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13106 clicks; posted to Business » on 02 May 2013 at 12:38 AM (1 year ago)   |  Favorite    |   share:  Share on Twitter share via Email Share on Facebook   more»



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2013-05-01 09:57:55 PM
#1 on the list Ronald Johnson - CEO of JC Penney. Fired from his position on April 8, 2013 with what I assume is a massive golden parachute. As I sit here typing this I'm watching a "Mea Culpa. Please come back" television commercial in an attempt to undo damage.

And the world just keeps on turning.
 
2013-05-01 10:11:42 PM
Never tell me the odds, kid
 
2013-05-01 10:50:59 PM

xxmedium: #1 on the list Ronald Johnson - CEO of JC Penney. Fired from his position on April 8, 2013 with what I assume is a massive golden parachute. As I sit here typing this I'm watching a "Mea Culpa. Please come back" television commercial in an attempt to undo damage.

And the world just keeps on turning.


Nope, his parachute is relatively small.  Just under $150K.  http://www.forbes.com/sites/abrambrown/2013/04/08/j-c-penney-firing-c e o-johnson-was-probably-easy-his-exit-package-is-tiny/
 
2013-05-01 11:12:08 PM
Benevolent Misanthrope:

Nope, his parachute is relatively small.  Just under $150K.  http://www.forbes.com/sites/abrambrown/2013/04/08/j-c-penney-firing-c e o-johnson-was-probably-easy-his-exit-package-is-tiny/

That is surprisingly (relatively) small. One bright spot, I suppose.
 
2013-05-02 12:04:48 AM
You do know CEO pay is set by having one big circlejerk with the other CEOs right?
 
2013-05-02 12:08:09 AM
Most of these like JC Penney is not deserved. The Executives are running the company into the ground and farking the employees in the process. (as well as the stockholders). But Oracle gives it's employees a living wage and they're doing fine (despite Ellison being a freaked out germaphobe)
 
2013-05-02 12:10:08 AM
What's really depressing is that all of the press releases and comments defend the CEO benefits and compensation, not the appallingly low average (that's average remember, many make much less than that) worker pay for many of these companies, particularly in the retail and restaurant sector.

Everything is about the stockholder's, and CEO's, with their 8-figure pay packages (necessary to retain top talent, of course), these people are considered investments.  The average line-worker, however, is an expense, person non grata, not even worthy of a basic health plan or a living wage.
 
2013-05-02 12:11:29 AM
The only solution is tax cuts for the rich
 
2013-05-02 12:41:11 AM
When an employee screws up, he loses his job. When a CEO screws up, hundreds of employees lose their jobs. I'd say that being burdened with that kind of responsibility would be worth a significant amount of money.
 
2013-05-02 12:42:02 AM

Benevolent Misanthrope: Nope, his parachute is relatively small. Just under $150K.


I7d take that.
 
2013-05-02 12:42:26 AM
God bless these noble job creators, tirelessly working 14,360-hour days so us lazy moochers can have refrigerators.
 
2013-05-02 12:42:32 AM

Notabunny: The only solution is tax cuts for the rich


Well,of course. If we as a nation stopped opressing these wonderful job producers, these last few economic crises would not have been of the same severity. After all, everyone must pay his fair share.
 
2013-05-02 12:43:38 AM

AverageAmericanGuy: When an employee screws up, he loses his job. When a CEO screws up, hundreds of employees lose their jobs. I'd say that being burdened with that kind of responsibility would be worth a significant amount of money.


When a CEO screws up he receives a (usually massive) golden parachute
 
MFK
2013-05-02 12:44:02 AM

Fark It: What's really depressing is that all of the press releases and comments defend the CEO benefits and compensation, not the appallingly low average (that's average remember, many make much less than that) worker pay for many of these companies, particularly in the retail and restaurant sector.

Everything is about the stockholder's, and CEO's, with their 8-figure pay packages (necessary to retain top talent, of course), these people are considered investments.  The average line-worker, however, is an expense, person non grata, not even worthy of a basic health plan or a living wage.


It should also be pointed out that without all those line workers, there wouldn't be any money to shovel at some 1%er
 
2013-05-02 12:44:25 AM
I don't begrudge CEO's their exorbitant pay.

But I don't feel any sympathy for them when they're asked to pay a bit more in taxes than they do.  I don't feel sympathy when they go to Congress and ask for bailouts without taking cuts in their own pay first.  I don't feel sympathy when they can't afford their 15th house.

