Sunday, December 28, 2008

Bank exec. bonuses...

Things that make you go "grrrrrrrrrrr..."

From an AP article on 12/22 ~
Goldman Sachs ~ their poor executives... Lloyd Blankfein (pres. and CEO) took home nearly $54 million in compensation last year. The top 5 execs received a total of $242 million. This year, Goldman will forgo cash and stock bonuses for it's 7 top paid execs. They will work for their base salaries of $600,000. Oh, the poor little babies!!!
The company described it's pay plan last spring as "essential to retain and motivate executives whose efforts and judgments are vital to our continued success, by setting their compensation at appropriate and competitive levels".


Gotta love Barney Frank (chairman of the House Financial Services committee)... He said "the bonuses amount to a bribe to get them to do the jobs for which they are well paid in the first place. Most of us sign on to do jobs and we do them best we can. We're told that some of the most highly paid people in executive positions are different. They need extra money to be motivated!"

Like most people, I've never gotten bonuses for doing the job expected of me. Gee, would I get a bigger bonus if I saved the life of a patient who had some kick-ass insurance, as opposed to a Medi-Care patient?? Would I get a bonus for causing a car accident that brought lots of wealthy patients to the hospital??
(I do have to admit one guilty little secret here... as a perk, I once won a gift basket on National Nurses Day... mea culpa!)

The greedy little bastards need to have their financial legs cut out from under them. No cash bonuses, no stock options, no personal use of company jets and chauffeurs, no company-paid-for home security, country club memberships or professional money management*. (all benefits found in a review of federal securities documents.)
And while we're at it, cut their base salaries in LEAST half.

*Isn't it a little ironic that people who were supposedly managing the nation's money would need "professional money management" themselves?!?!?!? Ironic, and more than a little scary!!


Cottleston Pie is the Taoist philosophy dealing with our Inner Nature (as explained by Winnie-the-Pooh)
To get the full scoop, read "The Tao of Pooh" by Benjamin Hoff.
The full poem is at the very bottom here...