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(The New York Times)   Caterpillar CEO (whose compensation has increased more than 80 percent over the last two years) on issuing a worker pay-freeze: "I always try to communicate to our people that we can never make enough money. We can never make enough profit"   (nytimes.com ) divider line
    More: Hero, caterpillars, executive directors, incomes policy, executive compensation, minimum wages, wages  
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4423 clicks; posted to Business » on 29 Jul 2013 at 9:58 AM (3 years ago)   |   Favorite    |   share:  Share on Twitter share via Email Share on Facebook   more»



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2013-07-29 10:01:44 AM  
If only there were some large earth moving equipment one could use to put this guy in his place
 
2013-07-29 10:07:26 AM  
Like all CEOs, he deserves to be hung well
 
2013-07-29 10:09:51 AM  
I hate this class warfare BS, the sooner I get out of the labor pool the better. It's a fight I don't want to fight.

/selling a side business to fund another, larger, venture
//8%'er working to 1%'er in 3-5 years
 
2013-07-29 10:11:48 AM  
As a stockholder I agree.
 
2013-07-29 10:12:48 AM  

Lost Thought 00: Like all CEOs, he deserves to be hung well


Having micropenises would explain a lot about who they are.
 
2013-07-29 10:15:36 AM  
We need a law like Japan or some such that CEO pay can only be 20x the lowest worker's pay, including subcontractors (no getting out of counting your janitor just because you hired another company to do it).

/stockholder as well, this needs to stop so these guys don't run the economy into the ground
//if you don't pay your employees, who will your customers be?
 
2013-07-29 10:16:23 AM  
It's too bad that greed doesn't cause ass cancer.
 
2013-07-29 10:17:03 AM  
This just in; Unskilled workers want to be paid like skilled workers.
 
2013-07-29 10:17:32 AM  
Until people that put their money to work are taxed at the same rate as people that work for money, youre going to have class warfare.
 
2013-07-29 10:18:40 AM  

I read fark for the pics: This just in; Unskilled workers want to be paid like skilled workers.


This just in, no one should be paid less than a living wage, you farking asshole.  The MINIMUM value a human being has through their labor should be enough to provide a minimum standard of life.
 
2013-07-29 10:20:06 AM  

I read fark for the pics: This just in; Unskilled workers want to be paid like skilled workers.


That's the problem. There's more labor than there are jobs so it's either work for $9/hr or be replaced by someone who will.
 
2013-07-29 10:22:51 AM  

I read fark for the pics: This just in; Unskilled workers want to be paid like skilled workers.


Because it takes no skill to assemble heavy machinery?
 
2013-07-29 10:23:45 AM  

Saiga410: As a stockholder I agree.


Gah!  Sell.  With the BRIC slowdown you'd be an idiot to stay in this stock.  You're already down 20% in six months.
 
2013-07-29 10:24:41 AM  

Lexx: I read fark for the pics: This just in; Unskilled workers want to be paid like skilled workers.

This just in, no one should be paid less than a living wage, you farking asshole.  The MINIMUM value a human being has through their labor should be enough to provide a minimum standard of life.


Also, it's more like "unskilled workers want to have the opportunity to be paid like skilled workers." Kinda hard when no one is doing any training anymore, the employed are mostly near-retirees who are held onto because of their experience and entry-level dipshiats who don't know a transmission from a hole in the ground (of which I'm sort of a member, so don't take that as a get off my lawn speech).

I kinda of like the idea of a bare minimum pension. Everybody gets x amount to life with. Want more? Work. But yeah, trying to get the taxes to go through to pay for that wouldn't be possible in todays climate. Will have to happen eventually though, otherwise what do you do when humans don't really need to work? Star Trek had the optimistic view. I think we're living the dystopian version.

/glad to be out of the workforce now, but it's been a damn hard road getting to this point. Only now are people starting to realize I was right, even though most of my friends and family came down on me hard for my decision.
 
2013-07-29 10:26:00 AM  
As long as the stock market is the sole determiner of a company's worth and primary source of income for company executives, it will always be this way.

And people wonder why the quality of american goods has been going in the dumper over the past 3 decades... it's no longer about producing a product that will actually sell on its own.
 
2013-07-29 10:27:11 AM  

Peki: We need a law like Japan or some such that CEO pay can only be 20x the lowest worker's pay, including subcontractors (no getting out of counting your janitor just because you hired another company to do it).

/stockholder as well, this needs to stop so these guys don't run the economy into the ground
//if you don't pay your employees, who will your customers be?


If we're talking the total value of executive compensation - including all perks - I'd be fine with a 100X cap. If your line workers are being paid $10/hr, that's just over a $2m total compensation package for your executives ($1000/hr in salary, if we aren't counting other ridiculous perks). Hell, even a 250x cap would be an improvement over what we have now.

