Attention stockholders (that's now all of us). Since we all have become defacto unwilling stockholders of AIG, Citigroup, Freddie, Fannie and others, it's time we had our say.
Unfortunately I'm not sure what that is. We can demand satisfaction, but that may be about as far as it goes.
Do you realize that the major execs at AIG intend to collect substantial Christmas bonuses? Why are they still employed? Show them the door or the mail room.
Other key executives have received signing or exit bonuses. How can we continue to allow this?
It's obvious that we can't rely on Congressional oversight - Congress is what created the problem. The American electorate had a chance a few weeks ago to replace the people who were exacerbating the problem, but they didn't come through. Now it'll be a couple more years of business as usual in Congress.
Government ownership or financing of business - we certainly are moving away from free enterprise.
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Hi Steve...This is a very complex situation but I can't help thinking that too much freedom in this free enterprise may have helped get us into this problem.
Isn't it the excessive freedom that allows these bonuses and all the perks?
Kate
Kate,
You raise a good point, but in a true free market situation this would be corrected before it got to this point because they would not be able to compete effectively (Toyota, Hundai, Kia, Nissan). They have been propped up before, yet people want to buy an American-made product. :)
Steve
I can live with excesses when it is a free market system. The market can and should have handled the correction by letting bad business models and bad managers fail. Yet, we made it easy and opened the taxpayer checkbook. I just hope the Congress did write a check they can't cash. I mean we are giving away money to companies that are going to layoff people only to soak us again.
Right now there isn't an answer, at least not a meaningful one. The American people deserve the treatment they're receiving until they are willing to stand up and demand accountability from those in power. Unfortunately, until the majority take action, those in the minority will suffer the consequences.
Steve, you make a great point. Tn's own Senator Bob Corker the junior member of the financie committee that was overseing the automaker bailout was the only one with any ounce of sensibility and he was villified for it......This is getting ridiculous! We need to do something or the consequence is going to be even worse than letting them fail.
Bo
Steve.. I don't think there is an *easy* fix to this. If those exit bonuses were agreed on years ago.. why shouldn't they get it... wouldn't you want it if you were in their shoes. Then again.. in this economy I don't think they should... what do you do?
Ryan,
Exactly as you describe, and they aren't finished with their trips to the well. Thanks. :)
Steve
John,
I agree with you only I'm not sure which is the majority viewpoint right now. :)
Steve
Bo,
I don't think Congress is interested in governing (probably hasn't been since '94). They just are interested in keeping their jobs. :)
Steve
Valerie,
A few points. Yes, I'd want it, but they messed up so they don't get it. If the companu is broke, there is no money to pay them. Those bonuses should be based on performance - they haven't performed. Oust them and keep the money. These are bonuses, not their salaries. If their contracts have loopholes, fix them before you hire again. :)
Steve
When I worked at a large corporation, everyone's income and raises were tied to the success of the company. Some years things were skimpy, other years better.
Steve, it is the way this country runs. Stockholders got no say in anything unless you got a really big chunk.
Steven,
When there's profit sharing and other incentives, businesses work this way. That doesn't explain the 7 and 8-figure "entitlements." :)
Steve
Bo,
The stockholders do elect or retain the Chairman, but often this is done by proxy. :)
Steve
You always have such insightful information and opinions on here. I say you should draft a letter/ petition/ something so sign and pass along to the hundreds of thousands of citizens who are fed up with what is going on. Maybe then our voices can be heard.
What is the point of having elected officials if they don't do what we the people (and the ones that elected them!) want them to do? Isn't that how this democracy thing works??
I stand behind you all the way- seriously- so if you DO plan on putting something together I can start a grass roots effort here in Seattle!!
Thanks for sharing, Nicole Weidauer
The Egerer & Weidauer Team, Keller Williams Realty North Seattle
Nicole,
Thank you. I appreciate your confidence, but I'm really not sure how many people there might be in this country that feel as we do. I thin it could be a rather small number. We still vigilent, however. :)
Steve
Steve, I think you should start the new revolution. We need another Boston Tea Party. Too many taxes! Too much government! Too much of a mess!
April,
We need change all right, but strangely enough, there are many people who support big government, handouts, and being taken care of. I understand it, but I definitely don't get it. :)
Steve