Let's Cry for Big Business

Posted in the Blairsville Forum

Informed Opinion

Lehigh Acres, FL

#1 Nov 10, 2012
Oh, those poor poor corporations. They might have to pay their share in taxes.

How can they if they want to pay millions and millions to their buddies who screw up royally ?

* Former CEO Pandit and COO Havens to receive $15.5 million

By David Henry

Nov 9 (Reuters)- Citigroup said it will pay $15.5 million to Vikram Pandit, its former chief executive who resigned from company last month, as well as to his top deputy.

The bank said on Friday the payments to Pandit and former Chief Operating Officer John Havens reflect the progress the bank made in 2012 and work they did in some earlier years.

The statement came less than a month after board members led by Chairman Michael O'Neill told Pandit privately that his work was not satisfactory, sources said at the time.

O'Neill lost confidence in Pandit after missteps that included the bank's failure to win regulatory approval to return capital to shareholders this year, sources had said.

Citigroup said it was paying the men what it had to. "While Citi will also honor all past awards that they are legally entitled to, there are no severance payments. Awards to which they are not legally entitled have been forfeited," O'Neill said in the statement from the company.

In 2007, Merrill Lynch Chief Executive Stan O'Neal left his company with a severance package of $161.5 million.

Pandit and Havens had previously sold their hedge fund to Citigroup in a deal that ultimately paid each man $79.7 million.

The company later adopted a new compensation plan and Pandit was paid $14.8 million in 2011. The pay plan raised the ire of investors and was denounced by a majority vote of shareholders.

U.S. median household income was $50,054 in 2011.

The company is expected to unveil a new executive compensation plan before the next annual meeting.

The final pay agreements were signed on Friday and set Nov. 30 as the official termination dates for the two men, according to the bank's statement in a regulatory filing.

Open Slideshow
Floridian

Orlando, FL

#2 Nov 11, 2012
And Obummer wants then to pay taxes on that? how unreasonable.

“Dont care how you did it in FL”

Since: Oct 11

Location hidden

#3 Nov 11, 2012
Just makes em send more jobs to china. Thanks a lot democraps.
Informed Opinion

Hollywood, FL

#4 Nov 11, 2012
Timmy_ wrote:
Just makes em send more jobs to china. Thanks a lot democraps.
Now Tim, no worries,

If the TeaPublicans get in power that attitude will make you the bestest slave on the plantation.

When the Master asks if you want more food, you can just say "No Master, you give me that there food- and you might take my job to China - where they don't be so selfish- I'll just eat what you want to throw my way - I don't deserve any more."

Oh your corporate lords are going to enjoy your attitude. Why they might even let you eat on the group right next to the porch. Ask nicely and they might throw some crumbs your way.

The rest of us are going to be demanding respect and a living wage.

“Dont care how you did it in FL”

Since: Oct 11

Location hidden

#5 Nov 11, 2012
Informed Opinion wrote:
<quoted text>
Now Tim, no worries,
If the TeaPublicans get in power that attitude will make you the bestest slave on the plantation.
When the Master asks if you want more food, you can just say "No Master, you give me that there food- and you might take my job to China - where they don't be so selfish- I'll just eat what you want to throw my way - I don't deserve any more."
Oh your corporate lords are going to enjoy your attitude. Why they might even let you eat on the group right next to the porch. Ask nicely and they might throw some crumbs your way.
The rest of us are going to be demanding respect and a living wage.
And you will be without a job. Chinese will work all week for what a yankee union member makes in an hour.
Informed Opinion

Lehigh Acres, FL

#6 Nov 11, 2012
Timmy_ wrote:
<quoted text>And you will be without a job. Chinese will work all week for what a yankee union member makes in an hour.
Not me.

I'm the owner.

Maybe I'll just cut my employees' wages or replace 'em with others willing to work for less money.
No benefits, no job security, and maybe I'll harass a few of the ladies, ah heck, just fire anyone who isn't a hot babe less than 30 years old.

After all, in the pursuit of increased profits and my pleasure as an owner all things are honorable and just. It's my business, so why should I not be able to fire anyone I want and replace them with young friendly single mothers who really, really, really, need that job.

Heck, what was I thinking ?

The Right Wingers are right. Employees are cattle, replaceable cattle at that.

I see the light.

It's good to be king without any moral or legal obligation to treat employees as anything other than tools to increase my profit, to be thrown out whenever I choose.

Thanks for showing me that employees exist for my pleasure and profit, and it's my duty to use them, abuse them, and discard them on a whim.

This is a great day !

