Wall Street CEO's severance packages (Full Version)

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Vendaval -> Wall Street CEO's severance packages (9/26/2008 2:26:58 AM)

Just in case you folks were not already angry and frustrated enough, check out the severance packages for the CEO's who fled the scene before the big collapse.  Wonder what banks they are using to stash their cash? 
*emphasis mine


"CEO's who got out before crisis left with millions"

By RACHEL BECK and ELLEN SIMON, AP Business Writers
Thu Sep 25, 5:55 PM ET

"NEW YORK - With a Wall Street bailout looming that will almost certainly limit CEO pay, some of the poster boys of the financial crisis have already fled the scene, taking millions of dollars in severance packages with them.

Stanley O'Neal walked away from Merrill Lynch with a package now worth about $66 million. Less than a year later, the storied investment house was forced into a takeover by Bank of America.

Ken Thompson was ousted from Wachovia in June with a "golden parachute" now worth more than $5 million, and Chuck Prince was forced out at Citigroup with a parting gift now valued at $16 million."

http://news.yahoo.com/s/ap/20080925/ap_on_bi_ge/bailout_ceo_pay;_ylt=Akhw2G0lCMGZCuGT2eMNpr8DW7oF



LadyEllen -> RE: Wall Street CEO's severance packages (9/26/2008 2:56:22 AM)

If there has been negligence on their parts that led to the loss in value for the shareholders then there must follow litigation against them surely? They are paid highly at least in part because they are meant to take responsibility for the conduct of their juniors and keep them under control - which means that whoever did the deeds, the person at the top is ultimately liable, just as he/she is also taken to be responsible and hence deserving of large bonus when things go well.

The deafening silence on criminal or civil prosecutions over all this is interesting.

E



LaTigresse -> RE: Wall Street CEO's severance packages (9/26/2008 4:40:21 AM)

That's because they ALL had their hands in the proverbial cookie jar.

Can you smell the fear in the air......



pahunkboy -> RE: Wall Street CEO's severance packages (9/26/2008 6:00:53 AM)

I was against reparations to blacks.
.................But if we bail out the suits...  what the heck!  

I used to tell my mom we were eating her house.  She would use visa card to buy snacks..  later w/o my knowlege consolidated to a lien on her house!!!!



slvemike4u -> RE: Wall Street CEO's severance packages (9/26/2008 7:43:59 AM)

Read somewhere CEO compensation in the 50's was 35x the working mans salary.....that difference today is closer to 350x....



kittinSol -> RE: Wall Street CEO's severance packages (9/26/2008 8:21:22 AM)

All their hands are up for their pound of flesh.



Vendaval -> RE: Wall Street CEO's severance packages (9/26/2008 8:57:57 AM)

And this is a major reason for the anger, outrage and suspicion.  The people responsible will not be held accountable but the whole of the American taxpayers will be paying for the mistakes made at the top.


quote:

ORIGINAL: LadyEllen
The deafening silence on criminal or civil prosecutions over all this is interesting.

E



pahunkboy -> RE: Wall Street CEO's severance packages (9/26/2008 11:09:59 AM)

shhhhhhhhhhhhhhh!


not when Brittany, Michael, or blah blah blah



bipolarber -> RE: Wall Street CEO's severance packages (9/26/2008 1:07:43 PM)

Those would be the Swiss banks, OP.



Vendaval -> RE: Wall Street CEO's severance packages (9/26/2008 2:39:31 PM)

I was betting on Switzerland or Liechtenstein.

http://www.taxhavenco.com/liechtenstein.html



Politesub53 -> RE: Wall Street CEO's severance packages (9/26/2008 3:20:17 PM)

quote:

ORIGINAL: LadyEllen

The deafening silence on criminal or civil prosecutions over all this is interesting.

E


Welcome back lady E.

I have read several reports that the FBi have launched investigations. The problem they face is the complexity of the issues.

http://www.guardian.co.uk/business/2008/sep/24/wallstreet.freddiemacandfanniemae



popeye1250 -> RE: Wall Street CEO's severance packages (9/26/2008 3:38:40 PM)

And some people complain if a working stiff makes $40 an hour!
Working people *should* be making $30-$40 an hour by now!



LookieNoNookie -> RE: Wall Street CEO's severance packages (9/26/2008 3:40:13 PM)

quote:

ORIGINAL: popeye1250

And some people complain if a working stiff makes $40 an hour!
Working people *should* be making $30-$40 an hour by now!


You're absolutely right Popeye, unfortunately most people aren't willing to invest in themselves enough to get there.

(The ones that do...make that and more).



