[Not the Onion] For those who complain that CEO salaries are too high...
[Not the Onion] For those who complain that CEO salaries are too high...
https://xcancel.com/DrCraigEverett/status/1864509466001199301#m
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Call me Craig, not Dr. Everett. Finance prof @ Pepperdine Graziadio Business School. Exec Director of Most Fundable Companies List and Private Capital Mkts Proj
Murdering one CEO is evil but denying claims leading to hundreds of thousands of preventable deaths is just good business sense. Normal country
Mark Twain "two reigns of terror" quote goes here
There were two “Reigns of Terror,” if we would but remember it and consider it; the one wrought murder in hot passion, the other in heartless cold blood; the one lasted mere months, the other had lasted a thousand years; the one inflicted death upon ten thousand persons, the other upon a hundred millions; but our shudders are all for the “horrors” of the minor Terror, the momentary Terror, so to speak; whereas, what is the horror of swift death by the axe, compared with lifelong death from hunger, cold, insult, cruelty, and heart-break? What is swift death by lightning compared with death by slow fire at the stake? A city cemetery could contain the coffins filled by that brief Terror which we have all been so diligently taught to shiver at and mourn over; but all France could hardly contain the coffins filled by that older and real Terror —that unspeakably bitter and awful Terror which none of us has been taught to see in its vastness or pity as it deserves.
I think about that quote every single day
Healthcare insurance is one of the industries where it is literally in the company's best financial interests to NOT do what they are paid to do
And that will lead to people dying
And in every other industry, financial interests are still paramount, with the product or service being an incidental mechanism to support those interests
So you compare a country to what it came from, with all its imperfections... and those who demand instant perfection, the day after the revolution they get up and say "are there civil liberties for the fascists?? Do they get to have their newspapers and their radio programmes? Are they gonna be able to keep all their farms?"
The passion that some of our liberals feel the day after the revolution - the passion and concern they feel for the fascists, the civil rights and civil liberties of those fascists - who were dumping and destroying and murdering people before.
My criteria is— what happens to those people that couldn't read? What happens to those babies that couldn't eat, that died of hunger? See that's why I support revolution. The revolution that feeds the children gets my support.
—Michael Parenti
he's seriously the GOAT. Thanks for sharing this
What fucking risk? The salaries are so high anyone can comfortably live with a years ceo pay for years.
What about the risk of the average laborer? The one that can be laid off on any whim and who has no resources to fall back on.
What fucking risk?
Well I can at least think of one risk now
I dated a girl whose father was very wealthy official in a country that was dealing with ISIS (they emigrated to the US to escape terrorism). Her dad put kidnapping insurance on her.
As inequality rises, these risks will become higher and higher and there will be fewer places to run.
The bourgeoise do not have a sense of self preservation; they will do anything but improve standards of living.
This will come back to bite them.
Literally saying "salaries had to go up because breaking the law is part of the job and now there's a slight risk that you may, in a miniscule number of cases, get caught and actually face consequences for your crimes"
Let's tell all the CEOs that their income will go up if they start killing other CEOs!
Battle Royal CEOs is a movie waiting to be made.
"You may be wondering why you have been brought to this location. In front of you i-"
Thirty CEOs scramble for the pile of weapons in the center of the room, immediately trying to extract each other's blood and organs for sale. The speech giver shakes their head in disgust, bolting the door on the way out.
it is important to understand that executive compensation is not only tied to performance, but also to risk.
Oh fuck off. What fucking risk? A CEO could completely tank a company and have a Golden Parachute waiting for them once the board gets tired of them. Jail for "mistakes they don't know about"? How many CEOs are in jail in America? Even then, they'd get put in cushy, minimum security prisons.
How many CEOs are in jail in America?
That's a great question. My wild guess is that about once a decade an insanely wealthy CEO goes to prison. Is that wildly wrong and way too optimistic?
Even then, they'd get put in cushy, minimum security prisons.
Being that the defendant as no criminal record...
They might as well say "Being that the defendant is in the 1% of the 1%..."
It's a bit off-topic but actress Felicity Huffman was involved in an SAT scandal where she was clearly guilty. The entire thing made me laugh She ended up in the "slammer" for 10 days. In other words - she went to a country club prison. I googled it and I learned the place even had a piano. Her husband William H. Macy never even faced charges.
Varsity Blues scandal - Wikipedia
I love the final sentence of the section. You can see that she really learned from her experience.In a November 2023 interview with KABC-TV, Huffman broke her silence on the Varsity Blues scandal for the first time, saying "It felt like I would be a bad mother if I didn't do it."
