Friday, June 18, 2004

Huge amounts of money flowing to executives

Title: Readers rage over worst CEOs -- their bosses
Source: MSNBC
Date: June 16, 2004

From the article:
    In response to my request for nominations for the worst U.S. chief executives (see “The nation’s worst CEOs” ), I received nearly 1,000 emails -- many seething with resentment and disappointment about the shabby ways many top executives lead their firms, treat workers, handle shareholders and compensate themselves like a royalty class with little regard to business performance.
Some of the stories in the article show just how out of balance things now are, with executives concentrating massive wealth (at the cost of higher prices to consumers and lower wages to employees) for no reason. For example:
  • "The board of Fog Cutter announced in a regulatory filing last week that the company would continue to pay Wiederhorn’s full salary during his 18 months in prison as well as a $2 million “leave of absence” payment that equals the amount he agreed to pay in restitution to victims."

  • "What Joe Nacchio did to the company and stock price under his helm (down 95%) is amazing. I know several people that this has affected. Deaths. Divorce. Engineers that are now janitors. Nacchio was rewarded for his performance with $150 million parting gift."

  • "Burroughs, like many SBC managers who wrote in, complained that they were asked to train and fill in for union employees during a recent strike, but not compensated for the extra work -- and ended up taking pay cuts and health-insurance cuts that were worse than what the union workers received. Meanwhile, workers complained that Whitacre and his management crew voted themselves bigger pay packages."

  • “CEO compensation is the single most important factor in competitiveness of U.S. corporations. It destroys the worker morale as average employees are told their pay, their health care and their pension are too expensive for the company to deal with; yet the executive compensation continues to sky rocket. Last week, G. Richard Wagoner, the CEO at General Motors, complained that ‘Soaring health care costs are crippling the competitiveness of U.S. companies.’ . . . Meanwhile, he received a 2003 compensation package valued at $12.8 million."

  • "One target was Philip Marineau of jeans-maker Levi Strauss & Co., which in March reported a fourth-quarter loss of $245 million after sales dropped for a seventh straight year. The company, which issues debt but not stock, also restated results to cut net income from 2001 through the first half of 2003. A recent filing showed Marineau received about $27 million in compensation over the past three years despite his hand in eroding stakeholder value."
The author labels one section "The ugly side of capitalism" and notes, "[These executives] paint a picture of an ugly side of capitalism, American style; of greed and incompetence on a grand scale; of blatant self-interest at the public trough." I believe that this characterization is unfair to capitalism. The concentration of wealth occuring in America today is not caused by capitalism -- it looks far more like the corruption seen at the highest levels in communist countries of the recent past.

When capitalism is working properly, competition wrings out the greed and corruption we are seeing today. The goal of large corporations is to eliminate competition. Why is Microsoft sitting on $56 billion in cash ($560 per American household!) and crippling innovation in America's software industry? Because Microsoft is in a monopoly position and capitalism is not working in the software industry. Why are drug prices so high? Because drug companies hold monopoly positions in the drugs they sell, and they also have so much money that the have purchased politicians. Instead of looking at the interests of everyday workers and consumers, the U.S. governement has aligned itself with the wealthy and now actively encourages the concentration of wealth.

2 Comments:

At 7:35 PM, Blogger Mike said...

Thought you would like this. earning

 
At 4:00 PM, Blogger Joe said...

THERE IS NO MAGIC TO IT

Bona II

02-19-07 (J.D. EX-Mason)

To: Rival CEO’s Partners I. Seidenberg & S. Sigman & T. Donahue Randall Stephenson (AT&T), John E. Rooney (Cellular One) et al
Date: May 3, 2007

Re: Sherman Tank Act

Dear Rival Executive Board members [Mason] sirs:

We have yet to hear back from you in response to our multiple letters about your anti- protocol & concerted practice of cutting of single working mothers off from communication with their children for failing to pay your void contract taxes, for stock holders, like local city company men Earl Petersen, Fred Fredericks & Paul Halme, Esq. threaten to do in connection with h2o tax bills, e.g.

This is another draft update submission highlighting some hinge facts, which is very relevant to your government contracts, including prison camps (qui tam):
The invalidity of all your contracts involves fundamental, equal scales in consideration.
A) VALUE
Value, defined, means:
1) … a fair or proper equivalent in money … especially for something sold or exchanged ….
B) EQUIVALENT
Equivalent, defined, means:
1) … equal in quantity, value, force ….
C) EQUAL
Equal, defined, means it must be measured, as in one cup of water equals one cup of water:
Noun: 1) TO MATCH IN VALUE (to match in measure).
Instead of employing honest weights & measures to define the value of your services, you all, in sync, lobby senators like Lott to undo their oath to the dual considerations in the “obligation of contracts” clause, by Sugar acts:
VOID YEAR LONG CONTRACTS
VOID EARLY TERMINATION FEES

Two void hinge terms employed by you all, in concert, are your surplus revenue penalties for not, because IT costs you nothing to turn off a switch, which is already rolled up & paid for multiple times over in your base rate.

SCHEDULED ALLOCATIONS
BASED ON SHARE OF MARKET

Cingular = 4-5% above A-D Mark (UnSafeway)
Verizon = 4-5% above A-D Mark ( )
Sprint = 0-2% above A-D Mark ( )
T-Mobile = 0-1% above A-D Mark (Hamid Akhaven).
Alltel whatever A-D Mark ( )
Cellular One = whatever A-D Mark (Kurt Eve)

Your pact is exactly like Sugar, 297 U.S. 553, 603, (1936):

“…an adherence to prices, terms, etc., announced in advance. These paragraphs cover any … concerted action in

'1. Effectuating any general plan to give the same terms, ... to customers, regardless of the varying [cost] circumstances of particular transactions or classes of transactions or regardless of the varying situations ... or customers or classes thereof;

'2. Selling only upon or adhering to [pre-set, narrow ambit] prices ... announced, reported or relayed in advance of sale or refraining from deviating therefrom.'

[T]he reporting or relaying of information as to current or future prices should be eliminated.”

This man is an “individual” prospective defendant:

HARBORING – BY RICO JOB

They all use exactly the same satellites, rented at way over cost from the feds. We have unlimited phone line usage with the internet, Net Juno, e.g., without pretend long distance lines drawn up to bleed us more.

A) For seconds when we call our own voice box;
B) A way over cost monthly service charge;
C) An already paid usage charge, for over-time minutes;
D) Another Government Fee & T-ax; &
E) Another cost of doing business to be rolled up in the right figure: a fee for not paying their T-ax on time.

IT is all cost implied representation fraud.

OFFER ON THE TABLE

The previous offers & close your counterfeit stock paper money print, which is, by definition, counterfeit.

Executed: _________________ ___________________________

J. Bona II (GB Cingular)
38% Mason – Knight – Bone – Groomed

 

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