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(C|Net)   Intel cuts executive bonuses. Little piggies cry "wee, wee, wee" all the way home.   (news.com.com) divider line 52
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3238 clicks; posted to Main » on 12 Apr 2002 at 2:22 PM (12 years ago)   |  Favorite    |   share:  Share on Twitter share via Email Share on Facebook   more»



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2002-04-12 02:24:51 PM  
I'm do not understand! What happenned?
 
2002-04-12 02:25:05 PM  
Like the farkers don't make enough money already... good.
 
2002-04-12 02:25:36 PM  
I just bought an AMD
 
2002-04-12 02:25:53 PM  
Leht zem eat kak....
 
2002-04-12 02:26:10 PM  
OK, I did okay reading the first sentence, but I got lost at the "little piggies" part
 
2002-04-12 02:26:56 PM  
whoops, just to clarify, the "kak" is supposed to sound like a farking french person saying "cake," not "cock,"...but then again...
 
2002-04-12 02:27:33 PM  
And in a related story, all new computers for Intel employees will be built using the lower priced Athlon chips.
 
2002-04-12 02:28:46 PM  
They are still overpaid, get a real job
 
2002-04-12 02:29:15 PM  
That was the most beautiful headline ever. EVER.
 
2002-04-12 02:30:27 PM  
"CEO Craig Barrett received the same $575,000 salary in 2001 as he did in 2000. But his 2001 bonus of $1,075,300 was less than half the $2,784,700 he received in 2000. "

We need to start a PayPal campaign to make sure they can get by. I mean, who can live on just $1.6 million a year!?!?!?
 
2002-04-12 02:31:26 PM  
IBM did the same thing. They don't get raises either this year. It's funny how little that helps morale here.
 
2002-04-12 02:33:46 PM  
Nice headline!

Intel surrenders (to AMD)
 
2002-04-12 02:34:18 PM  
Intel Exec:

"Now what incentive do I have to lay people off and generally screw them over!?!"

Here is your bonus:
 
GXL
2002-04-12 02:35:22 PM  
The first person to make a lame "________ inside" joke gets their ass kicked
 
2002-04-12 02:36:50 PM  
CEO Craig Barrett received the same $575,000 salary in 2001 as he did in 2000. But his 2001 bonus of $1,075,300 was less than half the $2,784,700 he received in 2000.
The story was the same for Barrett's cohorts:
• Chairman Andy Grove's $525,000 salary stayed the same in 2001, while his 2001 bonus fell to $981,800 from $2,542,900 in 2000.
• Paul Otellini, president and chief operating officer, maintained his $300,000 salary in 2000 and 2001, but his bonus was reduced to $561,000 versus $1,293,500 in 2000.
• Les Vadasz, executive vice president of Intel Capital, received $275,000 in salary in both 2000 and 2001. His bonus shrank from $1,281,400 to $468,600.
• CFO Andy Bryant's $260,000 salary remained constant; his bonus dropped from $1,309,400 to $468,000. \

Seeing things like this make me cry.
 
2002-04-12 02:38:28 PM  
My company had extra dip at the company picnic....The soft drinks were free too!
 
2002-04-12 02:39:44 PM  
Fark em. Fark em with thier goldplated, silver etched backscratchers.
 
2002-04-12 02:42:20 PM  
KNOCK KNOCK...
WHO'S THERE?
IN....
IN WHO?

INTEL.....HAHAHAHAHAHAHAHAHAHA
 
2002-04-12 02:45:39 PM  
Yep just what I expected. Hate the rich becuase they work their asses off to get there.
 
2002-04-12 02:45:39 PM  
This is actually a pretty awesome story. Top executives aren't being given a larger bonus as a reward for gutting the company. I especially liked this: While top executives such as Barrett did not get a raise at all, most other employees got about half of their normal yearly raises, a representative said.. That's really some senible management.
 
2002-04-12 02:45:59 PM  
This is actually a pretty awesome story. Top executives aren't being given a larger bonus as a reward for gutting the company. I especially liked this: While top executives such as Barrett did not get a raise at all, most other employees got about half of their normal yearly raises, a representative said.. That's really some sensible management.
 
2002-04-12 02:46:29 PM  
i don't care
 
2002-04-12 02:52:16 PM  
Heaven forbid a multi-million dollar company give some of it's profits to the people who worked hard to make it happen.
 