Want more? Cough up more pay for the people earning you that income.
 
2013-07-29 10:30:49 AM  
Another striker, Karla Quezada, who has worked at the Subway inside the Ronald Reagan Building for 11 years, said that while her employer made "lots of money off of my work, I still only make $9.50 an hour."

You've made a career out of making sandwiches. What the fark do you expect?
 
2013-07-29 10:33:07 AM  

dwrash: As long as the stock market is the sole determiner of a company's worth and primary source of income for company executives, it will always be this way.

And people wonder why the quality of american goods has been going in the dumper over the past 3 decades... it's no longer about producing a product that will actually sell on its own.


It will be interesting as fewer and fewer people have pension funds or money to invest in the holy stock market (peace be upon it) and not much money to purchase the goods that these companies sell, further tanking their stock value. For awhile, the people that can still afford it will shuffle their piles of money among themselves, but that will only keep it propped up so long.

It is like we didn't learn a damn thing from the early 20th century, which is the last time we saw workers marginalized like they are now and a big concentration of wealth at the top. It didn't work out so well that time, and I don't see how it can work out any better this time around.
 
2013-07-29 10:33:20 AM  
I'm really surprised someone hasn't declared open season on these guys yet.  Their hubris and deception is so blatant it's almost painful.  I guess the bigger the lie the more people are really inclined to believe it.
 
2013-07-29 10:34:22 AM  

I read fark for the pics: This just in; Unskilled workers want to be paid like skilled workers.


This just in: skilled workers paid like unskilled workers. Story at 8.

/How about we say "fark it" and unionize?
//Cat is a pretty terrible company to work for and work with.
 
2013-07-29 10:35:17 AM  
If there's not enough money to raise the "labor" wage then why is there enough money to raise management's wage.  I say if you're a stockholder you're getting shafted.  "Labor" is at least making something besides ridiculous comments.

Of course you can make too much profit.  Once it becomes unmanageable to use for company gains or to distribute without having to avoid tax burdens you've made too much.
 
2013-07-29 10:35:21 AM  
Surely adding millions of illegal low-skilled workers into our system will fix this.  Good job, Obama!
 
2013-07-29 10:36:50 AM  

o5iiawah: Another striker, Karla Quezada, who has worked at the Subway inside the Ronald Reagan Building for 11 years, said that while her employer made "lots of money off of my work, I still only make $9.50 an hour."

You've made a career out of making sandwiches. What the fark do you expect?


If only it was legal to find a better job during that time.
 
2013-07-29 10:39:04 AM  

Stibium: I read fark for the pics: This just in; Unskilled workers want to be paid like skilled workers.

This just in: skilled workers paid like unskilled workers. Story at 8.

/How about we say "fark it" and unionize?
//Cat is a pretty terrible company to work for and work with.


I used to be rabidly anti-union, but I've really changed my tune since I've seen what happens to wages when companies go union busting--you get companies like Cat raking in billions and paying people that spend their day working on large pieces of steel hanging overhead so they can build heavy equipment for $9 an hour, while some day trader that doesn't know the difference between an backhoe and a bulldozer gets all of the benefit.
 
2013-07-29 10:40:17 AM  

Lexx: I read fark for the pics: This just in; Unskilled workers want to be paid like skilled workers.

This just in, no one should be paid less than a living wage, you farking asshole.  The MINIMUM value a human being has through their labor should be enough to provide a minimum standard of life.


The living wage is not very easily defined and quantified.   It is the economic version of actractive enough.  Given enough alone time and beer that gal with the monobrow and weighs a metric ton starts to look attractive enough.
 
2013-07-29 10:40:38 AM  
As a Cat customer, I can tell you that they do live by that motto.
 
2013-07-29 10:47:00 AM  
Considering some of their work is already done in China, I guess he just realized they still have US employees.
 
2013-07-29 10:47:08 AM  
$10 an hour after 10 years working at the McDonald's inside the National Air and Space Museum, wrote Mr. Obama to say that she did not earn enough to support her four children

Stop having farking children. WTF is wrong with these idiots?
 
2013-07-29 10:49:14 AM  

I read fark for the pics: This just in; Unskilled workers want to be paid like skilled workers.


This just in. In my experience wouldn't consider most CEOs as skilled, other than the skill (really an attribute: no soul) that enabled them to screw over people and still sleep.
 
2013-07-29 10:52:26 AM  
CEOs are scum.  That said:

Ana Salvador, who earns $10 an hour after 10 years working at the McDonald's inside the National Air and Space Museum, wrote Mr. Obama to say that she did not earn enough to support her four children, adding that her family relied on food stamps and Medicaid.

This isn't a sudden change of pay policy by McDonalds.  If you're in a job field that only nets you $10/hour after 10 years, why the fark do you have 4 children?  Kids are responsibilities, not entitlements.
 