TheUtopian -> RE: Wall Street CEO's severance packages (9/26/2008 7:58:33 PM)

quote:

ORIGINAL: Vendaval

Just in case you folks were not already angry and frustrated enough, check out the severance packages for the CEO's who fled the scene before the big collapse.  Wonder what banks they are using to stash their cash? 
*emphasis mine


"CEO's who got out before crisis left with millions"

By RACHEL BECK and ELLEN SIMON, AP Business Writers
Thu Sep 25, 5:55 PM ET

"NEW YORK - With a Wall Street bailout looming that will almost certainly limit CEO pay, some of the poster boys of the financial crisis have already fled the scene, taking millions of dollars in severance packages with them.

Stanley O'Neal walked away from Merrill Lynch with a package now worth about $66 million. Less than a year later, the storied investment house was forced into a takeover by Bank of America.

Ken Thompson was ousted from Wachovia in June with a "golden parachute" now worth more than $5 million, and Chuck Prince was forced out at Citigroup with a parting gift now valued at $16 million."

http://news.yahoo.com/s/ap/20080925/ap_on_bi_ge/bailout_ceo_pay;_ylt=Akhw2G0lCMGZCuGT2eMNpr8DW7oF



I'll tell you what really kills me about this more than anything - All the people who complain about the compensation professional athletes receive. Hell....at least they're talented as far as strength, quickness, agility, mental/physical toughness, athleticism, endurance, good looks, etc.

These crappy CEO's are either scrawny or pot-bellied, ugly MF's. I mean take for example this hump Paulson : Seriously....what woman would be attracted to a dude with head that big? It looks like a pair of shoulders with a suit draped over it, with a busted grape of top with no hair. Talk about a Mr. Potato head.....damn.





- R



MrRodgers -> RE: Wall Street CEO's severance packages (9/26/2008 8:45:29 PM)

quote:

ORIGINAL: LadyEllen

If there has been negligence on their parts that led to the loss in value for the shareholders then there must follow litigation against them surely? They are paid highly at least in part because they are meant to take responsibility for the conduct of their juniors and keep them under control - which means that whoever did the deeds, the person at the top is ultimately liable, just as he/she is also taken to be responsible and hence deserving of large bonus when things go well.

The deafening silence on criminal or civil prosecutions over all this is interesting.

E

You are absolutely correct BUT what we are seeing now IS/WAS capitalism. While the numbers are prima facie immoral, the whole idea was to create law to allow this very behavior of creating new paper and for the purposes of their speculation, paper-trading and with our money. It IS our 401K's and pension funds that is the piggy bank they use to wager at the casino of wall street.

As a result...unless their is compelling evidence of outright fraud...they will ALL get to keep it ALL. There will be little if ANY legal action against any of the principles that created this whole meltdown. We may see some civil cases which will have to be based on the fund managers and holding co. manageres on the very subjective interpretation of 'fudiciary responsiblities.'

The principles that cooked the books (2005-07) at Fannie and Freddie were sued for recovery to little or no avail. There may even be a couple of successes but settlement will be a fraction of these amounts and only after a very likely several years of appeals.



MrRodgers -> RE: Wall Street CEO's severance packages (9/26/2008 9:02:06 PM)

quote:

ORIGINAL: popeye1250

And some people complain if a working stiff makes $40 an hour!
Working people *should* be making $30-$40 an hour by now!

I have always thought that 'minimum wage' of a tradesperson, i.e. plumber, carpenter, technician, brick layer should be $25/hr. More after a good track record has been established.



TNstepsout -> RE: Wall Street CEO's severance packages (9/26/2008 9:09:53 PM)

quote:

ORIGINAL: Politesub53

I have read several reports that the FBi have launched investigations. The problem they face is the complexity of the issues.

http://www.guardian.co.uk/business/2008/sep/24/wallstreet.freddiemacandfanniemae


The problem is they may not have broken any laws. Just because it was completely unethical and irresponsible doesn't mean it was illegal. We sure need some tighter regs on this stuff but until we get them, this investigation might just be for show.



pahunkboy -> RE: Wall Street CEO's severance packages (9/26/2008 9:59:23 PM)

-- then they shall all commit suicide overnight,



popeye1250 -> RE: Wall Street CEO's severance packages (9/26/2008 11:41:18 PM)

quote:

ORIGINAL: MrRodgers

quote:

ORIGINAL: popeye1250

And some people complain if a working stiff makes $40 an hour!
Working people *should* be making $30-$40 an hour by now!

I have always thought that 'minimum wage' of a tradesperson, i.e. plumber, carpenter, technician, brick layer should be $25/hr. More after a good track record has been established.


Tradespeople should make more than that.
If you know a plumber who works for $25 an hour let me know!



pahunkboy -> RE: Wall Street CEO's severance packages (9/27/2008 6:04:51 AM)

I have alot of respect for tradesman.  they actually WORK.//

Yes on the welcome back to Lady E., and to Polite!!!

We missed you!  Your posts are enjoyed.  I am glad you returned!!!

Smile.    :-D



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