When CEOs are struggling to pay bills on time, to keep their fridges stocked with food, to maintain a basic living standard, THEN I'll feel some sympathy, but on that day, they won't be rich anymore either.
 
2013-05-02 12:46:44 AM
And? The CEO is worth 1795 times more. In America, we are free to go as far as are talents will take us.
 
2013-05-02 12:48:13 AM

Steak_Cake_Sause: In America, we are free to go as far as are talents will take us.


At least I know you won't be going far.
 
2013-05-02 12:48:21 AM
Hell, if I got to set my own salary I pay myself 1795:1 too.
 
MFK
2013-05-02 12:49:34 AM

Steak_Cake_Sause: And? The CEO is worth 1795 times more. In America, we are free to go as far as are talents will take us.


The CEO destroyed the company.

Just sayin'
 
2013-05-02 12:50:12 AM
Exactly.
Now tell me again how you have to lay off 1000 workers to pay for Obamacare.
 
2013-05-02 12:50:12 AM
Line them up one by one and shoot them in the head. Quick, clean. Work your way down until you get to people who are willing to be basically decent human beings instead of feudal lords. Then put all the companies into the hands of the workers.
 
2013-05-02 12:52:39 AM
It should be capped at 200x the 40-hr equivalent income of the lowest-paid employee, including stock options and bonuses.
 
2013-05-02 12:52:51 AM
How the fark are things supposed to keep functioning if the ratio of distribution of a limited resource continues to skew into absurdity?

You can argue about who deserves what for what kind of work all you like. That doesn't change the fact that the current course is unsustainable, dangerous and perverse.

A person could deserve infinite reward for a certain job. That doesn't farking mean they should have it.

What good is a reward that destroys the system that gives the reward value?
 
2013-05-02 12:53:03 AM
bloated *cough* plutocrats. blood-sucking parasites *hack hack* on the body politic

They are nothing but low-down, double-dealing, backstabbing, larcenous perverted worms! Hanging's too good for them. Burning's too good for them! They should be torn into little bitsy pieces and buried alive!
 
2013-05-02 12:53:57 AM

A Dark Evil Omen: Line them up one by one and shoot them in the head. Quick, clean. Work your way down until you get to people who are willing to be basically decent human beings instead of feudal lords. Then put all the companies into the hands of the workers.



cdn.head-fi.org
 
2013-05-02 12:54:11 AM
It's almost as if publicly traded companies are are being run for the sole benefit of the CEO and Board with no regards to the investor or long term health of the company.  It's also as if we let them run them like they actually owned the company with no repercussions.
 
2013-05-02 12:56:14 AM

xxmedium: Benevolent Misanthrope:

Nope, his parachute is relatively small.  Just under $150K.  http://www.forbes.com/sites/abrambrown/2013/04/08/j-c-penney-firing-c e o-johnson-was-probably-easy-his-exit-package-is-tiny/

That is surprisingly (relatively) small. One bright spot, I suppose.


unfortunately, he is being punished for letting Ellen degeneres be their spokesperson. This is a victory for effective and widespread homophobic grassroots campaigns. The agenda is clear, even though NPR and Adweek are sort of pretending the campaigns don't exist. But if you pay attention to the descriptions of JCP as "pro-gay" and "gay advertising" by beltway radical rightwinger campaigns, you'd have to acknowledge who has the real power, which Adweek and NPR probably don't want to do. What's really disgusting is Adweek positioning this as some kind of democratic win for consumer-driven business. Really it is just the opposite, an undemocratic flexing of prejudicial muscle and consumer-driven businesses are forced to dump their representation (and implicit advocacy) of a minority.
 
2013-05-02 12:57:57 AM

themindiswatching: You do know CEO pay is set by having one big circlejerk with the other CEOs right?


Yup.  It helps that the compensation committee who sets pay and benefits are also employees of the CEO.
 
2013-05-02 12:58:42 AM

MFK: Steak_Cake_Sause: And? The CEO is worth 1795 times more. In America, we are free to go as far as are talents will take us.

The CEO destroyed the company.

Just sayin'


Yeah, hes a talented manipulator who didnt break the law... or at least didnt get caught. A great American and rol model for the kids. ;)
 
2013-05-02 12:58:49 AM
FTFA:"We don't believe the information would be material to investors," said Tim Bartl, president of the group's advocacy arm, the Center on. Accounting for country-to-country differences in wages and benefits at global companies would be costly, time-consuming and all but impossible, he said in an interview.

