President Obama is apparently not happy about the fact that bailed out companies are still paying themselves billions of dollars in bonuses, nor should he be.
The audacity of company executives who feel that they are worthy of such bonuses for incompetent management is incomprehensible in my view.
Top executives meeting in Davos, Switzerland, of all places, are admitting that compensation models of some firms will have to be completely overhauled. I believe that would be an understatement.
It’s not as if these people are being compensated with the worthless stock of the companies they have run into the ground, no, they get paid in cash thanks to the taxpayer funded bailouts.
I would humbly suggest that if a bailout is provided it should be contingent on management getting no bonuses and a 50% cut in salary. That would give them some incentive to manage the company prudently and profitably, give the shareholders some incentive to hold on, save the taxpayer the cost of bailing them out and financing such insane compensation packages.
The taxpayers of the world, unable to pay their mortgage or rent, are rightfully feeling they are being crapped on and then having their noses rubbed in it by these holier than thou executives who are living high off the hog on taxpayer handouts.
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