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How is it possible that only a few weeks on job, this guy is walking away with almost 13 million that included a 6 million sign on bonus??? WTF???????? How is that even possible???
Well, did it ever occur to you that he was hired with one directive in mind from the board of directors, namely to sell the company before it bankrupted?
If so, then the guy earned his paycheck.
Nice try but he sold the company at a huge loss to shareholders. Not his fault but no way worth his salary.
The poor tellers have minimal education and will therefore get crappy jobs their whole life. BOA probably has 20k employees like this...so if the CEO makes 10mil and you gave it to them....it would be another 25cents an hour in their paycheck...$500 a year.
I fail to see why banks charging fees or *gasp* making a profit are bad.
Banking is HIGHLY competitive, it is not a lucrative industry with big mark-ups.
Don't like fees? Well then find someone that will do all that for free. Good luck.
Geez I never met any one who actually liked and defended banks before.
Geez I never met any one who actually liked and defended banks before.
He misses the whole point. BOA isn't a failed institution, in fact one of the better managed banks. But failed CEO's do not deserve 1 or 10 or 40mil per year.
Ask the Lehman people who followed Dicky Fuld over the cliff if he was worth $40 million per year for all those great decisions he made on risk.
Stan O' Neal took $161 million payout from Merill Lynch for driving the bus over the cliff and wiping out the shareholders.
You may have disdain for the undereducated people working in the banks but they didn't make the decisions that drove them over the cliff. And they also didn't get the big payout. Payment for failure is destroying the foundations free markets are built on. Failures are fine and expected. Rewards for failures are not only unjust, they are immoral.
Last edited by jimmyP; 09-30-2008 at 09:50 PM..
Reason: add
Mathguy, that $16 an hour may be for a very experienced teller, if that is a true correct hourly wage. My friend just got hired as a bank teller and is only making $8 an hr with no experience.
Payment for failure is destroying the foundations free markets are built on. Failures are fine and expected. Rewards for failures are not only unjust, they are immoral.
You said it....
My capitalistic side was always hesitant about salary caps - where does it all end? But this is ridiculous. I know companies need to be highly competitive to attract top CEO talent. And top CEO's demand huge severance contracts to protect themselves because...well who knows when they'll ever work again... But c'mon, the majority of a CEO's salary/incentives should be linked to positive company performance rather than huge failure.
Geez I never met any one who actually liked and defended banks before.
<shrug> I find it irrational to hate and attack banks or other companies just because they are actually places of business. My bro-in-law works in a bank and my mom worked in one (teller, various jobs) for about 20 years. The fact of the matter is that banks are a highly competitive industry with very low profit margins. Heck, isn't that a consumers dream?
Can you rationally explain why you hate banks, use facts like thier financial performance etc. it might be enlightening. "*gasp* they actually charge fees for a service" is your current (ir)rationale.
Or should we just seize all assets, turn them over to the state? Sadly, the government is so inept, inefficient and crony-laden that you can pay a company a REASONABLE profit and still get lower prices and better service.
Mathguy, that $16 an hour may be for a very experienced teller, if that is a true correct hourly wage. My friend just got hired as a bank teller and is only making $8 an hr with no experience.
I didn't say they made $16 an hour. It was meant as an example that consumers already react poorly to fees etc. and just are unwilling to support higher wages for these positions.
Making $8 hour stinks, I used to make that or less throughout college and highschool, back to about 5th grade when I was doing yard and farm work. (adjusted for inflation even). It motivated me to do something else for a living than washing cars, bailing hay, mowing lawns, working in a dangerous factory, tutoring athletes, bagging groceries, working 3-11AM in a bakery etc. been there done that.
well, technically its not his fault that the FDIC overstepped their authority and sold off WAMU before it was even seized.
the FDIC and JPM are the crooks here, not the CEO
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