Would their normal bonuses have been $20m each?
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Would their normal bonuses have been $20m each?
Much less:Originally Posted by dwalker460
http://seekingalpha.com/article/1631...orker-pay-cuts
"Although HP's performance has hit the wall in the past two years, Hurd's pay -- and the pay of his management team members -- has dramatically increased. For 2008, Hurd's total compensation reached $43 million, which made him the fourth highest paid CEO in America for 2008. Hurd's total compensation increased 73% from his $25 million in 2007, even though HP's stock price declined 29% in 2008.
On his senior management team, the sharp compensation increases in 2008 were also noteworthy. CIO Randy Mott's total compensation went up 400% last year to $28 million. Imaging EVP VJ Joshi's total compensation jumped 83% to $22 million. Personal Systems EVP Todd Bradley's total compensation jumped 263% to $21 million. Technology Solutions' EVP Ann Livermore enjoyed a 31% bump in total compensation to $21 million. And CFO Catherine Lesjak got a 49% increase in total compensation to a more modest $6 million.
What also raises eyebrows about these sharp executive raises, aside from it happening in the face of a sharp stock price drop for the year (and the general market uncertainty which remained at the end of the year), is that 2008 was also a year in which these same leaders imposed mandatory 10% pay cuts for other executives and 5% cuts for the rest of HP's workforce. It hardly seems like this select group is shouldering the pain like the rest of the employees."
I think we have some basic misunderstandings as to wealth, so maybe this will help clarify-
No matter how much you have, its yours. Its not yours and the governments, or yours and your neighbors, its yours. Now some people, they hit a comfort zone and could care less about making more, but threaten to pull them out of that comfort zone and they circle the wagons and cut costs and may even try harder to increase income.
Others never get enough. A single dime loss on their balance sheet is a cause for alarm. Now, a socialist will say, its morally wrong to have all that wealth and not want to help people out, or lose a little bit for the greater good. Eff that. Its morally wrong to ask me to hurt myself to help you, and I am the one who gets to define what hurt is.
Personally I trade currency a lot, so I am very aware of movement in the markets. Some days I can bank $10K, just by clicking a few keys and risking a little money. Some days I lose. And no matter how small that loss is, No matter how much I bank- literally I could make 5k on one trade and turn around and lose $200 and it would bug me all day- I hate it. Its part of the process, but I hate it and do everything I can to avoid it. If it ever got to the point I felt I was going to lose more than win, I would get out.
No difference with the resort king in the article or any other business man, if the costs outweigh the benefits, if the risk is too great, its time to get out. Doesnt matter if he has 100billion sitting in the bank and could support the business and the employees for the rest of his life, if it puts him out of his comfort level, that that.
Apparently we simply have a misunderstanding of morality. You seem to think an altruistic nature is socialism. I think you need to take some of your accumulated wealth and go buy a dictionary.
"America is at that awkward stage: It's too late to work within the system, and too early to shoot the bastards."
-Claire Wolfe
"I got a shotgun, rifle, and a four-wheel drive, and a country boy can survive."
-Hank Williams Jr.
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Jeezus. The lack of reading comprehension here is forcing me to digress into ad hominem attacks and it's just not worth it. I'm not going to repeat myself again if you didn't get it the last three times I said it. You win.
"America is at that awkward stage: It's too late to work within the system, and too early to shoot the bastards."
-Claire Wolfe
"I got a shotgun, rifle, and a four-wheel drive, and a country boy can survive."
-Hank Williams Jr.
Feedback
I have one question after reading through this tread. Why should the employees worry? This CEO can easily be replaced. There are a lot of smart people out there. There are a lot of hard workers out there. Or should I just let the man say it.
Wow, I came into this one late...
1. I don't believe business is a two way street. The employer and the employee should both look out for their own individual self interest. To me, that means if I am an employee, I show up to work on time and work harder than anybody else. As an employer, that means that I recognize those hard working employees and try to keep them. Everybody wins when everybody has their best interest in mind. I think I read this somewhere, and highly doubt I came up with it on my own, but it's called an "enlightened self interest".
2. Teufelhund, I think I understand what you're saying. You think he has the right to shut down the business if he so chooses for whatever reason, you just personally don't agree with it for the reason he stated. Fair enough, but I don't agree with you. If he doesn't want to take a pay cut to keep his business going, that's his call. But I think the deeper point is he is saying he will not let the government bully him, and there are consequences for the actions of the government. Whether or not he is sincere in this belief, I do not know.
3. There is what sounds like a lot of bourgeois vs proletariat talk in this thread, and I find it very disheartening.
If you had such a problem with the way they did business, why did you work for them? You are part of the problem. If you continued to work for them despite the fact you didn't like the way they did business because you needed the job, then you should be thankful they employed you.
Kyle
Girlscouts? Hmmm, I don't know... I think it's kinda dangerous to teach young girls self esteem and leadership skills.
You do remember the state of the economy in 2009, I presume? Jobs in high tech in Colorado weren't easy to come by. This was corporate cronyism, pure and simple, and the founders of the company would have kicked these folks to the curb.
Business is not a two way street. Loyalty in business is a two way street. You can't demand it if you don't provide it. That was all I've been trying to say!
One does not bear arms against a rabbit. -- Garry Wills
If executives are being paid too much, the fault is with the board of directors who are wasting the stockholders' money. They are not stealing the employees' money - the proceeds of the corporation don't belong to the employees.
Another possibility is that it actually costs a lot of money to hire executives of high caliber.
Sayonara
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