The 1% are the very best destroyers of wealth the world has ever seen

macroman · Nov 12, 2011

why dont you just say it:

robbery is the only viable business left to westerners.

Ones that can't do it due to morals will be robbed.

logic_man · Nov 12, 2011

Quote from stock777:

The upper end of the spectrum is grotesquely overcompensated.

Is Corswine going to have to forfeit every cent he owns?
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Sticking with the Blankfein example, if he, as CEO, is able to increase GS revenue by 1%, that means the company gets another $390 million in revenue. Compared to that, his compensation of $13 million is chicken feed. While I am definitely in favor of indexing compensation to appropriate benchmarks, the fact that these guys are running huge companies generating billions in revenue means that they are going to get paid huge sums relative to everyone else who does not have that same level of responsibility. Being CEO of a major corporation is a 24/7 job and the average Joe Worker Bee would jump out a window if forced to endure it. Basically, if you want to have a life outside of your job, forget about being CEO of anything bigger than the local sporting goods store. For those jackholes who say "Heck, I'd be CEO for $5 million", yeah, that's great, but A) you'd never get hired for the job and B) you'd get fired after Day 1 when you didn't have a clue WTF you were talking about. In fact, you'd be lucky to make it past lunch on Day 1.

I'm sure the closest most of you people will ever come to the boardroom of a Fortune 500 company is either as a caterer or a janitor, but for those of us who have been there and understand why comp levels are where they are, you people come across as ignorant bumpkins. I know that goes against the ET credo that everyone is special, but it's just a fact.

denner · Nov 12, 2011

Quote from logic_man:

Sticking with the Blankfein example, if he, as CEO, is able to increase GS revenue by 1%, that means the company gets another $390 million in revenue. Compared to that, his compensation of $13 million is chicken feed. While I am definitely in favor of indexing compensation to appropriate benchmarks, the fact that these guys are running huge companies generating billions in revenue means that they are going to get paid huge sums relative to everyone else who does not have that same level of responsibility. Being CEO of a major corporation is a 24/7 job and the average Joe Worker Bee would jump out a window if forced to endure it. Basically, if you want to have a life outside of your job, forget about being CEO of anything bigger than the local sporting goods store. For those jackholes who say "Heck, I'd be CEO for $5 million", yeah, that's great, but A) you'd never get hired for the job and B) you'd get fired after Day 1 when you didn't have a clue WTF you were talking about. In fact, you'd be lucky to make it past lunch on Day 1.

I'm sure the closest most of you people will ever come to the boardroom of a Fortune 500 company is either as a caterer or a janitor, but for those of us who have been there and understand why comp levels are where they are, you people come across as ignorant bumpkins. I know that goes against the ET credo that everyone is special, but it's just a fact.
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And yet here you are wasting an entire Saturday with all the "little people" on the forum.

logic_man · Nov 12, 2011

Quote from denner:

And yet here you are wasting an entire Saturday with all the "little people" on the forum.
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I think of it as my version of "community service".

You're right about one thing, though, which is that you people do come across as "little".

Petsamo · Nov 13, 2011

This thread belongs to the Politics and Religion section.

xiaodre · Nov 13, 2011

Quote from logic_man:

I'm still trying to identify the moment in time when "the money" was "theirs". The money the rich have never belonged to the poor. If the rich didn't have it, it wouldn't exist. Look at any socialist country's experience to prove it. The socialists come to power and begin to redistribute wealth, but no, or very little, depending on the degree of socialism, new wealth gets created. Over time, the society collapses as the wealth built up prior to the institution of socialism gets used up. In other words, "the poor", for whatever reason, are unable to create wealth even when the alleged cause of their lack of wealth, i.e. "the rich", are out of the picture. Why? Because "the poor" are really no different from every other non-human species, i.e. they cannot break free of the status quo to create something new, which is the only way to create real wealth. A poor person (who is of the sort that stays poor, not someone who will eventually become wealthy, or at least wealthier) can no more create wealth than a dog or a fish can.

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You mean like, Denmark, Sweden, Scandinavia. The real shitholes of society.

pythontrader · Nov 13, 2011

Quote from logic_man:

I think of it as my version of "community service".

You're right about one thing, though, which is that you people do come across as "little".
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Hook up with Martinghole. You will make a great team... But he is starting to think now, so be careful.

Martinghoul · Nov 14, 2011

Quote from pythontrader:
Hook up with Martinghole. You will make a great team... But he is starting to think now, so be careful.
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Huh? Are you referring to me as "someone starting to think"? You sure you wanna go there, amico?

fickletrader · Nov 14, 2011

Quote from logic_man:

Sticking with the Blankfein example, if he, as CEO, is able to increase GS revenue by 1%, that means the company gets another $390 million in revenue. Compared to that, his compensation of $13 million is chicken feed. While I am definitely in favor of indexing compensation to appropriate benchmarks, the fact that these guys are running huge companies generating billions in revenue means that they are going to get paid huge sums relative to everyone else who does not have that same level of responsibility. Being CEO of a major corporation is a 24/7 job and the average Joe Worker Bee would jump out a window if forced to endure it. Basically, if you want to have a life outside of your job, forget about being CEO of anything bigger than the local sporting goods store. For those jackholes who say "Heck, I'd be CEO for $5 million", yeah, that's great, but A) you'd never get hired for the job and B) you'd get fired after Day 1 when you didn't have a clue WTF you were talking about. In fact, you'd be lucky to make it past lunch on Day 1.

I'm sure the closest most of you people will ever come to the boardroom of a Fortune 500 company is either as a caterer or a janitor, but for those of us who have been there and understand why comp levels are where they are, you people come across as ignorant bumpkins. I know that goes against the ET credo that everyone is special, but it's just a fact.
More...

24/7 job like working a full McD's shift and then working another full shift at the Phillips 66? I suspect most of your 24/7 workaholic CEO's would be in tears after a day of labor that many Americans in the poor class will endure their entire lives. Many of your "caterers" are working 2 or 3 jobs. STOP dehumanizing the labor class you psychopath. Like all the hard working CEO's could get together on an island and live the good life without a labor class. Get real

Archin · Nov 15, 2011

A good article here: http://sociology.ucsc.edu/whorulesamerica/power/investment_manager.html