to see a regulation that states that only a minority of votes can vote proxy. Not only would it force education of what your 401k funds are investing in, but it'd also make sure that the people who are putting their money down are the ones in control.
Then you toss in interlocking boards, loaded boards, and lack of good corporate governance practices and you get the current situation.
DealMonkey
Lifer
What greedy little dicks. No one man deserves that much money.
imported_Lothar
Diamond Member
I don't have a probblem with him getting $53.4 million dollar bonus after increasing company peformance by 58%.
Just make sure he returns all the bonus(or whatever equivalent %) whenever the company's performance drops 58%(or whatever equivalent %)
Just make sure he returns all the bonus(or whatever equivalent %) whenever the company's performance drops 58%(or whatever equivalent %)
imported_Lothar
Diamond Member
ProfJohn...I'm impressed with your position.
Didn't expect this from you at all.
I guess it's possible to teach an old dog new tricks after all.
Didn't expect this from you at all.
I guess it's possible to teach an old dog new tricks after all.
Vic
Elite Member
Capitalism "at its best" is Les Schwab Tires. Just in case anyone here ever wondered what real capitalism looks like.
Personally, I haven't trusted 60 Minutes since the Audi 5000 lies. There is truth to the corruption behind what happened to Montana Power, but that was just part-and-parcel of the whole energy deregulation scams of the late 90s. Personally, I'm not a GS stockholder, so I don't care what GS pays its executives. If was a stockholder though, I would be more than a bit pissed by this.
Personally, I haven't trusted 60 Minutes since the Audi 5000 lies. There is truth to the corruption behind what happened to Montana Power, but that was just part-and-parcel of the whole energy deregulation scams of the late 90s. Personally, I'm not a GS stockholder, so I don't care what GS pays its executives. If was a stockholder though, I would be more than a bit pissed by this.
LegendKiller
Lifer
The problem with this type of thought is that *ALL* stockholders pay for this. Even if you aren't an investor in GS you are probably an investor in a company which has utilized GS and when their fees kick in they reduce your investor wealth. It's a redistribution of wealth from mostly common people who invest in funds to rich CEOs.
thraashman
Lifer
I don't even see why you quoted my post in making that statement. I said I hope he does some good with it because it's more money than he can reasonably spend. I didn't say he should have to, I didn't say the company should give it to charity instead, I didn't say the government should take his money. I said I hope. Which to me means I hope he'd do what most decent human beings would do when they get more money than they know what to do with, and help out those who need it. I didn't even say who he should give it to, I just said deserving, that would be up to him to decide.
Whoozyerdaddy
Lifer
The guy manages a milti-multi-multi-billion dollar corporation that employs thousands and thousands of people and manages money for million of clients. His company is very profitable. He deserves his bonus. I suppose GS could find a guy to do the same job for less. But that is up to the board and the shareholders. Not you.
DealMonkey
Lifer
You act like he did it alone. He didn't. CEO's are glorified figureheads who are far less responsible for a company's success (or lack thereof) than the folks doing the hard work and heavy lifting (figuratively speaking). In fact, they're probably off golfing, schmoozing and otherwise being worthless little corporate cretins more than they're helping the bottom line.
DealMonkey
Lifer
Again, I find it morally repugnant that one single person could be the recipient of so much cash. No one is worth that much, no one.
Do you think Catie Couric is worthy of the 15 million she makes reading a teleprompter?
How about Matt Lauer because he wakes up to do a morning show?
What about Tiger Woods, think he made about 50 million last year.
What about all those movie stars making 5-20 million for acting in a movie.
JACKHAMMER
Platinum Member
Bingo! The further division of the classes. The rich want an *entirely* free market system that they would benefit from; too bad it does nothing but hurt the majority of the people who live in this country. What I don't understand is how people don't see the need for regulation, the greedy feed the greedy (which is exactly why Russia fell apart) on the backs of everyone else.
DealMonkey
Lifer
Heh, I love how you seem to think the CEO is solely responsible for a company's success. Compared with the thousands or tens of thousands of people who work for said corporation, their contribution is small. The compensation for CEOs is so skewed it's beyond comprehension. But I guess in some people's warped little worlds, it somehow makes sense to pay CEOs 500x what an average employee makes and reward them with Christmas bonuses 1000x what the average employee gets.
vic, your lips move (figuratively, actualy you are typing), but you say nothing useful.
What are you trying to say about capitalism and corporatocracy? I didn't raise issues with capitalism, I raised isses with these companies, speficically Goldman Sachs.
What do you mean, an explanation for Joe Corzine? You are just lying about what I have said. I've never said the democrats are free of corproate corruption.
They have some too. I don't know that much about Corzine specifically, but he may well be a rotten example of corporatism in the democratic party.
The democrats overall, though, are *far* better on corporatism than the republicans.
See my sig, palehorse.
The K street project for utterly selling out to corporations is republican. The corruption letting industries pick their own government regulators - over 200 government officials overseeing industries they are from such as head lobbyists - is republican. Corrupt medicare drug bill banning the government from negotating prices to give $150 more profit to drug companies (republicans' top donors) is republican. The examples are too many to count. If you knew any facts, palehorse, you coudl discuss the issue.
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