Michael Mayo: FPL executive pay jolts...

Michael Mayo: FPL executive pay jolts the outrage meter

There are 20 comments on the South Florida Sun-Sentinel story from Apr 8, 2009, titled Michael Mayo: FPL executive pay jolts the outrage meter. In it, South Florida Sun-Sentinel reports that:

It's bad enough Florida Power & Light Co. wants a 30 percent increase in base electric rates starting next year.

Join the discussion below, or Read more at South Florida Sun-Sentinel.

Sean

Pompano Beach, FL

#1 Apr 9, 2009
Yeah, usual corporate sh** and greed. "Lets screw the customer so the executives can live like kings"..FPL one the top 5 most expensive utilities and one of the worst reliability ratings, does this stuff every year. The worst part about it is, the PSC is on FPL payroll, so they put up the dog and pony show every year but ALWAYS grant FPL an increase. The customer loses no matter what...
It's unfortunate that FPL is like most large companies, they have no problem scr**ing the customer so that the few at the top can have it all.
I'm sick of it and the PSC and Crist need to step up to the plate and say "enough"..but hell..they won't there on FPL kick back/bribe list..

FPL = Failure to Provide Lights!
czar of the watercooler

North Webster, IN

#2 Apr 9, 2009
i think he deserves every penny of it to have to live in a mosquito infested heckhole like fla.
Bill

Jacksonville, FL

#3 Apr 9, 2009
and we expect anything less from a monopoly?

If it were any other company I could make the choice not to provide them with my business.. I dont have that choice with FPL..

Not a month goes by that I'm not angered by them and their BS..

Whats it going to take for something to change..?
you got it right

Lake Worth, FL

#4 Apr 9, 2009
No wonder Obama wants to put corporate America on an even footing with the middle class.
Joe

AOL

#5 Apr 9, 2009
Bill wrote:
and we expect anything less from a monopoly?
If it were any other company I could make the choice not to provide them with my business.. I dont have that choice with FPL..
Not a month goes by that I'm not angered by them and their BS..
Whats it going to take for something to change..?
Can you buy one share of stock and sue in a shareholder derivative lawsuit to prevent corporate waste/excessive pay, etc. & then get a few neighbors to do the same?

Is there any way to gently persuade them to act responsibly?
Jackie

AOL

#6 Apr 10, 2009
FPL uses it's largesse that it steals from it's customers to entice the corrupt fools in Tallahassee to get its way. They are well protected. Armando Olivera, president of FPL Co. is one of the biggest donor to the Republican Party...and who controls Tallahassee? All these people should get the China treatment for corrupt officials.
Tamarac Tony

Fort Lauderdale, FL

#7 Apr 10, 2009
you got it right wrote:
No wonder Obama wants to put corporate America on an even footing with the middle class.
Funny but I never see anyone OUTRAGED at the money Tom Cruise, George Clooney, Alec Baldwin et al make for contributing even less to society. Not to mention A-Rod, Coby, Lebron etc.

Let's just check our envy at the door please. This is still America.

Just remember, Christmas celebrates the promise but Easter marks the fulfillment. Be good to each other
James

Key West, FL

#8 Apr 10, 2009
The PSC & Public Counsel are accountable for what has happened in Florida. Start with cleaning up Tallahassee before anything else.
Joey

AOL

#9 Apr 10, 2009
Tamarac Tony wrote:
<quoted text>
Funny but I never see anyone OUTRAGED at the money Tom Cruise, George Clooney, Alec Baldwin et al make for contributing even less to society. Not to mention A-Rod, Coby, Lebron etc.
Let's just check our envy at the door please. This is still America.
Just remember, Christmas celebrates the promise but Easter marks the fulfillment. Be good to each other
It is not envy.

It is still America and making money is a good thing.

But, you do not pay the salary of Tom Cruise each time you pay your electric bill. FPL is a legal regional monopoly that we all pay for and if the execs get an outrageous amount of compensation....well, it could have gone to buy your groceries or mine or several thousand of our neighbors.

When you go see a movie- you do so when you want to spend the money. There is a choice.

