CEO faces a grilling

hattikins


Joined: 17/02/2008
Posts: 2793

Message Posted:
07/10/2008 12:49

Saw the CEO of one of Americas failed banks being grilled yesterday on just how much he had made out of the organisation, $500m, numerous houses, a helicopter, works of art, it was obscene. I would like to see the CEO,s of every bank/building society that has been bailed out by their government have to declare what they made out of it and an agreement made as to how much they put back in.

While people are losing their jobs and houses these parasites are living in luxury, perhaps it,s payback time.

No1Doyen


Joined: 04/07/2008
Posts: 16617

Message Posted:
07/10/2008 13:40

hattikens, what's the bet that this eventually comes out as monetary and corporate malpractice.

Coachie



Joined: 29/07/2008
Posts: 2135

Message Posted:
07/10/2008 13:47

Hattikins..He was the ceo ofLehmans in front of Congressional Inquiry.The way he was being grilled would not be surprised if he has to pay back his "severance" package of $480 MILLION dollars.Not a bad payment to a failed executive what!!!!!!

No1Doyen


Joined: 04/07/2008
Posts: 16617

Message Posted:
07/10/2008 13:49

He'll be the scapegoat!

wynyardman



Joined: 15/12/2007
Posts: 4580

Message Posted:
07/10/2008 21:42

When a Company fails, and Executive pay has been excessive, their assets should be recovered

just as the assets of convicted criminals are recovered.



wyn

hattikins


Joined: 17/02/2008
Posts: 2793

Message Posted:
07/10/2008 22:06

Totally agree Wyn, if Joe Public gets it wrong he gets the sack yet these people are rewarded for their failings.

wynyardman



Joined: 15/12/2007
Posts: 4580

Message Posted:
07/10/2008 23:14

The Government won't do it Hattikins.



When they are thrown out of office, most of our motley leaders will be queueing up for lucrative Directorships with these self same Corporate Predators. They feast on the goodwill and savings of honest people.Shameful!



wyn

Lemtich



Joined: 15/02/2007
Posts: 1487

Message Posted:
08/10/2008 00:08

Oi!



You leave my mate Dick Fuld alone!



Look, he's down to his half last billion and the system worked!



Cheapskates!



http://news.bbc.co.uk/1/hi/business/7655929.stm



Lem

hattikins


Joined: 17/02/2008
Posts: 2793

Message Posted:
08/10/2008 00:13

Do you think he will explain the system to me, he can use my bank account if he likes, please.

wynyardman



Joined: 15/12/2007
Posts: 4580

Message Posted:
08/10/2008 00:20

Dick...........Now theres a name to conjure with.



Its easier to spell than thieving bastard. Widows and Orphans funds!



The system worked....for some!



wyn

No1Doyen


Joined: 04/07/2008
Posts: 16617

Message Posted:
08/10/2008 16:25

Just saw this:



Top money managers at Lehman Bros. Holdings Inc. will get retention bonuses valued at $400 million U.S. when their investment-management business is sold to Bain Capital LLC and Hellman & Friedman LLC. Bain and Hellman on Sept. 29 agreed to buy most of the asset-management unit from bankrupt Lehman in a deal that values the business at $2.15 billion U.S., about half the buyout firms' initial bids. A U.S. bankruptcy judge must approve the bonuses.

No1Doyen


Joined: 04/07/2008
Posts: 16617

Message Posted:
08/10/2008 16:34

I don't understand why these people should be getting their bonuses. They have bankrupted a Bank, put thousands of staff out of work and they get a bonus for doing it!



I suppose we can expect a bonus request from Gordon Brown when he leaves office next year.

Coachie



Joined: 29/07/2008
Posts: 2135

Message Posted:
08/10/2008 16:37

hi all.. in the latesr bail out situation here in the UK,the government is putting up to 50 billion pounds to get the system some form of stabilityand the one thing they are stipulating is control ot top execytives pay and bonuses,bit like shutting the gate after the horse has bolted.should be very interesting to see how many of these top men stay where they are when there wages are capped....

No1Doyen


Joined: 04/07/2008
Posts: 16617

Message Posted:
08/10/2008 16:39

Yes Coachie, the bail out is with OUR money.

Chessman


Joined: 13/05/2008
Posts: 486

Message Posted:
08/10/2008 17:23

No1 Doyen Msg 12.



It's worth paying Brown a bonus to get him out of office before next year!