First, this information might be material to investors, just like any other figure relating to cost of business found in a prospectus might be.  Second, there absolutely must be a line item in the budgets for each and every company detailing how much the executives are compensated.  It's not magic, it's not just some number randomly rolled up like a saving throw.  They go to great pains to cost out how much each sellable piece of product costs, down to the portion of worker benefits, utilities and rent for production facilities are in each piece.  They certainly know how much the CEO makes and can find out in less than a minute.

But if investors and consumers know... they might choose to invest and consume a little differently, and then they may miss their quarterly projections by a few hundredths of a percent.
 
2013-05-02 12:59:45 AM
What is my CEO:Worker pay ratio?  I do not pay my slaves a wage.
 
2013-05-02 12:59:54 AM
imageshack.us
 
2013-05-02 01:00:04 AM

Satanic_Hamster: long term health of the company


See this is a foreign concept everywhere above middle management.
 
2013-05-02 01:00:30 AM

Bennie Crabtree: xxmedium: Benevolent Misanthrope:

Nope, his parachute is relatively small.  Just under $150K.  http://www.forbes.com/sites/abrambrown/2013/04/08/j-c-penney-firing-c e o-johnson-was-probably-easy-his-exit-package-is-tiny/

That is surprisingly (relatively) small. One bright spot, I suppose.

unfortunately, he is being punished for letting Ellen degeneres be their spokesperson. This is a victory for effective and widespread homophobic grassroots campaigns. The agenda is clear, even though NPR and Adweek are sort of pretending the campaigns don't exist. But if you pay attention to the descriptions of JCP as "pro-gay" and "gay advertising" by beltway radical rightwinger campaigns, you'd have to acknowledge who has the real power, which Adweek and NPR probably don't want to do. What's really disgusting is Adweek positioning this as some kind of democratic win for consumer-driven business. Really it is just the opposite, an undemocratic flexing of prejudicial muscle and consumer-driven businesses are forced to dump their representation (and implicit advocacy) of a minority.


He's being punished for his stupid ass strategy of "low prices everyday". People like to think they're getting a deal. If you just advertise "we have low prices" you aren't enticed people to your stores. Macy's does sales and 20% off and customer rewards programs out the ass. They might be a little more expensive on the rare occasion you don't have a coupon but there isn't a sale going on but that drives people to the stores and builds loyalty. His plan was stupid, it failed, he's being punished.

Wife sells a bunch of her company's lines to JCP and was really pissed when they came out with that initiative. JCP sales of their products tanked (along with all the other shiat JCP sells)
 
2013-05-02 01:00:55 AM

AverageAmericanGuy: When an employee screws up, he loses his job. When a CEO screws up, hundreds of employees lose their jobs. I'd say that being burdened with that kind of responsibility would be worth a significant amount of money.


I'm sure all that money comforts the guilt as hundreds of employees lose their jobs BUT HE DOESN'T.CEOs make decisions that drive the company into the ground and they STILL get paid millions and keep their jobs.It should also be pointed out that without all those line workers, there wouldn't be any money to shovel at some 1%erSomething companies like walmart are starting to discover as they no longer have enough people to stock their shelves, plan to lay off more and then wonder why sales are dropping. Hint: If you don't have any workers, no work is done and there are no sales to pay management bonuses.
 
2013-05-02 01:01:37 AM
We cannot afford these people.  They are parasites that are slowly killing the host.
 
2013-05-02 01:02:13 AM
I'm still waiting for someone to explain how taxing the CEO's salary would take away jobs.
 
2013-05-02 01:02:15 AM
It's really rather sad that a common response to justify the discrepancy seems to be along the lines of 'well, we're paying at or above market value for our employees'

That's just restating the problem.
 
2013-05-02 01:02:18 AM

Fark It: Everything is about the stockholder's, and CEO's, with their 8-figure pay packages (necessary to retain top talent, of course), these people are considered investments.  The average line-worker, however, is an expense, person non grata, not even worthy of a basic health plan or a living wage.


The CEO can, possibly, make the company millions.  Or, then can at least make their other CEO friends that much when they vote for THEIR raises.   The line worker, OTOH, can make the company (and only the company), what,hundreds?  MAYBE thousands?

That makes the CEO thousands of times more important than the line workers.

Heck, a CEO can, if they're good, feasibly make more money by firing all the line workers than the workers are worth in labor!

And you know what you are if you are worth more to the company when you are gone?  A parasite, that's what.
 
