Amusing, if only because its so true:
via Our World, Refracted For Grins
Welling & Weedenco.
Friday, December 22, 2006
A Merry Corporate Christmas
December 22, 2006 10:30am by Barry Ritholtz
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But are they fire-proof?
It’s interesting that a leading watch dog group has said corporate executive pay is draining corporate cash at a rate that is jeopardizing company finances. While, that may not be true, there is no doubt executive pay is just a little absurd. The latest being Hank the angry dwarf over at Pfizer. Nothing like robbing shareholders of $200 million while watching shareholder turns be the worst in decades under his leadership.
It appears Congressman Frank wants to loosen certain Sarbox regulations while also pushing for a shareholder transparency and reform bill. So much for the Democrats wanting to kill business.
I’m not terribly familiar with Britain’s shareholder rights laws but as I understand it, they have the ability to directly impact Directors and other unique powers I would love to have hear. Any people familiar with more specifics, I’d love to hear about them.
Merry Xmas Hank
« The best of the possible world » reviewed and commented.
With all due apologizes to Mr HG Wells, the best of the world was nowhere else to be found but in the financial markets in the turn of the 21st century.
The unity and common consensus, which could not be achieved on political or social issues, was accomplished through common wisdom and agreement on all financial topics be they interest rates, stock values. The world financial community had the same reading of their economic landscapes and proved it through their respective stock market and interest rates graphic representation. The international assistance has shown its faith in stock ownership.
The Dow 12000 has now made « The war of the worlds » reviewed by Orson Welles a pale outcome of the news press imagination.
The anxiety was nowhere to be found, the proof was in volatility index, which spared me the time to read newspapers, to study thoroughly peripheral issues.
Few subjects of discomfort were surfacing sometimes to times, debts, financial debts, savings, but they were quickly rejected as concepts of the past, in knowing that
a new breed of Bonds vigilantes was here to deepen the yield curve and quicken capital gains in the bond markets. I did not pay much attention to this topic as I have always thought that the only club worth to be a member of is « Le club de Paris ».
For next year the financial world is promising the same, as I understand « expansion of multiples » is an easier concept and sale than « compression motors ».
It is time to check the volatility index again, nothing to worry about, until 2008.
I will earmark my diary to ensure that I start reading more serious studies before this date.
Merry Christmas and Happy New year
and may the stick wiggle brilliantly for your houseguests Phillipe as i forgot the interference strategic!
Merry Christmas to you and Bon Chance in ’07
This site gives me faith that there are those in the business community that are not hostile to social justice and peace.
Thank you!
The shtocks on the right need some soap shtuffed down their oreevices, then washed in bleach, shtuffed with coal, AND THEN BURIED IN A BILLION TONS OF BAKING SODA.
What is certain is that the compensation packages handed to the CEOs in America have NOTHING to do with a healthy functioning of the law of supply and demand.
After all, if globalization has created an “arbitrage of the labor pool” ( an euphemism to say that more labor competes for the jobs) can someone explain to me why the same hasn’t occurred at the CEO level? Has the number of capable CEOs decrease since globalization has taken place?
The fact is that the high executive universe has become a coterie of barons, dukes and princes that don’t have to answer to shareholders. Given the enormous financial clout they wield on campaign contributions for the politicians, one can hardly be optimistic about the possibility of more rights for investors/shareholders anytime soon.
I grew up a very middle class kid, and I put myself thru College and Grad school.
I am very much in favor of a meritocracy — I have no problem with the $16.5B GS bonus pool — but I cannot stand the crony capitalism and the robbing of shareholders that have become endemic over the past 20 years . . .
I worked for a subsidiary of a Fortune 500 company. Our subsidiary was very much a entrepreneurial, middle-market business. Our parent was anything but. When the CEO/Chairman made a humongous bonus, there were e-mails to executive level folks on how to handle questions regarding the comp package. I could only roll my eyes. I’m glad that no one asked me about the compensation.
My personal view is that if your PR department has to send folks a message on how to deal with compensation questions, then that ought to be a litmus test that you’ve crossed the threshold from fair to exorbitant.
I absolutely believe in fair compensation, and the people at the top do have extraordinary pressure on them. They deserve to be well compensated. But there’s a point where well compensated becomes exorbitant compensation. While employees are getting their benefits scaled back because they are “too expensive” and more and more must come out of their pockets they–as well as the clients/customers–have to wonder if they are getting ripped off.
Rather humorous cartoon, but one thing that is missing from it is that the picture is exactly as voters have willed it: the USA is a democracy, and for the past 20 years and especially the past 5-10 voters have thunderously and repeatedly endorsed the politics and policies (and the party or people overtly advocating them) described in this cartoon.
These policies benefit asset owning, older, insiders; and USA voters and in particular USA campaign donors are increasingly in that category.