This ties in with current discussion regarding executive pay, which surfaced again today.
This is no surprise, especially given the way Wall Street has responded to the bailouts Washington burdened taxpayers and our offspring with (one history alone can judge as foresight or tragedy), but this caught my eye.
NEW YORK, May 22 (Reuters) – Morgan Stanley raised the salaries of its senior officers, a move designed to shake-up the way the firm pays its employees, according to a regulatory filing on Friday.
Morgan increased the base salaries of all of the named officers — except Chairman and Chief Executive Officer John J. Mack, who is paid $800,000 — as the company moves to balance pay between bonus incentive payments and base pay. The banking industry has been under fire from politicans and regulators for lavishing bonuses on employees.
Under the new base-pay arrangements, co-presidents James Gorman and Walid A. Chammah will be paid $800,000. Colm Kelleher, chief financial officer, Gary G. Lynch, chief legal officer and vice chairman, and Thomas R. Nides, chief administrative officer, will each be paid $750,000, according to the filing. It was previously announced by the company that Mack, Chammah, and Gorman did not receive bonuses for 2008, marking the second year that Mack did not draw a bonus.
(Reporting by Steve Eder; editing by Gunna Dickson)
Okay, what is it that these aristocratic greed-heads don’t get about our current fiscal situation AND their responsibility to answer for their roles in helping to bring it about? These bottom-feeders, aided by an abject absence of conscience and complicit governance have stolen in the name of market-driven enterprise, built unconscionable personal empires with ill-gotten gains and now want taxpayers to support life-styles monarchs would be hard-pressed to justify.
We should be saying: “Your choice… our compensation plan or the highway. If you seek a life-style more in keeping with your station, go ahead–prove your bloodline somewhere and ascend to the throne. Short of that, you’ll still have to move on, but we demand two-week’s notice.”
This is some sorry-ass, shameful shit. In the name of what, DEMOCRACY? In fear of WHAT, SOCIALISM?
If free market capitalism has failed to create an environment in which we can prosper as well as feed and clothe our poorest and most vulnerable citizens, if there are no mechanisms sufficient to provide for, protect and provide a modicum of public health for ALL American families, what good does the moniker “Democratic Republic,” which we were intended to be but clearly or not, what vestige of the forefather’s vision persists that warrants pursuit of governance by the status quo?
Now, I know the simple suggestion of providing for American citizens will rankle those on the right and they’ll bring illegals getting benefits intended for citizens and that’s a separate argument. This is about providing for American citizens.
What’s in a name? It’s clear that those who attempt to incite hatred using words like “socialism” as an invective don’t even know its central tenets. Given that, if they want to identify a strong desire to make America live up to the standards its forebearers expressed, “Life, Liberty and the pursuit of Happiness,” I don’t care what they call me.
The latest mention of capping corporate officer salaries of companies who willingly accepted bailout funds and the certain unbridled excoriation it will undoubtedly incite is unfolding. It bears our scrutiny.