With all the layoffs why dont the CEO's take a paycuts
 

you hear about layoffs what about ceo paycuts
i never understood how a CEO can get paid so much when there stock is down and they are laying off. if you making the company money fine I understand but when your not you need to take a paycut.

Well to be fair some are taking pay cuts.

That said I figure most would understand that they are not hired on a pay for performance basis. They get hired and with that comes a written contract that covers pay, benefits and the like. Many times they also include a length of the contract as well. Now why on earth should someone void a contract when something does not go the way the other party wants? Perhaps we should apply that to all agreements and see how well business or anything else works then.

I thought most of the banks that got bailouts are taking massive paycuts. Same for automaker execs.
WG

Hitting real close to home there.... Where I live they just axed an assload of auto jobs, and another assload of companys in turn are announcing assloads of layoffs. Earlier this evening, I had a talk with my business partner in construction, and we are also being forced to look into making cuts due to all the layoffs and lost jobs in the area.

Because I am part owner, I of course make money if I go to work or not, but when I do actually go I make around an extra $15 - $30 per hour depending on the job. My partner has 2 children, so he goes every day but lately i've been going less and less because of the obviousness of the situation. We employ a small crew of 8 guys, and I dont want any of them to have to stay home cause we cant pay them. Now because of the economy, the layoffs, and the lowest new construction rate ever, I have to make the decision of either staying home and losing the hourly, plus the both of us will have to kiss bye-bye to a small portion of our 50% or we can lay off two of our crew members.

Big time ceo's should have no problem taking a paycut if a little shit like me can suck it up so two good guys can keep their jobs.......Maybe its because I know all the guys on the crew personally and I dont want to upset them or see them struggle, but damn........

pffft.... i doubt it

WG, the banks took that bailout money and started buying up smaller banks....:disgust None of that money was used for anything that would help anyone but them.


EDIT:
Hell, I see I totally either missed your point or read that wrong. Either way, whoops.......

They just dont care.

http://www.nypost.com/seven/01262009...ble_152033.htm

A FYI, not all banks took the money that was offered. We have two local banks here and when one of them took some bailout money in the form of a Government loan it made the local news. Of course they made a story of how the bailout money was coming to our area and how this bank got some. Then they also interviewed the other bank with whom I bank with myself and they said they had declined it. They said that they had ran their bank as they felt the stockholders deserved, which has left them doing very well even in todays conditions and thus they did not need the Governments money. For what it is worth, the bank that declined it did not get as much news coverage.

I heard the ceo from AIG just bought a 50million dollar house.

pay cut ftw!

That must have been a rare occurance, every bank available for one took it here. I bank with a smaller area bank, or rather community bank, who didnt take it. I wonder how much longer they'll still be a community banking institution now. Alot of the smaller banks here have already been bought up and converted into smaller branches of larger chains. shitty.

Not sure. Not sure if the small banks really ended up needing it. You pointed out your community bank did not take it. Many seemed to have ran the correct way.

I do hold some concern about the bank I use as they are a traded bank. I even own a lot of their stock. I just get worried some huge ass faceless bank who does bad business will end up trying to buy them. Pretty sure they can not be bought out outright but well it still concerns me some.

they have to work harder in a bad economy ....

I'd be concerned.......hell I am concerned. The community bank that I refer to and use as my own, is community owned. But on the darker side of the issue, my community has been losing their jobs now for the past year an a half maybe two years, hence not so much community money going in as there is out.

In my area (NE Ohio) auto jobs make up around 35-40% of all the jobs in one way or another. After yesterday I forsee a future of maybe 10-20% withing the next few months If we are damn lucky. What the hell happened? I know this is a global issue, but we seemed to be doing so good. Big business and big government seem to have fucked us big time.

Wish I was a big time ceo and could only afford the 50 million dollar house.:disgust fuckers...

fucking Ceo's buying new private jets and houses. I cant believe this bailout shit with no consequences. at least the ceo's should be fired or take a huge paycut till they make the company money

Honestly, they want to make money, why would you give away millions of dollars you could buy a few mansions or jets with

Ahhh HAHAHAHAHAHA... HAHAHA. Ahhh AHAHHAHAHAHAHAHAHHAAHAH!!!

You are too funny!

I bet you 50$ he has Bush' picture hanging on the wall in that house :winkwink:

My father worked for a international bank on wall st during the first big recession in the 70's. He said the attitude back then was if a ceo had to lay people he failed as a ceo. Wages were frozen but everyone had a job.

Shitty-ran companies...

I know a top exec of a fortune 500 company.. and all of them took massive cuts in total pay last year, and this year.

Granted, it's not a financial company :) But.. having talked with a few of the higher-ups there (everyone knows this company) - they do seem to truly care about leading the company on a direction for long-term success.

I would say however, that this type of moral/common sense/whatever you want to call it behavior is getting less and less commonplace in America. It used to be the top dogs would take the pay cuts first, before passing down the pain throughout the ranks. Now it seems like it's the opposite.

my sister in law is a dealer in a small casino. What they are doing instead of laying people off everyone is working a 4 day week. And they raised co pays on drugs like from $5 to $15 and they said if it gets worse.They will stop buying in the 401k after that before letting people go. Its very honorable and so rare.

Obviously they deserve their huge salaries and bonuses.

Just look at it this way, if a bank have a bad CEO they might get just 10 billions in bailout money, while the bank that got the top notch CEO that know how to speak for the bank might get 100 billions in bailout money.
The CEO that manage to get 100 billions rather than "just 10" obviously deserve 1 billion in bonus should their contract say they are entitled to 1% of new capital they raise for the bank :thumbsup

They finally are these days, but it took the biggest economic crisis in 100 years to do it.

For the past two decades it was not uncommon for a CEO to come into a company and leave with the stock price lower than when he started and get a huge golden parachute on his way out.

The CEO fills the board with friends and the board approves salary. Pretty simple actually.

What's in it for the CEO to take a pay cut?

Considering that most have salaries based on company performance, they are taking a pay cut. :1orglaugh

What do you think they got the bailout money FOR?

Executive pay and bonuses, duh.

--t

ceo's are fuckin greedy mofos

Its stunning to me that not one mention in this thread about the a-hole politicians that got us into this mess, when will they take a pay cut? No, they'll vote themselves a pay raise in the middle of the night when no ones watching.

How about government employees? When will their pay and benefits be cut?
Answer. You must be joking!!

Because this is America.....not some socialist country. At least i hope not :(


Should i take a pay cut since the economy is down? Maybe cut my pay & send it to my employees? :helpme

Well see I want a world where I can hire you exclusively for a term of 4 years @ 10 million a year. If we make a billion a year, yippee for me. If we start loosing money though you should let me readjust the terms because well your being greedy. Plus even though I signed a 4 year deal, if I want you out at year 2 I should be able to without a penalty. Right? :winkwink:

Umm yes. if you own a company and its not doing well you can either fire people or put your money back in the company till you turn a profit.

with a public company you would give yourself a raise and fire people. its easy to spend other peoples money which is why the Ceo's of the fortune companies dont have to worry.

which is where all our money went to the top 1% until they get busted like enron etc.