CEO refuses 25 million salary
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$25m/year!!! Just think about THAT for a minute.
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Assuming a 40 hour work week and two weeks vacation you would have to be paid $500 per hour to make $1M per year. Now multiply that by 25, divide by 3600, and you're making $3.47 per second.
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I sure am glad our free market system isn't broken.
Wait, it is. Sorry. |
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PLUS -- even at a low rate of 10 percent (and that's lowballing - so I can figure out the percentage easily) he would have paid 2.5 million dollars a year in taxes... there are people who won't pay that over their lifetime... Think about that.. I dont care what these people get paid, as far as I am concerned, they are taking the risks, they take the rewards... I object to people getting paid to leave a company (same way I object to welfare and other entitlement programs) |
he might actually be smart enough to be at this position...
Given that he refuses his fixed income, if he does well, he might make a lot more than that fixed number. Especially if morale and performance is low among the employees. He's actually boosting their confidence and performance by dropping some security of his own, in order to reap a bigger benefit in the end. I say it's a daring but smart strategy. If it pays off, more power to him. |
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It's not like this guy is handling dangerous chemicals in an attempt to cure cancer or kill off the AIDS virus. He's not braving the cold frontier of space to settle new worlds for future generations. He's working in an office. And while I'm sure the stress of running such a large company is tremendous, I don't really think it's worth $25 million. By the way, under the guaranteed contract this guy is going to earn $25 million dollars this year (he'll probably earn more, like OKFU0 said, he wouldn't turn down $25 million unless he knows he can do better.) In one year he'll make about 5 times what a taxpayer earning $100,000 a year will earn in a lifetime (47 (18-65 years old) * 100,000 = 4,700,000, right?)....think about that. |
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I work under the belief that every cuts their own deal when they walk in the door, if he can make more than 25 million a year because of the way the company performs - more power to him... I know brokers who got in bonuses, 100K + a year - in addition to an astronomical salary, and perks.... it's a high stress job, and if they can do it -- who am I to say anyhing. I'll say again what I object to... people who get something for nothing... his predecessor shouldn't get squat for leaving, the company didn't perform under his care, so he should be shown the door... If the new guy thinks he can kick ass and take names.. .well then- -give him that big fat check... I really don't care... |
Sorry, but I just don't get ridiculously high compensation packages. I'll be (very slightly) more impressed if he doesn't already have squillions.
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I do have a problem with people making that kind of money though. NOBODY does a sufficient amount of work to be worth even $1M. The reason that half of the country makes less than $30k/year is because corporate jackasses make multi-million dollar salaries. Lots of people work high stress jobs and long hours for shit money. They get shit money because those at the top are greedy SOBs. Also, this whole story is PR crap. He gets to look like he's some sort of hero and will probably make more than the $25M offerred. |
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On the other hand, it is a smart business move. Not only the "good guy" publicity, but the fact that his large salary isn't a guaranteed number. |
What I find so funny is why people are so concerned with what he makes. Its a common fact that big buisness ceos and coos and all the other titles make money out the wazoo. What they don't tell you is that the money he is paid is only half the story. I bet he is getting a good 15 million in stock and options and benifits and free trips on the company jets thats not even included in that figure. Again though he is far from exclusive. Publicly traded companies are required to release finical reports and part of that includes ceo pay and incentives. Alot of them have them on their websites. Look for invester relations or things like that if you are curious. One of the real issues that has been raised on this post is the class struggle in the world today. Now not to sound callous or jaded on this whole subject but my general advice is to get over it. This is be no means an American invention or a new thing. Its the way of the world. It has been too, maybe not always but atleast since we decided to organize into tribal systems.
Was that a rant? A note on the actull article here.. This man is by no means Robin Hood but if this move does in fact raise morale and increase his companies worth and in effect his pay... Well more power to him. Its his job and he earned it. |
I whole-heartedly agree with those that say that no one should be paid that obscene amount of money. As a matter of fact, I think that no one should be paid more than the salary of the President. To me, it doesn't make sense that certain members of this society are valued more. Every job needs to get done regarless of what it entails. After listening to many interviews with author of Nickel and Dimed: On (Not) Getting By in America, Barbara Ehrenreich, most Americans aren't even being paid a living wage. The federal minimum wage, presently $5.15 an hour, would need to be raised to $8.20 an hour simply to meet the federal poverty level according to Responsible Wealth http://www.responsiblewealth.org/living_wage/. It would just be right for people to not have to rely on the system because they are being provided for by working an honest job for reasonable compensation. John Mack garners no sympathy from me for turning down a guaranteed $25 million when he is going to be making something comparable to that or more with all the perks of being a CEO for a top financial corporation.
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Welcome to capitalism. This is a system that is much touted in the United States and other western countries and under this system a company is theoretically paid what their services or products are worth. The reality is that they actually get what people are willing to pay for it, which is a subtle but important difference. This guy, as head of the company, makes an amount of money proportionate to the welfare of the company (although the number now is much more directly tied to the company's well-being than previously) and makes, surprise, what the people who handle the decisions (ie shareholders and/or the board of directors) are willing to pay him. It's not obscene or absurd or anything else, it's simply how the system works. If you want an alternative, I hear China thinks they've got a better way worked out, although asking the average chinese commonor might not immediately reveal that sentiment.
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I don't have a problem with people getting paid huge amounts to do very important jobs (although I do feel the world would be a better place if people realised that $20 million is more than enough to suit anyone's needs for their entire lives), but what really irks me about this is that they get massive cheques even when they underperform. A severance package of $113 million is obscene.
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