2013-05-02 01:04:10 AM

GhostFish: How the fark are things supposed to keep functioning if the ratio of distribution of a limited resource continues to skew into absurdity?


Simple.  Invest in Bulgari.  Or similar brands that rich people consume.

You ... do belong to the investor class, and not the labor class, of course?
 
2013-05-02 01:04:32 AM
Bah! Now with formatting. I should learn to preview.

When an employee screws up, he loses his job. When a CEO screws up, hundreds of employees lose their jobs. I'd say that being burdened with that kind of responsibility would be worth a significant amount of money.

I'm sure all that money comforts the guilt as hundreds of employees lose their jobs BUT HE DOESN'T.CEOs make decisions that drive the company into the ground and they STILL get paid millions and keep their jobs.

It should also be pointed out that without all those line workers, there wouldn't be any money to shovel at some 1%er

Something companies like walmart are starting to discover as they no longer have enough people to stock their shelves, plan to lay off more and then wonder why sales are dropping. Hint: If you don't have any workers, no work is done and there are no sales to pay management bonuses.
 
2013-05-02 01:04:52 AM

Because People in power are Stupid: But Oracle gives it's employees a living wage and they're doing fine (despite Ellison being a freaked out germaphobe)


Oracle is a high-tech software company.  They manufacture nothing in the physical world, so their lowest-paid employees are likely the janitorial staff.

That said, It's hard to get angry at Elision when his workers are making an average of $72K/year
 
2013-05-02 01:05:18 AM
It's been my experience that the guys at the bottom work the hardest and are paid the least. The guys in the middle are paid enough to be scared to speak up. And the guys at the top are paid so much that they don't care about anyone below.
 
2013-05-02 01:05:28 AM

Bennie Crabtree: This is a victory for effective and widespread homophobic grassroots campaigns.


lol
 
2013-05-02 01:06:42 AM

Aquapope: But if investors and consumers know... they might choose to invest and consume a little differently, and then they may miss their quarterly projections by a few hundredths of a percent.


I think the point is that investors would rather meet quarterly projections than putz around with politcs. When it comes to social justice, the 1% create charitable foundations that the women Chair (I shiat you not, there is very little economics research on the gendered nature of nonprofit leadership, and nonprofit family affiliation, but the literature that is out there is freaky). Meanwhile the men handle investments, and politics doesn't enter into it. I think that's the real meaning of the adage that friendships based on business work fine, while businesses based on friendship are failures. You don't invest with people who share your politics if you are in the 1%. If success is measured in money then you work toward money. Let the nonprofit sector (tax shelters and family dynasties) deal with the antipoverty programs.
 
2013-05-02 01:07:04 AM
before the upper management of the mighty Milwaukee Road railroad double-cooked the books to run the railroad into the ground to sell off all the assets this country owned an all electric railroad line from Tacoma-Seattle right through Chicago that produced its own power via hydroelectric.

can you imagine what a money making green bonanza that would be today? but, no, they killed it dead. to line their own greasy pockets.

or,

t.qkme.me
 
2013-05-02 01:07:39 AM
this country had, I should say.
 
2013-05-02 01:08:55 AM

Bashar and Asma's Infinite Playlist: It's been my experience that the guys at the bottom work the hardest and are paid the least. The guys in the middle are paid enough to be scared to speak up. And the guys at the top are paid so much that they don't care about anyone below.


Yeah, this is pretty much it.
 
2013-05-02 01:09:30 AM
Before some simpering fool come in here white-knighting these corporate asshole (who ain't gonna fark you anyway), let's lay out the deal here:
Most of us don't give a rolling rat's ass how much the CEO gets. This issue is not about having the CEOs get less, it's about making sure the people who make them rich (the employees) get more.
 
2013-05-02 01:10:58 AM

themindiswatching: You do know CEO pay is set by having one big circlejerk with the other CEOs right?


On the surface yes, but it runs a little deeper than that. The reason CEO pay is so high here as compared to the rest of the world is that they feel entitled to it. This entitlement comes from what other CEOs are making. They are basically saying CEO X gets this much and I should be compensated that much as well, and the board gives it to them because most of them are CxOs themselves. Ain't groupthink grand?

I used to think that the board would pay the CEO as least as possible, not anymore because what I was seeing and what happened just didn't make any sense to me. If you run a company to the ground you should not be rewarded for it, yet we are seeing it. The groupthink among CEOs is horrendous that it borderlines psychosis.
 
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