Lilli



Joined: 21/07/2008
Posts: 13081

Message Posted:
08/10/2008 17:28

hi chessman bring back guy fawkes i say. have a good trip see you on your return love from both of us

Coachie



Joined: 29/07/2008
Posts: 2135

Message Posted:
08/10/2008 17:29

No1 Doyen...Agreed.But it is an "investment" according to Mr Darling,so when the banks start getting back on there feet and start to pay back what they have borrowed,it will incurr interest charges,this why not all the banks aretaking up the offer because they have to agree to the new FSA codes. Lets hope the interest they pay back covers the interest Darling will have to pay back.....

No1Doyen


Joined: 04/07/2008
Posts: 16617

Message Posted:
08/10/2008 17:56

Yes, an investment with OUR money. I bet we won't see the returns on it though. One thing is for sure though Taxes will increase soon.

ROBnJO


Joined: 30/06/2008
Posts: 1289

Message Posted:
08/10/2008 18:21

No1Doyen



What was the alternative?



Let the banks fail?



Unemployment would rocket, many people would lose homes and businesses, the UK economy would fail dramatically.



I'm not in favour of rich bankers who took stupid investment risks, but at the end of the day the economy has to be supported.



I'm soon going to need my pension, at least these measures may mean there's hopefully something enough left for me to survive!



rob

hattikins


Joined: 17/02/2008
Posts: 2793

Message Posted:
08/10/2008 18:30

I can,t see that there was any alternative, it,s certainly not an ideal situation but these are very strange times for the economy of the country. At least this way the fat cats will be regulated, they are the ones who have feathered their nests out of this lot, plus the banks have got to agree to lend money at normal rates to small businesses and those after mortgages. We can only hope that this gets the housing market moving again, there are many people who,s money is in their properties and they are seeing it lose value day by day.

No1Doyen


Joined: 04/07/2008
Posts: 16617

Message Posted:
08/10/2008 18:46

ROBnJO, all those things you me tioned will happen anyway, Unemployment will increase, people are already losing their homes and businesses and the UK economy is falling dramatically.

girne 29


Joined: 06/12/2007
Posts: 1488

Message Posted:
09/10/2008 14:58

Very few people are involved in the remuneration system,and works like this,-



You are non executive director on the board of Barcleys but an executive director in HSBC.

I am an executive director in Barcleys but a non executive director on the board of HSBC.



As non exec ,you meet to decide my remuneration with Barcleys, Now you better give me a good deal ,because next week ,I ,as non exec of HSBC will be meeting on that board to decide your remuneration.



I have over simplified the system but broadly thats what happens.



We shareholders are told we can object to the remuneration at the AGM, however votes are not counted per member but per share and as most of the shares are held by major institutions ,the vote will usually go for the remuneration ,again ,because the directors of those institutions will be wanting the same when its their turn.



Politicians wont change the system , as they look to get on the same gravy train.

with pals they have made in the city ,on re

No1Doyen


Joined: 04/07/2008
Posts: 16617

Message Posted:
09/10/2008 15:10

You are right Girne 29.

No1Doyen


Joined: 04/07/2008
Posts: 16617

Message Posted:
09/10/2008 15:16

I suppose with all these 'fatcat' CEO's now looking at their positions, it'll be a survival of the fattest!!

girne 29


Joined: 06/12/2007
Posts: 1488

Message Posted:
09/10/2008 20:07

Just dont see why they need that money ,its just greed for the sake of being greedy and cant possibly have an influence on a lifestyle.



If the Lehmans CEO lives till he is 80 ,even leaving 100mill to his kids, he will have to spend 15million every year to get rid of the rest.How can one spend that without being silly.But no, not content they have muck the system up for even more bonus's



I am getting annoyed with this stuff about risk taking, even Brown alluded to it yesterday by mentioning it should be rewarded. These spivs have risked nothing but other peoples money. I could have done just as well in the bookies and for a lot less .



This has been going on for years ,why, when a pension fund loses 30% do the head honchos not lose 30% ,When I phoned couple of years back on that very matter, was told that the fund managers still get a pay rise because if it hadnt been for them the loss would have been greater. Cant win

no1doyen


Joined: 04/07/2008
Posts: 16617

Message Posted:
10/10/2008 00:02

Girme29, you are right they are all spivs

ilovecyprus


Joined: 08/05/2007
Posts: 2880

Message Posted:
10/10/2008 00:38

good posts girne29



Although it is not the only issue, I am sure there is a correlation between the heart of this thread and Bills (no1doyen) thread on 'what is happening to the UK'.