“Dont care how you did it in FL”

Since: Oct 11

Location hidden

#7 Nov 11, 2012
Informed Opinion wrote:
<quoted text>
Not me.
I'm the owner.
Maybe I'll just cut my employees' wages or replace 'em with others willing to work for less money.
No benefits, no job security, and maybe I'll harass a few of the ladies, ah heck, just fire anyone who isn't a hot babe less than 30 years old.
After all, in the pursuit of increased profits and my pleasure as an owner all things are honorable and just. It's my business, so why should I not be able to fire anyone I want and replace them with young friendly single mothers who really, really, really, need that job.
Heck, what was I thinking ?
The Right Wingers are right. Employees are cattle, replaceable cattle at that.
I see the light.
It's good to be king without any moral or legal obligation to treat employees as anything other than tools to increase my profit, to be thrown out whenever I choose.
Thanks for showing me that employees exist for my pleasure and profit, and it's my duty to use them, abuse them, and discard them on a whim.
This is a great day !
It's called capitalism buddy. Under your communist system it would be forced labor like in russia.
Informed Opinion

Lehigh Acres, FL

#8 Nov 11, 2012
Timmy_ wrote:
<quoted text>It's called capitalism buddy. Under your communist system it would be forced labor like in russia.
Nope, it's called lunacy.

The only economic system in the history of the world to ever work is a "mixed" economy - regulated and controlled capitalism moderated with a socialistic "safety net" to protect the weak and helpless.
Informed Opinion

Lehigh Acres, FL

#9 Nov 11, 2012
Check out this great book-

The Fine Print : How Big Companies Use "Plain English" to Rob You Blind

by David Cay Johnston.

A great eye opener as to how the system is rigged.

By the way, Johnston is a Republican and proves Obama is far more in businesses' pocket than Bush ever was.
Informed Opinion

Lehigh Acres, FL

#10 Nov 11, 2012
Informed Opinion wrote:
Check out this great book-

The Fine Print : How Big Companies Use "Plain English" to Rob You Blind

by David Cay Johnston.

A great eye opener as to how the system is rigged.

By the way, Johnston is a Republican and proves Obama is far more in businesses' pocket than Bush ever was.
His prior books are-

Perfectly Legal
and
Free Lunch

I'll warn you after you read them you'll want to start an insurrection - or just drink.
Oh my

Blairsville, GA

#11 Nov 12, 2012
Informed Opinion wrote:
http://www.topix.com/forum/city/blairsville-g...
...The statement came less than a month after board members led by Chairman Michael O'Neill told Pandit privately that his work was not satisfactory, sources said at the time.

O'Neill lost confidence in Pandit after missteps that included the bank's failure to win regulatory approval to return capital to shareholders this year, sources had said.
Uhmmm, and who is supplying the funding that drives these profits, users of their credit. A perfect illustration of the Prime Directive for any business, to generate maximum profits - not be a "coporate citizen", not offer a "better" product to the consumer, hells bells, the consumer is the cash generating engine whose soul purpose is to provide the means for bonuses and pay packages.

This is the perspective that says it all,
and puts the rest of us in our proper place...

"missteps that included the bank's failure to win regulatory approval to return capital to shareholders this year"
for the greater good

Commerce, GA

#12 Nov 13, 2012
Informed Opinion wrote:
Oh, those poor poor corporations. They might have to pay their share in taxes.
How can they if they want to pay millions and millions to their buddies who screw up royally ?
* Former CEO Pandit and COO Havens to receive $15.5 million
By David Henry
Nov 9 (Reuters)- Citigroup said it will pay $15.5 million to Vikram Pandit, its former chief executive who resigned from company last month, as well as to his top deputy.
The bank said on Friday the payments to Pandit and former Chief Operating Officer John Havens reflect the progress the bank made in 2012 and work they did in some earlier years.
The statement came less than a month after board members led by Chairman Michael O'Neill told Pandit privately that his work was not satisfactory, sources said at the time.
O'Neill lost confidence in Pandit after missteps that included the bank's failure to win regulatory approval to return capital to shareholders this year, sources had said.
Citigroup said it was paying the men what it had to. "While Citi will also honor all past awards that they are legally entitled to, there are no severance payments. Awards to which they are not legally entitled have been forfeited," O'Neill said in the statement from the company.
In 2007, Merrill Lynch Chief Executive Stan O'Neal left his company with a severance package of $161.5 million.
Pandit and Havens had previously sold their hedge fund to Citigroup in a deal that ultimately paid each man $79.7 million.
The company later adopted a new compensation plan and Pandit was paid $14.8 million in 2011. The pay plan raised the ire of investors and was denounced by a majority vote of shareholders.
U.S. median household income was $50,054 in 2011.
The company is expected to unveil a new executive compensation plan before the next annual meeting.
The final pay agreements were signed on Friday and set Nov. 30 as the official termination dates for the two men, according to the bank's statement in a regulatory filing.
Open Slideshow
Now, just what about the good small businesses that do Not have very much money and try to hire Americans?
wrong

Commerce, GA

#13 Nov 13, 2012
for the greater good wrote:
<quoted text>
Now, just what about the good small businesses that do Not have very much money and try to hire Americans?
Your a nut case!
Informed Opinion

Naples, FL

#14 Nov 13, 2012
for the greater good wrote:
<quoted text>Now, just what about the good small businesses that do Not have very much money and try to hire Americans?
Good point

A banker friend of mine claims his bank can borrow money from the Fed at an effective rate of 0%, the use the money to buy securities that yield 2%, resulting in great profit at no cost and with no risk.