Varsity Blues scandal
Main article: Varsity Blues scandal
Huffman was among dozens charged by the U.S. Attorney's Office on March 12, 2019, in a nationwide college entrance exam cheating scandal. Prosecutors alleged that Huffman's $15,000 donation to the Key Worldwide Foundation, ostensibly a charitable contribution, was in fact payment to someone who posed as Huffman's daughter Sophia to take the SAT, receiving a score that showed significant improvement over Sophia's score on the Preliminary SAT (PSAT).
Huffman was arrested at her California home on March 12 by FBI agents and IRS agents and charged with conspiracy to commit mail fraud and honest services fraud. She appeared on March 13 in Los Angeles Federal Court, where federal agents took her passport and the court released her on $250,000 bail. At her court appearance in Boston on April 3, she acknowledged her rights, charges and maximum possible penalties then waived a pretrial hearing, signed conditions of her release and was allowed to leave.
On April 8, she agreed to plead guilty to one count of conspiracy to commit mail fraud and honest services mail fraud. Huffman formally pleaded guilty to honest services fraud on May 13 and to federal charges for paying $15,000 to have a proctor correct SAT questions answered incorrectly by her daughter. On September 13, she was sentenced to 14 days in jail and one year of supervised release, fined $30,000 and ordered to do 250 hours of community service.
She reported to the Federal Correctional Institution in Dublin, California on October 15 to begin her sentence. She was released on October 25, two days early, because October 27 fell on a weekend. As of October 2020, when Huffman completed her full sentence, no charges have been filed against her husband and Sophia's father, actor and director William H. Macy.
Someone replied to him asking how many CEOs have gone to jail under the very law he cited and he just straight up said I dunno, I haven't heard of any.
Never mind the fact that if job pay was linked to risk (including getting killed) pizza deliver people would be out here getting $10m worth of stock options in Domino's.
Just completely unthinking tripe dressed up as economic insight.
Not to mention, once you make it to that tier, getting fired isn't the end of the road
Do you know how many failed CEOs get to keep failing as a CEO or CFO elsewhere after? Just do some digging on your current one, odds are good they got canned at some point prior to 'working' at your company
The "risk" that the executives will become working class and have to get a normal job. The horror!
yea thats what they all did in 2008
Hey, you might become the 1 in 10000 who get scapegoated like Madoff (still have to touch rich people money though)
Oh no! They might go to jail??? Dang, that's so messed up! I guess it's actually okay that they capsize wheelchairs out from underneath an endless stream of sick and dying human beings. Please, give them MORE money!!
What especially pisses me off about this take is that I am a test engineer for safety software. I sign documents saying that the software I test is safe to use. If it kills someone and I signed off on it, my ass is going to jail. I am upper middle class at best being single; I could not afford a stay at home wife and kids with my student loans.
If you don't have time to read fucking paperwork that can put you in jail, either your priorities are fucked or the industry you have has fucked priorities. Zero excuse.
This is what I hate about management consultants that eventually become CEO's like this. They lie like we breathe and are rent seeking vampires. They spend more time sabotaging each other than getting shit done.
Blue checkmarks, it's time to make up your minds
Either CEO are smol beans who don't share any responsibility for all the fucked up shit the company they work for does, or they are paid high salaries to take on the risks and responsibilities for the aforementioned fucked up shit
Schrödingers CEO.
And how many CEOs have gone to jail over inaccuracies in their SEC filings, Craig?
Well, in theory...
So you're saying we must increase assassination attempts against CEOs, to justify their salaries? Okay
If you do the numbers a ceo is now more likely to get shot in the line of duty than a cop. I would have to look up the number of ceos to be sure but it might be almost as dangerous as food service per capida now
And yet it is still not nearly high enough.
It's not even the salaries and cash so much as the equity and stock options they get their real power from. It's pretty rare even at megacorporations for the salary component of their compensation to be higher than US$2m per year. The most money you should end up with at the end of 40 years of labor is like US$80m and that's if you're a CEO from like age 25-65. Where are all these mega-rich billionaires coming from (it's the equity).
US$2m is still very high, but if you abolish equity and private investment they can't do much with it anyway. We could see how that plays out and make further adjustments as needed.
Lower a CEOs salary with one simple trick
Actuaries hate him!
I'm completely cool with this if it means that CEOs regularly go to jail for all the crimes their companies are doings.
being a CEO should already be a crime, just like owning stocks. just send them all to jail.
So under his theory, this prick got shot by some other CEO to drive up CEO compensation? I wonder who could have a motive....
I guess they didn’t teach him what the word “inure” means before awarding him a phd and a professorship.
I didn't believe this shit in 7th grade when my political science teacher spouted it, good luck making me believe it now!
It's so funny to be a business professor. Too inept to hack it in the actual business business eh? This is the very definition of the most useless people. Taking 4 years to learn that, if price of good go up, number of sales go down. Drivel.
You can hire me. I'll take the money and not get assassinated by simply not being a total piece of shit.