2013-07-29 10:54:21 AM  
I was commenting on the Macdonalds and Taco Bell employees, not CAT.
 
2013-07-29 11:00:18 AM  

AngryDragon: I'm really surprised someone hasn't declared open season on these guys yet.  Their hubris and deception is so blatant it's almost painful.  I guess the bigger the lie the more people are really inclined to believe it.


But, wouldn't a certain portion of America's population first have to get over its obsession with stopping the imaginary Cadillac-drivin' welfare queen that St. Reagan told them is takin' their money?
 
2013-07-29 11:01:01 AM  
"I always try to communicate to our people that we can never make enough money. We can never make enough profit"

This is why corporations are so sleazy and unworthy of respect. No one expects you to be a money-losing enterprise, and obviously some profit is great, but when you set your sole goal to be making profit, it will never be enough.

Aim for product quality, brand recognition, customer satisfaction, and market penetration. These are all measurable goals. Meet them and the money will come. But if all you care about is profit, you'll never get anywhere and you'll destroy yourself trying.
 
2013-07-29 11:01:55 AM  

EyeballKid: AngryDragon: I'm really surprised someone hasn't declared open season on these guys yet.  Their hubris and deception is so blatant it's almost painful.  I guess the bigger the lie the more people are really inclined to believe it.

But, wouldn't a certain portion of America's population first have to get over its obsession with stopping the imaginary Cadillac-drivin' welfare queen that St. Reagan told them is takin' their money?


I wish I was poor an on welfare.  Life would be so sweet.  Those poor people have it so good.
 
2013-07-29 11:02:40 AM  
BREAKING NEWS!!! Capitalism sucks.
 
2013-07-29 11:02:52 AM  
speaking of uninon busting and caterpillare ima leave this here:

http://www.thestar.com/opinion/editorials/2012/02/06/caterpillar_giv es _ontario_harsh_lesson_in_unionbusting_by_shutting_locomotive_plant.htm l

wish i was in the market for some heavy machinery so i could call caterpiller and then say naaahh im going with the other guy who pays him employess and isnt so greedy.

sadly i already own a shovel.

www.zombie-guide.com
 
2013-07-29 11:02:53 AM  

Nemo's Brother: Surely adding millions of illegal low-skilled workers into our system will fix this.  Good job, Obama!


You know, I saw a facebook post by somebody who actually said something to the effect of "Everybody is poor and the economy is bad, Obamanation!" and they were serious.

I find reasoning like this incredibly sad. They refuse to look at the structural issues that are impacting this country and instead play stupid partisan politics.

This CAT idiot is merely one of many moronic CEO MBA idiots that trashed the economy so he could get a bigger bonus. The US is in serious trouble because of this attitude.
 
2013-07-29 11:04:33 AM  
10 years at McD's and she is now figuring out there is no money to be made there?

When the store manager drives a rusted1998 Honda it should be obvious.
 
2013-07-29 11:10:22 AM  
People wonder why there is a growing Marxist movement.
 
2013-07-29 11:10:57 AM  

All you farmers, construction firms and municipal purchasing managers know what to do.


encrypted-tbn2.gstatic.com

 
2013-07-29 11:11:17 AM  

Saiga410: As a stockholder I agree.


buzzcut73: I used to be rabidly anti-union, but I've really changed my tune since I've seen what happens to wages when companies go union busting--you get companies like Cat raking in billions and paying people that spend their day working on large pieces of steel hanging overhead so they can build heavy equipment for $9 an hour, while some day trader that doesn't know the difference between an backhoe and a bulldozer gets all of the benefit.


Yup - why should stockholders whose investments are passive be ahead of workers who invest FAR more time in the company, as well as the value they provide to both management and stock/shareholders in the "we need to get paid" line? More than excessive management/executive compensation, I think that's a wrong we need to right.

abhorrent1: Stop having farking children. WTF is wrong with these idiots?


They more likely than not live/come from "abstinence-only" sex-ed areas, or cannot find easy access to contraception/BC, or the only abortion clinic in their state must be have broom closets the size of airplane hangars and be kept between 69.2F and 69.4F (the waiting/treatment rooms must be kept between 70.1F and 70.4F) while having admitting privileges at every hospital in CONUS (as well as at least 2 VA hospitals abroad) and is located 400 miles from the population center.

We keep saying it'll help with things like this, but babbies are little blesins from th' LOOOOOORD.
 
2013-07-29 11:13:43 AM  

Everfearful: CEOs are scum.  That said:

Ana Salvador, who earns $10 an hour after 10 years working at the McDonald's inside the National Air and Space Museum, wrote Mr. Obama to say that she did not earn enough to support her four children, adding that her family relied on food stamps and Medicaid.

