View Poll Results: With workers cutting back, wealthy CEOs should cut back too. Agree/disagree

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  • Disagree. Quality CEOs are in short supply. They must be paid more or companies can't survive.

    52 54.74%
  • Agree. Times are tough. CEOs should take pay cuts to help their companies be more profitable.

    43 45.26%
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Thread: With workers cutting back, wealthy CEOs should cut back too. Agree/disagree

  1. #11
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    Re: With workers cutting back, wealthy CEOs should cut back too. Agree/disagree

    Quote Originally Posted by Ikari View Post
    What if the companies aren't making money, and wokers pay is reduced or not subject to any raise, while the CEO's pay goes up substantially?
    We have had to many examples in recent years of companies taking a loss or even going under yet those at the top are recieving huge bonuses or golden parachutes worth big $. In many instances the very people responsable for the companies deminse are the very ones walking away with massive amounts of $$ while share holders and employees are left taking the loss. This type of thing just infuriates me.

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    Re: With workers cutting back, wealthy CEOs should cut back too. Agree/disagree

    You didn't give me a choice on this poll. Almost nobody knows how much CEO’s are paid. They get money from the company via mechanisms that don’t have to even be revealed to the whole board, or to stock holders, or to the government. Some of these techniques have been made illegal, but not enough. One favorite of mine, which is now has to be revealed to the board, is differed pay. Money earned this year but paid to the CEO after he leaves the company. So, what pay are you asking about, the pay we know about or the pay we don’t know about? Do you want to be made happy by what you’re told or by what is real? (I had a short conversation with a high level accountant at a large US corporation that confirmed other reports I’d read.)

  3. #13
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    Re: With workers cutting back, wealthy CEOs should cut back too. Agree/disagree

    Quote Originally Posted by jamesrage View Post
    I agree that CEOs should take pay cuts too, it is morally wrong to screw the people on the bottom who do most of the physical work to fatten the pockets of those on top. But there is nothing we can legally do and nor should we legally require them to do anything. We would be treading on dangerous ground if we were to make a maximum wage.
    But at what point does the freedom of those CEOs to make as much money as they can start to conflict with everyone else's rights to not live as paupers? How much does this small class of people get to manipulate the law to ensure that they get all the money before someone calls them out on it?
    Liberté. Égalité. Fraternité.

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    Re: With workers cutting back, wealthy CEOs should cut back too. Agree/disagree

    Quote Originally Posted by Paschendale View Post
    But at what point does the freedom of those CEOs to make as much money as they can start to conflict with everyone else's rights to not live as paupers? How much does this small class of people get to manipulate the law to ensure that they get all the money before someone calls them out on it?
    We are now finding out about some of what is paid to CEO’s and their ilk. It’s making the news. If there were laws forcing reporting ‘other benefits’, like deferred pay, there would be more news because it’s outrageous, esp. for publically held companies. No limit laws, but, rather, reporting laws.
    Note that I know that if you total all the CEO ‘income’ relative to the total amount paid to all the other employees. However, what you end up with is workers that have almost no influence via disposable income vs. a CEO that has a huge disposable income.
    Think about your senator being influenced by visiting with 1,000 people contributing $100 each ($100,000) vs. a visiting lobbyist representing a CEO offering $100,000 direct support via an organization that is difficult to trace to the CEO, $100,000 indirect support, and some vacations at his properties.

  5. #15
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    Re: With workers cutting back, wealthy CEOs should cut back too. Agree/disagree

    I was interested if there were any companies who asked workers to take a pay cut and also cut their CEO's pay. I did a search of google news and didn't find anything. I did find that Sony's CEO took a pay cut. The article didn't say whether workers were also taking a cut:

    Sony's CEO Howard Stringer Takes Pay Cut as Profit Drops - WSJ.com

    I wonder if there are companies out there whose CEOs are writing memos like this one: "Times are tough; we've asked you to take a pay cut. I will also be taking a cut." That would be the right thing to do. If a CEO out there did that, I would have a lot of respect for him.

    I wonder if Congress will vote themselves a hard times pay cut. Hahahahahahahah! I had to include some humor in this thread.

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    Re: With workers cutting back, wealthy CEOs should cut back too. Agree/disagree

    Since CEO pay is almost entirely based on options and incentives, I don't have a problem with it. Pay is determined on the success of the company, specifically book value. Now I would have a problem if a company was drowning in red ink and its CEO was getting more and more money, like the banking giants were doing during the FNMA and FHLMC (that's Fannie Mae and Freddie Mac for those of you without a degree in finance) days. However, if a company was going "lean and mean" to propel themselves up, then the CEOs should get a reward for shrewd business practices. The truth is that we were running on a faulty business model for many decades, as GM has taught us in spades.

    Besides, with the difficulty involved in being a CEO, they earn the right to demand a lot.

  7. #17
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    Re: With workers cutting back, wealthy CEOs should cut back too. Agree/disagree

    Quote Originally Posted by Ikari View Post
    What if the companies aren't making money, and wokers pay is reduced or not subject to any raise, while the CEO's pay goes up substantially?
    That would be a stupid move by the stock-holders, or the compensation committee. Many CEO salaries are performance-based and include long-term incentives that may be realized even in losing years.

    This is from a WSJ piece a few months ago on the topic of 2010 CEO pay increases.

    Several chief executives experienced sizable drops in pay. Occidental Petroleum Corp.'s Ray Irani, who retired Friday, saw his 2010 compensation shrink 71% to $14.9 million.

    The decline mainly grew out of a shareholder backlash that prompted the big oil concern to set a new policy last year cutting its longtime leader's maximum compensation by nearly three quarters.

    But Mr. Irani received an additional $70 million in long-term payouts in 2010—largely as a result of meeting performance goals set by Occidental's board in 2007. (The Journal does not count the payout of prior awards as part of annual compensation.)

    While serving as executive chairman until 2014, Mr. Irani still will have most compensation based on long-term performance, an Occidental spokesman said.
    The Year's Highest Paid CEOs - WSJ.com
    Last edited by LuckyDan; 07-05-11 at 02:47 PM.

  8. #18
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    Re: With workers cutting back, wealthy CEOs should cut back too. Agree/disagree

    Morally I agree - they should voluntarily take a pay cut. Realistically however, the amount saved by a CEO cutting 10% of their salary is next to nothing.
    “I think if Thomas Jefferson were looking down, the author of the Bill of Rights, on what’s being proposed here, he’d agree with it. He would agree that the First Amendment cannot be absolute.” - Chuck Schumer (D). Yet, Madison and Mason wrote the Bill of Rights, according to Sheila Jackson Lee, 400 years ago. Yup, it's a fact.


  9. #19
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    Re: With workers cutting back, wealthy CEOs should cut back too. Agree/disagree

    Quote Originally Posted by LuckyDan View Post
    You posted a column from a commie publication slamming capitalists who are successful at what they do.

    If a CEO's company makes money, why shouldn' the CEO get a raise, like everybody else? Including the workers in the mailroom?
    Sooo...?
    So whats your thought on this buddy?


  10. #20
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    Re: With workers cutting back, wealthy CEOs should cut back too. Agree/disagree

    Quote Originally Posted by TheDemSocialist View Post
    Sooo...?
    So whats your thought on this buddy?
    Weeell, I think the link in the OP a load of socialist, class warfare crap, pal.

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