or do we secretly envy them? Something that i have been thinking about since the Economic meltdown. News about how CEOs of financial institutions aka investment firms, Banks, those dealing in high risk securities, etc got greedy and for the sake of profit and million dollar bonuses cause the greatest ever recession since the Great depression of 1929. Haven’t we always taught that irresponsible behavior should never be rewarded? Government issues a huge 600 Billion Dollar stimulus package to buy all the bad securities and save these major financial institutions from a collapse. Only Lehman Brothers was unlucky enough to have gone bankrupt before the stimulus package was announced. And how was all this money used? AIG has a grand retreat for all the senios management a far away resort; Merill Lynch CEO spent a million re doing the interiors of his office. And the best part no one is held accountable for the indiscriminate use of tax payer’s dollars.
I am sure everyone must have heard abt Madoff who pulled off a 50 Billion, that’s right, 50 Billion dollar Ponzi scheme before he was caught. I am talking about taking the life earnings of hard working individuals akin to stealing. But what was his punishment for doing so ... he is held in his multi million penthouse in New York City with full access to the internet so that he may move the money around.
CEO of the big three car companies have the audacity to tell the government that if the govt do not bail them out AGAIN, it would cost around 100 billion in bankruptcy in addition to the damages to the economy due to the tens of thousand of jobs lost. It’s like holding the government at gun point.
The Bank CEOs were at a hearing at congress to state how they are using their share of the bailout package and how they are helping the end users in terms of leading or helping with mortgages, etc. No one of them was able to state specifically how the billions in bailout money was used, the refused to answer that question. When asked what they were doing personally at a time when the govt was bailing them out, each responded that they were taking 1$ annual salary and 1 million $ as bonus compensation. There have been over 150k jobs lost in the financial sector with more to follow, the entire worlds economy is in doldrums and they still want their million dollar bonuses.
The Company i work for, is paying the ex ceo $85,000 very year just as a part of the compensation package. This is when he was FIRED for doing a bad job for the past ex number of years. That’s right a 55 million dollar package for doing a bad job. If we do the same we just get fired.
So this brings me to the main reason why I started writing this particular article, do we really hate the CEOs for what they have done to the economy or are we just jealous of them and deep inside want to be like them. Earn millions in bonuses for doing a bad job. I mean the way i see it you never lose. When the going is great you get millions and when you mess up big time and are removed from your post you still end up getting millions as a part of the compensation package.
So how do you answer the question that I present? Are you just going to be critical of them and want all their assets to be frozen, given back to the people they stole from or do you secretly wish you were or want to be one of them.
I know my answer !!!!!!!!!!!!!!
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