2002-04-12 02:53:07 PM  
Funny, most the folks here making the comments about how these rich guys suck so bad are probably typing it on computers they bought that are running on Intel chips. Dumbasses.
 
2002-04-12 02:55:08 PM  
(nice post Fb-. Very appropriate)

The only reason something like this gets posted on FARK is to kick off the incessant whining. All the wannabe Geeks still mad that their Priceline shares didn't actually make them rich have a perpetual outlet for their frustration...Rich Executives.

Blah blah blah...get a job...work for a living....whatever. Sounds like the same whiners who actually think unions are a good idea.

*grabs popcorn*
 
fb-
2002-04-12 02:57:39 PM  
Old english spelling, as in, I was drinking the 8-ball while I was typing it.

 
2002-04-12 03:01:53 PM  
lol, enjoy your weekend then.
 
2002-04-12 03:02:08 PM  
The poor rich guys...

Maybe now Intel will start making chips that really are more powerful than AMD ones, instead of just saying they are?
 
2002-04-12 03:04:50 PM  
And in a related story, all new computers for Intel employees will be built using the lower priced Athlon chips.

ha ha I wish. Instead we'll still get crappy IBM computers with pentium 3's ...maybe just maybe if we're lucky we'll get a p4
 
2002-04-12 03:08:23 PM  
Schlawiner

But I am! People tell me all the time about my rich chocolately goodness. Are you calling them liars?

Wahhhhh...

Unions were a good idea at one time, they are no longer needed.
 
2002-04-12 03:30:49 PM  
ISeeYourDisease: I assure you that I do not assiciate with anyone that would know about your rich chocolate center. I'm more of a meat-n-potatoes kind of guy myself.

Speaking of, it's been a good two days since a vegan-flaming string...maybe we can fix that now.

Anybody...anybody...Marko?
 
2002-04-12 03:38:48 PM  
I'm sure these guys worked 50,000 times harder than the people who actually make their product. They should hire me. I'll run intel into the ground for half of what they make.
 
2002-04-12 03:44:53 PM  
"Heaven forbid a multi-million dollar company give some of it's profits to the people who worked hard to make it happen. "

Scarneck- the point was that the company made a lot less than last year. I'd say having your bonus halved when profits are a tenth of the previous year is more than fair.
What I don't understand is why they didn't just raid the employee pension fund like everyone else these days.
 
2002-04-12 03:53:43 PM  
Quick1, Fulgore243: thanks for the complement. I submitted the article this morning. I was happy it got posted. :-)

The "little piggies" part was a tongue-in-cheek jab at the executives. Did anyone notice that while their bonuses were cut, they received extra stock options? I thought that was ridiculous, but executives always take care of themselves no matter what the consequences. Remember Enron paying out millions and millions in bonuses when it declared bankruptcy?
 
2002-04-12 03:58:45 PM  
Schlawiner: Meat-n-potatoes? Are you saying that you are a frank-n-beans kind of guy? twig-n-berries? My Euphemism-to-English dictionary is broken. Not sure which lifestyle choice you were referencing.

If it was vegans, then let's just say vegans are dumb.

Did anyone else notice DOUBLE OPTIONS. Guaranteed this will be a net gain 5 years down the road.

I feel that I am uniquely qualified to comment due to the genuine Intel processor that each of these words passes through as I type.
 
2002-04-12 04:01:41 PM  
9/10:

Why do you think stock options are a gratuitous bonus? If these bozos fark up, the stock goes down. Sure they will rake it in if the stock appreciates, but so will the employees that also get options. Seems like a lot more appropriate than the millions in cash the Enron dooofuses got.
 
2002-04-12 04:07:17 PM  
FuzzyMonkey, I totally agree. I just hate the fact that the same people that biatch when execs get a big bonus when things are good, are calling for the execs heads when things are bad. If they're going to take the big risks, they deserve the big payback if it works out.
 
2002-04-12 04:13:34 PM  
Marko: Let's just say that my B12 level is just about right. My cholesterol is likely a bit high, but it keeps me sharp.

Lemmesee....double options. So the loss is doubled if they fark up right? Seems like the right kind of incentive to me.

