http://www.dailyfinance.com/2012/07/06/duke-energy-ceo-severance-bill-johnson/
I just hope that he is getting a tax break on this. If the taxes are too high, where are we going to find someone willing to be a CEO for a few hours?
$44.4 million for a few hours work
- Thread starter JollyRoger
- Start date
I just hope that he is getting a tax break on this. If the taxes are too high, where are we going to find someone willing to be a CEO for a few hours?
Turquoiside
Emperor
- Joined
- Jun 18, 2008
- Messages
- 1,552
We can only hope Mr. Johnson's example will be a source of inspiration for every American worker.
Kozmos
Jew Detective
I am confident we could replace CEOs with computers given time and effort.
Core Imposter
Deity
- Joined
- May 13, 2011
- Messages
- 4,584
I don't know the details of this but a lot of things could be going on. When people make profitable deals they get paid, and deserve to.
Sometimes people get paid for lost future income potential as part of a deal like this.
Nevertheless, corporate governance practices have long been out of control. I think this is a cultural problem as you see the same thing happening in local government. While salaries and compensation of elected officials still remains in the spotlight and thus is constrained, bureaucrats such as city managers use the same processes to knock down huge salaries.
They use the method of comparison to others in similar jobs, creating a friendly committee to study what other like organizations are paying and use this information to justify ever higher numbers. "We want the best out of our guys, if we expect top performance, we have to pay top dollar." This has led to a spiral without end. And it is made possible because its somebody else's money.
In the corporate world, its pretty much the same thinking, again, the shareholders whose money it is really have no voice.
People on the left say its capitalism gone wild, on the right we tend to say, "omg, socialist elites gone wild", but I really think it is a moral issue that has to be, as is, being tried by the entire society.
I believe we are in a depression, many, if not most, disagree, but the point is that there is always a silver lining to hard times. People, when faced the consequences of immoral behavior tend to self-correct as individuals and society shifts its values away from the self centeredness a little.
Its a process and will take time to play out.
Sometimes people get paid for lost future income potential as part of a deal like this.
Nevertheless, corporate governance practices have long been out of control. I think this is a cultural problem as you see the same thing happening in local government. While salaries and compensation of elected officials still remains in the spotlight and thus is constrained, bureaucrats such as city managers use the same processes to knock down huge salaries.
They use the method of comparison to others in similar jobs, creating a friendly committee to study what other like organizations are paying and use this information to justify ever higher numbers. "We want the best out of our guys, if we expect top performance, we have to pay top dollar." This has led to a spiral without end. And it is made possible because its somebody else's money.
In the corporate world, its pretty much the same thinking, again, the shareholders whose money it is really have no voice.
People on the left say its capitalism gone wild, on the right we tend to say, "omg, socialist elites gone wild", but I really think it is a moral issue that has to be, as is, being tried by the entire society.
I believe we are in a depression, many, if not most, disagree, but the point is that there is always a silver lining to hard times. People, when faced the consequences of immoral behavior tend to self-correct as individuals and society shifts its values away from the self centeredness a little.
Its a process and will take time to play out.
Core Imposter
Deity
- Joined
- May 13, 2011
- Messages
- 4,584
Jim Rogers.
I just read an article about this that seems to be saying this is a case of corporate backstabbing as Rogers has elbowed Johnson out.
Or something like that. This was the merger of two enities with two competing big dawgs agreeing for the regulators to share responsibilites to get the deal approved, and then one day later one pays off the other, almost certainly as a prearranged deal. So Johnson gets paid off and Rogers gets to run the new company.
Work the system boys, work it.
I just read an article about this that seems to be saying this is a case of corporate backstabbing as Rogers has elbowed Johnson out.
Or something like that. This was the merger of two enities with two competing big dawgs agreeing for the regulators to share responsibilites to get the deal approved, and then one day later one pays off the other, almost certainly as a prearranged deal. So Johnson gets paid off and Rogers gets to run the new company.
Work the system boys, work it.
Core Imposter
Deity
- Joined
- May 13, 2011
- Messages
- 4,584
Why are you folks talking about this peanut when there is a major black swan scandal, Libor, just revealed?
JohnRM
Don't make me destroy you
Why are you posting three times in a row?
innonimatu
the resident Cassandra
- Joined
- Dec 4, 2006
- Messages
- 15,090
And people still still fall for that old lie that shareholders control corporations?
Lord Gay
Emperor
Some people just get more than others John, deal with it. Don't be jealous of Cooper having three posts, be glad you live in a country where you get one. Or are you one of those sicko socialists who feels Cooper must give up one of his posts to you?
/s
/s
NedimNapoleon
Weird Little Human
He should get taxed at least 90% (he'll be left with almost 5 million, does he need more). Its for the greater good of society.
- Joined
- Mar 31, 2008
- Messages
- 14,926
Apparently, if his taxes are lower, he'll invest into industry which'll create jobs for people which is why there are more jobs than workers at the moment.
NedimNapoleon
Weird Little Human
And the government can do the same thing.
bestrfcplayer
Steppin' up!
Even 90% is too low. 95% would be enough. He'd be getting 1.8million.
- Joined
- Mar 31, 2008
- Messages
- 14,926
THAT'S SOCIALISM.
And therefore evil. Any socialist program is evil.
You're lucky you live in Bosnia or I would report you to the HUAC.
NedimNapoleon
Weird Little Human
Agreed
Bah, get the CIA to kidnap me, but I have friends in the KGB and OZNA
amadeus
burning out his fuse out here alone
So he gets 10% for a few hours of work and the government gets 90% for zero?
FriendlyFire
Codex WMDicanious
Capitalism works.
IdiotsOpposite
Boom, headshot.
Who protects his wealth again?
Turquoiside
Emperor
- Joined
- Jun 18, 2008
- Messages
- 1,552
Exactly. It's downright unfair to punish him just because it takes 27 average Americans an entire lifetime to make as much money as his talents can produce in a matter of days.
So far, everybody is comfortably ignoring the fact that he didn't get this money just for "few hours work". He was also CEO of one of the merged companies before merger. The article does not mention for how long he worked there.
Similar threads