When you pay the execs way too much money at FPL then what can you do, but still pay your electric bill.
Ben Der Dun Dat

United States

#10 Apr 11, 2009
I agree with the concept that these CEOs are compensated way too much but how about doing a column on the waste in Congress. Serve one term and get a 100% pension and free medical for life. I served as a Police Officer for over 30 years and got 75% and have to pay over $1000. a month for med for my wife and I.
Oh, lets not forget the free Vacations like the one the CBC just took to Cuba. How about something on that. They claim Cuba is one happy island.
Tamarac Tony

Fort Lauderdale, FL

#11 Apr 11, 2009
Ben Der Dun Dat wrote:
I served as a Police Officer for over 30 years and got 75% and have to pay over $1000. a month for med for my wife and I.
Typical whiny greedy cop. What do you want? You only put your life on the line for the public, had to deal with smelly, disease infected refuse of our social system that no one else wants to deal with, put stress on yourself, your friends and family and shortened your life expectancy.
Members of Congress face real dangers, they might miss then next free buffet (as long as they eat standing up, it's legal), they may miss the next "fact finding" junket to Las Vegas or the Mediterranian. Even worse, they run the every present, though remote danger that they might not, horror of horrors, be reelected.

How dare you compare your service to theirs? How DARE you?

PS. Thanks for your REAL service.
Tamarac Tony

Fort Lauderdale, FL

#12 Apr 11, 2009
Joey wrote:
<quoted text>
1. It is not envy.

2. It is still America and making money is a good thing.

3. But, you do not pay the salary of Tom Cruise each time you pay your electric bill. FPL is a legal regional monopoly that we all pay for and if the execs get an outrageous amount of compensation....well, it could have gone to buy your groceries or mine or several thousand of our neighbors.
When you go see a movie- you do so when you want to spend the money. There is a choice.
When you pay the execs way too much money at FPL then what can you do, but still pay your electric bill.
1. It is envey, pure and simple, disguised as OUTRAGE.

2. You could have fooled me on that one. How much money before it becomes a bad thing?

3. Close but no cigar. FPL is indeed a regional monopoly but it is a REGULATED monoploy with PSC approved rates. It cannot simple boost executive pay, add on a profit margin and stick us with the bill. All of these expenses are factored in before the rate is set, so it is fair to say that these packages come out of preapproved profits.

BTW, every product you buy has the hidden "entertainment tax" built in. Either straight out of advertising or endorsements or out of the huge sums that are paid to movie studios for "product placement". Even if you never see a movie again, some of your money will go to pay actors.
Joey

AOL

#13 Apr 11, 2009
Tamarac Tony wrote:
<quoted text>
1. It is envey, pure and simple, disguised as OUTRAGE.
2. You could have fooled me on that one. How much money before it becomes a bad thing?
3. Close but no cigar. FPL is indeed a regional monopoly but it is a REGULATED monoploy with PSC approved rates. It cannot simple boost executive pay, add on a profit margin and stick us with the bill. All of these expenses are factored in before the rate is set, so it is fair to say that these packages come out of preapproved profits.
BTW, every product you buy has the hidden "entertainment tax" built in. Either straight out of advertising or endorsements or out of the huge sums that are paid to movie studios for "product placement". Even if you never see a movie again, some of your money will go to pay actors.
1) Without being argumentitive, I disagree and I will explain why.

Jack Welch was worth the hundreds of millions that he was paid from GE & you will probably not find a sincere shareholder to disagree.

Bill Gates is worth every penny he made since he built a company from just ideas. The list goes on & on. Henry Ford, Bell, etc.

It is not how much they made. It is more if they did it while fairly being entitled to what they made.

To contrast that.
Most would say that the half Billion Dollars paid to the CEO of Lehman Brothers was not worth the money he was paid to drive his company into the ground. There are many recent examples of that.

The issue is not envy or the size of the amount(unless that is just how you think).

Sure, it would be nice to be as wealthy as Jack Welch or Bill Gates but I think they fairly earned all that they made.

Welch increased GE's profits & shareholder value, did a great job that is studied in business schools across the country, & I would wish him well spending his hundreds of millions.

2) No limit....as referenced by the Bill Gates example above. How much is not the issue as stated before.

3) I do not understand your response to # 3, or if we differ in our opinion.

If FPL is paying $10 mill for a job that a CEO should get $2 Mill. then it would seem excessive.
Tamarac Tony

Fort Lauderdale, FL

#15 Apr 12, 2009
Joey wrote:
<quoted text>
1) Without being argumentitive, I disagree and I will explain why.