This isn't a sudden change of pay policy by McDonalds.  If you're in a job field that only nets you $10/hour after 10 years, why the fark do you have 4 children?  Kids are responsibilities, not entitlements.


At least I'm sure she has an easy way to access contraceptives...

// You get upset when poor people own TVs and fridges, what do you want them to do with their time?
 
2013-07-29 11:16:54 AM  

KyngNothing: Everfearful: CEOs are scum.  That said:

Ana Salvador, who earns $10 an hour after 10 years working at the McDonald's inside the National Air and Space Museum, wrote Mr. Obama to say that she did not earn enough to support her four children, adding that her family relied on food stamps and Medicaid.

This isn't a sudden change of pay policy by McDonalds.  If you're in a job field that only nets you $10/hour after 10 years, why the fark do you have 4 children?  Kids are responsibilities, not entitlements.

At least I'm sure she has an easy way to access contraceptives...

// You get upset when poor people own TVs and fridges, what do you want them to do with their time?


Furthermore, ten years ago wasn't that long ago.  That was 2003.  The job market was crapping out and there wasn't really any place else to go.  This woman probably took this job as a temporary position during this economic downturn and sadly it has lasted to this very day.  This is capitalism in crisis.  There is no upward mobility, and when the working class starts waking up to this fact it will not be pretty.
 
2013-07-29 11:28:44 AM  

FarkedOver: BREAKING NEWS!!! Capitalism sucks.


Not really, any idea created by humans can be perverted and misused.
 
2013-07-29 11:31:39 AM  

Everfearful: CEOs are scum.  That said:

Ana Salvador, who earns $10 an hour after 10 years working at the McDonald's inside the National Air and Space Museum, wrote Mr. Obama to say that she did not earn enough to support her four children, adding that her family relied on food stamps and Medicaid.

This isn't a sudden change of pay policy by McDonalds.  If you're in a job field that only nets you $10/hour after 10 years, why the fark do you have 4 children?  Kids are responsibilities, not entitlements.


Okay, so given the current situation, what are you proposing she does?  Give up one or more of her children for adoption?  Magically find a new job during an economic time when entry level jobs are as rare as unicorns?  Yes, yes, I know you think she should have made different choices years ago when she got pregnant, but she did what she did.  Now, what's the solution?
 
2013-07-29 11:33:10 AM  
You'll be happy to know that CAT is a horrendous customer as well as employer.  You bid a job for them with spec A, then they come back after bid is awarded and say, well we want all of spec A, plus B.  You hand them a change order...they laugh.  Then they don't pay you for the work you've already done until you agree to the CO for free.  You file a lien and spend the next 2 years in litigation.  They counter sue for increased material costs for the delayed work on scope A (Why yes, CAT only bids out time on jobs, they buy all their own farking material).

Only upside to the entire fiasco was that I got to watch the same thing happen to the next round of contractors who swoop in to finish scope.   Three sets of contractors...three liens.  Took three years to get paid.

Great farking company.

What kills me is they're farking over their own clients...well former clients at least.   There's a whole slew of contractors here in the Midwest that wont touch a CAT product.
 
2013-07-29 11:35:30 AM  

dwrash: As long as the stock market is the sole determiner of a company's worth and primary source of income for company executives, it will always be this way.


Cannot be said enough.
 
2013-07-29 11:38:06 AM  

bbfreak: FarkedOver: BREAKING NEWS!!! Capitalism sucks.

Not really, any idea created by humans can be perverted and misused.


So support capitalism. Got it.
 
2013-07-29 11:38:09 AM  

abrannan: Okay, so given the current situation, what are you proposing she does? Give up one or more of her children for adoption? Magically find a new job during an economic time when entry level jobs are as rare as unicorns? Yes, yes, I know you think she should have made different choices years ago when she got pregnant, but she did what she did. Now, what's the solution?


She should have been born rich.

Or at least, that's what a lot of these arguments boil down to even though that's not a solution.
 
2013-07-29 11:44:55 AM  

FarkedOver: KyngNothing: Everfearful: Furthermore, ten years ago wasn't that long ago.  That was 2003.  The job market was crapping out and there wasn't really any place else to go.  This woman probably took this job as a temporary position during this economic downturn and sadly it has lasted to this very day.  This is capitalism in crisis.  There is no upward mobility, and when the working class starts waking up to this fact it will not be pretty.


But look at her, she is part of her own problem. I agree with you that there are far too few opportunities for advancement today but she isn't helping her situation. She works at McDonald's so we know she doesn't have any marketable skills and probably isn't all that great at customer service or she'd be working at a hotel or better restaurant and she has 4 kids so we know she has to have a very flexible schedule. She brings absolutely nothing to the table when it come to advancement opportunities.
 
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