Retrieved by Pat Darnell and the CEO's
MooPig's "Behavioral Economists on Staff" suggest this reminder: "Don't try this at home. Every CEO and boat owner knows this is an ideal time to trim the sails; cull the herd... you know, get rid of some of the whining around the place... no?"
DIY stimulus: CEO gives workers $1000 each from his own pocket
Bruce Watson | Apr 3rd 2009
Jack Windolf, the CEO of Bollinger Insurance, recently gave his 434 employees a surprise gift: out of his own pocket, he paid each of them $1000. The bonuses, which Windolf called "a mini economic stimulus package," came from $500,000 in deferred compensation that he received when he sold 51 percent of the company last year. Rather than spend the money on himself, he chose to share it with his workers.
CEOs have had a rough time of it lately. With outrage brewing about the scandalous bonuses that went out to executives at Lehman, AIG, Merrill Lynch and other huge companies, it's become increasingly lonely at the top. And for good reason.
After all, even a cursory analysis of the evolution of executive compensation over the past few decades is enough to bring out one's inner Karl Marx. By now, the statistics are pretty well-known, but let's review them one more time: in 1982, the average CEO made 42 times as much as the average worker; by 1990, they were making 107 times as much as their employees, and by 2007, 275 times as much. This meant, incidentally, that the average CEO made more in one workday than the average employee made all year.
Some studies have suggested that employees don't begrudge their bosses the extra pay as long as the company is doing well. However, even by that metric, CEO compensation has grown out of control. With companies lining up to take government bailouts, it is worth asking exactly what companies are getting for their money. One can only imagine the feelings of AIG's rank-and-file employees, and the attitude among low-level workers at Merrill Lynch must be downright mutinous.
4-05-2009 @ 11:51AM
What made those 400+ deserve an extra $1000. They should be taxed at 90%. Mob envy took over in the French Revolution. Mike "45cal. or 9mm bonus" would have fit in well there. In fact, he should move to France.
4-05-2009 @ 11:43AM
People can bitch and moan about CEOs but guess what : they don't give a sh*t what you think. Why? Because you can't do a damn thing about it. There's no rioting and i haven't hard of any CEOs being 'taken out'. The "common " people take it up the ass like good little sheep.
4-05-2009 @ 1:34PM
They should all be chased by mobs with pitch forks and torches!
I've heard radio commentators argue that government shouldn't be involved as when the President asked GM's chairmen to step down.
Well, that's fine. No bailouts either. Let the market sort it out. If you want OUR money- you should be accountable!!
If you ran the company into the ground you DO NOT deserve a bonus! Another employee gets a pink slip for a poor job, why not them? ANY exec who askes for CORPORATE WELFARE, should be fired and stripped of HIS parachute!
We need to all wake up and tell congress that WE AIN'T GONNA TAKE IT ANYMORE. Let the CEOs go to food banks and see how degrading it feels. Be outraged!