3) I do not understand your response to # 3, or if we differ in our opinion.
If FPL is paying $10 mill for a job that a CEO should get $2 Mill. then it would seem excessive.
1. That is the point of forums, to exchange ideas and you are doing it well. If we all agreed, there would be only one post on each topic.

3. My point is that since FPL's revenues are set beforehand, then the CEO compensation is really none of our concern and should only be that of the stockholders.

Glad you mentioned GE, when Jack Welch left GE, the share price was about $42, it is now $11 under Immelt who singlehandedly ruined the company and got appointed to Obama's advisory team for his efforts. During the same period of time FPL was about $54 and is now about $53, paying a %2 -%4 dividend every year. Last year Immelt's pay was $3.3M with a $12M bonus which he "declined" this year in a move to save his job but he usually averages $15-$22M/yr.
David Perez

Yonkers, NY

#16 Apr 12, 2009
This is a clear case were empoyees get lower pay and employers packet all the loot we need unions in Florida.
Michael

Vancouver, WA

#17 Apr 23, 2009
I got my final bill of $409.66. from FPL. I lost my job two months ago and had to move in with relatives in WA just to survive. Now it's probably going to go to collections and this guy is sitting pretty? way to pour salt into an open wound.
Tamarac Tony

Fort Lauderdale, FL

#18 Apr 25, 2009
David Perez wrote:
This is a clear case were empoyees get lower pay and employers packet all the loot we need unions in Florida.
We have nions in Florida, we just don't have a union monopoly.
People are free to make the choice to be unionized or not. What's wrong with that?
Tamarac Tony

Fort Lauderdale, FL

#19 Apr 25, 2009
Oops,,"we have nions"? Sorry. Maybe it's a Freudian slip because I just can't see U in a union.
Tamarac Tony

Fort Lauderdale, FL

#20 Apr 25, 2009
Joey wrote:
<quoted text>
1) Without being argumentitive, I disagree and I will explain why.

I do not understand your response to # 3, or if we differ in our opinion.
If FPL is paying $10 mill for a job that a CEO should get $2 Mill. then it would seem excessive.
1. You may be reasoned in your outlook on it but read the postings in this thread and others regarding executive compensation and you will see most objection is fueled by sheer envy.

2. My point on item 3 was that the cost of executive compensation is NOT factored into the rate structure by the PSC so only FPL shareholders need worry about their pay. FPL can't just pay them whatever they want and then tack it on to operating costs.
3. Who gets to decide what a CEO is worth? The government and the public or the shareholders and board of directors?
new mother

Punta Gorda, FL

#21 May 15, 2009
you know what they say fp&l stands for fucking people and loving it! i am a new mother and have had so many problems with them. to many to list!!! i would be here all day telling you about them. we need another company and not fpl down with them!!!
Sean wrote:
Yeah, usual corporate sh** and greed. "Lets screw the customer so the executives can live like kings"..FPL one the top 5 most expensive utilities and one of the worst reliability ratings, does this stuff every year. The worst part about it is, the PSC is on FPL payroll, so they put up the dog and pony show every year but ALWAYS grant FPL an increase. The customer loses no matter what...
It's unfortunate that FPL is like most large companies, they have no problem scr**ing the customer so that the few at the top can have it all.
I'm sick of it and the PSC and Crist need to step up to the plate and say "enough"..but hell..they won't there on FPL kick back/bribe list..
FPL = Failure to Provide Lights!

Tell me when this thread is updated:

Subscribe Now Add to my Tracker

Add your comments below

Characters left: 4000

Please note by submitting this form you acknowledge that you have read the Terms of Service and the comment you are posting is in compliance with such terms. Be polite. Inappropriate posts may be removed by the moderator. Send us your feedback.

FPL Group Discussions

Title Updated Last By Comments
Tree trimming cost / FPL hires Texas corporati... Nov '15 HumanSpirit 7
News FPL Group is No. 1 on Forbes' Most Admired list (Mar '08) Nov '15 HumanSpirit 3
News FPL Wins National Award for Best Electric Relia... Nov '15 HumanSpirit 1
News FPL boosts electric bills although its fuel cos... (Feb '09) Sep '14 Tor 136
News Statement by CEO of NextEra Energy on Nominatio... (Jul '13) Jul '13 usa 1
News NextEra Energy Given Buy Rating at TheStreet (Jul '13) Jul '13 usa 1
News Local Middle Schoolers Power Radio Station With... (Apr '12) Apr '12 Eric 1
More from around the web