On the other hand, go ahead, give me 250,000 shares at today's strike price. I'll take that bet. I might even stop eating meat products if it meant that my stock would go up a buck...I'll admit it.

Mmmmm...fried cheese!

<>
 
2002-04-12 04:19:29 PM  
04-12-02 04:07:17 PM Scarneck
Fair enough dude. I do think that when emloyee performance bonuses are tied to company not individual performance that the same should go for the execs. Actually I'm gonna go out on a limb and say even more so since the executives are in a position to make decisions that affect the company's performance while peons pretty much slog away one way or the other.
 
2002-04-12 04:23:42 PM  
Hey kids, don't get too angry. It's rare that we hear about execs taking pay or bonus cuts when the company goes soft. How many times have we seen massive lay-offs rewarded with huge bonuses for the execs? Glad Intel is being a little more responsible.
 
2002-04-12 04:28:55 PM  
Moifee, that's what I'm saying.
 
2002-04-12 05:33:51 PM  
So I'm sitting here fantasizing about the day I'll once again be able to afford to eat meat and cheese and keep my car in gas and insurance at the same time, when I read this article.

Scarneck - What risk? What risk do these people put themselves in that they can't avoid by throwing just one year's worth of bonuses at? "Boo hoo... I've steered a company into the tar pits and now no one will hire me. It's just me and my 8.2 million dollar bank account, all alone in the world..." Yes. Much more fearsome than the prospect of homelessness within the month and possibly losing everything you've ever bought.

Moifee - Hm. Yeah, you're right, at least they're subjecting themselves to a bonus cut.
 
2002-04-12 05:39:02 PM  
FuzzyMonkey:

So you are.
 
2002-04-12 05:56:14 PM  
How about we get together a gang of ten or so farkers and just go jack these guys for everything they got? I mean sure they are rick and powerful but if ten guys with pillowcases full of doorknobs show up at your place in the middle of the night what are you going to do?

intel is teh stupid
 
2002-04-12 06:26:13 PM  
HAHAHAHA!!! fark you, Intel. And fark your employess too.... wait, you just did!

-he who stacks pork
 
2002-04-12 07:04:27 PM  
I think it is silly to insist that Intel is somehow falling to AMD. I would like to see how much AMD's to execs bounses got cut. Especially since Gateway and Compaq (I think) have dropped them and Dell never used them to begin with. Don't hate the rich and don't hate Intel...they invented the microprocessor and their founder, Gordon Moore, invented the integrated circuit. What has Jerry Sanders done?
 
2002-04-12 08:18:30 PM  
This is more deserving of the Hero tag.
 
2002-04-12 10:55:51 PM  
04-12-02 04:01:41 PM Schlawiner
9/10:

Why do you think stock options are a gratuitous bonus? If these bozos fark up, the stock goes down. Sure they will rake it in if the stock appreciates, but so will the employees that also get options. Seems like a lot more appropriate than the millions in cash the Enron dooofuses got.


It wasn't so much that they got stock options as it was(is, whatever) that the executive types tend to hand each other golden parachutes when things aren't looking so good. Look at Jacques Nasser and Ford Motor Company. He farked up Ford Motor Company royally as CEO, burned through a $15 billion cash bankroll on(among other things) useless Internet ventures that never returned a profit and pissed off the dealer body, and what did he get? A buyout and a retirement with stock options and bonuses. The bastard should have been fired outright and screwed out of his fat pension check. Ford has lost more money in the last year than in the last 20 years because of him. If you and I farked up big time, we'd get fired and that would be that - but executives let each other slide out without accountability.

Sorry for the rant. Executive back-scratching, while it is a fact of life, pisses me off.
 
2002-04-13 12:18:11 AM  
I think you've got it exactly right, 9/10.
My biggest beef with the executive elite is that they make out like bandits whether they do well or do poorly. Even though they, more than some peon, could afford to get the ax without payout when they fail. Plus, they get these impossibly huge paychecks/stock grants(with more cushy rules than the standard employee's stock options)/bonuses and then have the gall to act like they don't know anything when something rotten happens as a direct result of their management (ahem, Enron, Global Crossing, Lucent, etc. etc.). What the hell do you get paid a gazillion dollars for if you don't even know what's going on in your company?!?!?!?!?
 
2002-04-13 02:26:31 AM  
 
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