Why loan money to small businesses if that alternative, or a thousand others are available ?

Let's face it, as was said on the Senate floor in a moment if exasperation and surprising honesty by Sen. Dick Durbin (D-Illinois), about bankers controlling the Senate "Quite frankly, they own the place".

Thomas Jefferson was right - Corporations and Banks will destroy America if given half a chance.

If you want to solve the problem - make it illegal to charge a fee to use any ATM machine, and all the money will be pulled from the monopolistic banks and places in small friendly local banks, the Banksters will lose their power, and the Country will be saved.

But that can never happen.

“Dont care how you did it in FL”

Since: Oct 11

Location hidden

#15 Nov 13, 2012
for the greater good wrote:
<quoted text>
Now, just what about the good small businesses that do Not have very much money and try to hire Americans?
Good point
for the greater good

Dawsonville, GA

#16 Nov 13, 2012
wrong wrote:
<quoted text>Your a nut case!
You should Not talk about your self that way.
you are against small business. you are wrong and you will always be wrong. Why are you so angry that I asked a sensible question? Do you not like it when people other then you have opinions?
for the greater good

Dawsonville, GA

#17 Nov 13, 2012
Informed Opinion wrote:
<quoted text>
Good point
A banker friend of mine claims his bank can borrow money from the Fed at an effective rate of 0%, the use the money to buy securities that yield 2%, resulting in great profit at no cost and with no risk.
Why loan money to small businesses if that alternative, or a thousand others are available ?
Let's face it, as was said on the Senate floor in a moment if exasperation and surprising honesty by Sen. Dick Durbin (D-Illinois), about bankers controlling the Senate "Quite frankly, they own the place".
Thomas Jefferson was right - Corporations and Banks will destroy America if given half a chance.
If you want to solve the problem - make it illegal to charge a fee to use any ATM machine, and all the money will be pulled from the monopolistic banks and places in small friendly local banks, the Banksters will lose their power, and the Country will be saved.
But that can never happen.
Now, let me understand this correctly, your soultion is to make it illegal for a bank to charge fees? Now your sort of getting somewhere. But what about small businesses? How are they to survive? If they keep getting taxed to death, how are they going have enough money to hire Americans?
for the greater good

Dawsonville, GA

#18 Nov 13, 2012
Timmy_ wrote:
<quoted text>Good point

Thank you.
Informed Opinion

Lehigh Acres, FL

#19 Nov 14, 2012
for the greater good wrote:
<quoted text>Now, let me understand this correctly, your soultion is to make it illegal for a bank to charge fees? Now your sort of getting somewhere. But what about small businesses? How are they to survive? If they keep getting taxed to death, how are they going have enough money to hire Americans?
There is simply no reason to believe any business is being overly taxed. It just isn't true- no matter how many times that canard is repeated- the facts prove it just isn't true.

Tax rates on people and businesses have be continually and repeatedly reduce since Reagan.
Taxes are lower now than ever before in modern times - where's the growth ?

If reducing taxes caused economic growth we'd all be billionaires by now, an if we simply did away with all taxes we'd all be Trillionaires.

I love owning a small business - so many legitimate tax deductions - such a low tax rate - life is good.
Informed Opinion

Clarkesville, GA

#20 Nov 18, 2012
Gawker Magazine :

Like the rest of you, I've been worried sick this week about the fate of Hostess' top executives.
Will they leave their bankrupt company with the millions of dollars they deserve?
Thankfully, we can all have a happy, stress-free weekend: Hostess executives gave themselves raises up to 300 percent even as they were preparing to file for bankruptcy.

BCTGM members are well aware that as the company was preparing to file for bankruptcy earlier this year, the then CEO of Hostess was awarded a 300 percent raise (from approximately $750,000 to $2,550,000) and at least nine other top executives of the company received massive pay raises.
One such executive received a pay increase from $500,000 to $900,000 and another received one taking his salary from $375,000 to $656,256.

Hostess' 18,500 employees are now out of work, but the company's top brass escaped with enough cash to re-invest in the American worker.
Take, Brian J. Driscoll, that CEO who had his salary bumped to $2.55 million by the board. He was ousted from Hostess by the Teamsters after that salary raise, but why get discouraged? He clearly has experience running a thriving and successful confectionary company, so why stop now?

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