Forum Post: CEO pay is going through the roof and it's unrelated with performance.
Posted 13 years ago on Oct. 21, 2011, 3:34 a.m. EST by abmebratu
(349)
from Washington, DC
This content is user submitted and not an official statement
Uhhh! Good old capitalism that rewards performance. Give me a break!
CEO's get a guaranteed bonus. That is really saying they get a very large salary but they get most of it as a bonus so they can list it as a Capital Gains and pay less taxes on it.
Guess what else. CEOs pick and choose their own compensation committee to decide how much they should be rewarded. This is largely the reason CEO pay is uncorrelated with performance. This is just one tiny problem of the economic system today.
Yeah, and there's so much nepotism and intermarriage among the elite it's like one big spiderweb. The CEO of corporation A sits on the board of corporations B and C. The CEO of corporation B is married to the brother of corporation A, the CEO of corporation C is first cousin to the to the CEO of corporation A, they all went to college together, etc. No wonder there's so much backscratching going on.
Add to this the revolving door between corporate offices and government. For example Hank Paulson of Goldman Sachs was our secretary of the treasury. Well, Today you got Tim Gaithner who is also from the financial industry. The same thing with the Pentagon and the defense industry. Even the Media is becoming submerged under the shadow of big private capital. On an on you go with the same kind of nepotism running the whole system....................We have regressed so far off the map in the past 50-60 year. I am worried for the future.
Yeah, and I don't know if you read the link on here a while back on Rolling Stone's article about Goldman Sach, but it pretty much shows what you're saying about the revolving door. Monsanto's another one. Ex-CEO is now head of the Dept. of Agriculture, or something. It's wide and deep.
Where does this all lead at the end??
i have read it......It's very revealing