![[personal profile]](https://www.dreamwidth.org/img/silk/identity/user.png){kind=small}
Bill Moyers never fails to please
Jun. 10th, 2007 09:40 amHe always brings such fascinating issues to the television screen.
On this week's "Bill Moyers Journal", he interviewed Bishop Katharine Jefferts Schori the 26th Presiding Bishop and Primate of the Episcopal Church. The first woman to be elected to such a position. That's just fantastic. And she's an inspiring, fascinating woman. Read more here. There's a link to some video there, as well.
Greed:
While Bishop Katharine's interview inspired me, the CEO salary issue pissed me off.
I think if a company is doing fantastic, then hell yes, the CEO should get a *gorgeous* bonus. But I contend that your employees must prosper with you.
Northwest's CEO Doug Steenland exited the bankruptcy with a big pay package. On top of Steenland's salary, reported at $516,384 dollars last year, he will get a total compensation package of more than $26.6 million in stock. That's $5.8 million in stock options and $20.8 million worth of restricted stocks that will vest over the next four years. Northwest workers bore the brunt of the restructuring — after a $1.4 billion a year cut in labor expenses — pilots and flight attendant wages were cut by between 20 and 40 percent.
Other members of the executive team were given bonuses in the range of 13 million.
Sure, the argument is that you need to pay vast quantities of money to keep talented executives at a company.
So this current executive team got Northwestern Airlines out of bankruptcy by cutting the salaries and benefits of their employees. 60% of the cost savings measures were related to employee benefits. Pilots work 20% more, and get paid 40% less. Sadly, it seems that as a pilot, if you leave one airline and start at another, you have to start at the lower pay scale. That also seems a bit screwed up, but I'll get to that later.
As a long range strategy, making your pilots work harder and get paid less for it means they get more tired and more stressed out. I don't see this as a good thing for people who are responsible for the lives of a hundred people in a metal flying tube. Some of these pilots are having to sell their homes, and really change their lives drastically to make ends meet. They have to pay more medical costs, one shelling out $4,000 out of pocket to pay for the medical costs of having a baby. The CEO just needs to cry in his beer over the fact that 50% of other Fortune 500 CEOs make more than he does. Waaaaaaaaaa! What a tragedy.
This guy gets paid a minimum of 500k to come up with the brilliant idea of slashing employee wages. Any retard can do that. For $500k a year and a $20 million stock package, you better come up with something better than that. Much better. I want to see brilliant investment choices and innovated solutions to make sure your employees are happy and healthy and in great shape to fly our friendly skies.
I agree there needs to be incentives to executives to guide a company to greatness. But this is ridiculous. I don't see if you're guaranteed $20 million how there's any reason to perform well. Take the Home Depot CEO who failed. Ridiculous.
On this week's "Bill Moyers Journal", he interviewed Bishop Katharine Jefferts Schori the 26th Presiding Bishop and Primate of the Episcopal Church. The first woman to be elected to such a position. That's just fantastic. And she's an inspiring, fascinating woman. Read more here. There's a link to some video there, as well.
Greed:
While Bishop Katharine's interview inspired me, the CEO salary issue pissed me off.
I think if a company is doing fantastic, then hell yes, the CEO should get a *gorgeous* bonus. But I contend that your employees must prosper with you.
Northwest's CEO Doug Steenland exited the bankruptcy with a big pay package. On top of Steenland's salary, reported at $516,384 dollars last year, he will get a total compensation package of more than $26.6 million in stock. That's $5.8 million in stock options and $20.8 million worth of restricted stocks that will vest over the next four years. Northwest workers bore the brunt of the restructuring — after a $1.4 billion a year cut in labor expenses — pilots and flight attendant wages were cut by between 20 and 40 percent.
Other members of the executive team were given bonuses in the range of 13 million.
Sure, the argument is that you need to pay vast quantities of money to keep talented executives at a company.
So this current executive team got Northwestern Airlines out of bankruptcy by cutting the salaries and benefits of their employees. 60% of the cost savings measures were related to employee benefits. Pilots work 20% more, and get paid 40% less. Sadly, it seems that as a pilot, if you leave one airline and start at another, you have to start at the lower pay scale. That also seems a bit screwed up, but I'll get to that later.
As a long range strategy, making your pilots work harder and get paid less for it means they get more tired and more stressed out. I don't see this as a good thing for people who are responsible for the lives of a hundred people in a metal flying tube. Some of these pilots are having to sell their homes, and really change their lives drastically to make ends meet. They have to pay more medical costs, one shelling out $4,000 out of pocket to pay for the medical costs of having a baby. The CEO just needs to cry in his beer over the fact that 50% of other Fortune 500 CEOs make more than he does. Waaaaaaaaaa! What a tragedy.
This guy gets paid a minimum of 500k to come up with the brilliant idea of slashing employee wages. Any retard can do that. For $500k a year and a $20 million stock package, you better come up with something better than that. Much better. I want to see brilliant investment choices and innovated solutions to make sure your employees are happy and healthy and in great shape to fly our friendly skies.
I agree there needs to be incentives to executives to guide a company to greatness. But this is ridiculous. I don't see if you're guaranteed $20 million how there's any reason to perform well. Take the Home Depot CEO who failed. Ridiculous.
