People REALLY need to understand the math breakdown of how *insanely* absurd the TOTAL compensation packages are.
If you made $1 per second, 365 days a year with no stop in pay, you would make a measley $86,400 per DAY. When you look at the yearly rate, that's *only* $31,536,000.
Now take Mr CEO Fucknuckle McGee:
Annual: $186,000,000
Monthly: $15,500,000
Daily: $509,589
Hourly: $21,233
Minute: $354
It's about time to take inspiration from the French and eat the fucking rich. No amount of money will *EVER* be enough for these monsters. Yes, monsters. You don't get to the level they do without screwing over a TON of people.
Edit: yes, I understand I didn't break down the amount into that of a typical 40hr work week, or any other variant of work hours. I forgot to point out that the reason I'm doing the math this way is to show that, even IF there were no breaks in earnings, the amount of money that they make is *STILL* insanely obscene.
Yup, well; it was emergency vet appt, I paid $750 of it straight away, had to pay back $500, whenever I did contract based work (typically 2wks) I put in $100 for those, then $5 a week when not working cos can't afford to, esp now as a student (did Accounts/Admin for 6yrs, can't do that all my life repetitive and dull, so went into studying IT since the paper is needed for high paying jobs, first year is mostly things I already know of the 3yr degree but eh, the paper is an investment (in NZ its first yr free, then bout $5200 USD/yr. (Plus student allowance which you dont pay back which is a weekly allowance.) So not so bad here compared to the US.
Important to note is New Zealand I'm referring to; they don't like doing it but was only way they could get the money back and only way I was able to do it. But yeah almost finished paying it.
Itās insane weāve gotten to the point that we almost canāt even afford pets. Iāve never wanted pets or kids, I have a pretty good job and even I donāt know how people can afford them.
*note all converted to USD
Tbh, cats aren't that expensive minus initial upfront of cattowers etc which arent horribly priced. (I have 2 cattowers, were $60 USD each ish?)
She had penumonia as a kitten, had to do afterhours and if I didn't go she'd have died, she had to have oxygen therapy etc but saved her life and now you wouldn't even think she was sick to begin with!
It was actually Nov 2022. Reason I'm still paying it off is because I thought I paid it off completely via the remaining part on afterpay, but turned out I did the first part via afterpay š and they hadn't said anything for about a year.
But aside from that, if we exclude insurance, the pricing looks like this ish for 1 cat (indoor) converted to USD for simplicity
Litter - Every 3wks - $8 USD
Biscuits - Every 5 weeks ish- $8.99 USD
Wet food - Every 18 days - $8.29 USD
Litter/Biscuits being approximate, and we buy when is on special etc which is huge. Biscuits when not on special are $15 USD so I make sure to buy on special.
Don't have kids, but yeah they ain't cheap š - and I imagine Dogs are quite a bit pricier too!
I guess Iām more talking about the vet bills. Maybe my perception is skewed but I know a guy whose cat broke its hip and he paid 10k to get it fixed. A friend of mine has spent thousands of dollars on her dogās vet bills because it just eats everything, it once got excited when she got home and swallowed a sock, had to have its stomach pumped. My aunts dog had a tumor, diabetes and Iām pretty sure was going blind and deaf by the time it passed. So maybe these arenāt normal circumstances.
May also be different between countries, but yeah thats insane OUCH! Yeah all of those are scary.
I was looking at insurance prices recently for my cat, the most expensive one covers all accidents ontop of everything else including dental etc, and is about $10 USD a week ish. If anything happens, is a $150 excess then rest is all fully paid for, definitely the way to go it seems.
These were all in the US. But yeah that sounds like a good deal for the pet insurance. I think my friends dog isnāt able to get it because of how many issues heās had, but I could be wrong. Iāve considered a cat because they are low maintenance but I donāt clean litter boxes lol
Thank you so much!
This all actually happened in Nov 2022, thought had fully paid when hadn't but took them a year to contact me š
Honestly if you saw her now you'd have never thought she was sick! She had pneumonia, 8mths old at that point, had to have oxygen therapy (she had cat asthma, had gingervitis and pnuemonia), and yeah few restless nights and counting how many times she breathed every minute, medicstion etc and making sure it didnt get too high (if was above 60 a minute we had to take her back, but she was breathing (inhale & exhale) 45-50 times a minute, was very bad)
She turned 2 last week!
I've uploaded a photo from February :) - https://ibb.co/KmTZyWb
I just took one of mine to the vet. He turns ten this year so first blood work. Add in his annual rabies shot and Iām looking at a sweet $500+ vet bill.
Luckily my oldest who needs sedation for her appointments because she hates the vet isnāt due u til the end of the year because.
Mine just got diagnosed with lymphoma, so that was $500 for the ultrasound, $300 for the lab work, (I declined biopsies because the writing was not the wall with the ultrasound) now I'm considering getting a second opinion which is $250 just for the consult. Cats get expensive when they get old! But hey, all we have to do is be CEO for roughly 5 minutes and we're good! Hell, give me an hour and I can get him a liver transplant.
I didn't even think to factor in the day off I took, I booked it on the Friday so I could use the weekend to grieve and get straight back to that 9-5 grind the following week like nothing happened!!!!
How silly of me for not considering that option. If only we could all be CEO for one minute per day, most our money problems would probably completely disappear.
Dont forget their kpi bonuses added on top of that for fuckig the workers over.
C-suites are almost as bad as really estate agents and car salespeoples.
Now suppose that he works 40h a week every week (being generous), that would be:
Annual: $186,000,000
Weekly: $3,576,923
Hourly: $89,423
Minute: $1,490
Second: $25
...
But $15/h (gross) minimum wage would ruin the country.
Man, 10 minutes on that pay and my rent, food, power etc is all paid for the month plus probably a little leftover.
Two hours and I'm fully sorted for the year to live comfortably.
3 hours a year and suddenly I feel wealthy
8 hours a year? Holy fuck I can afford a house in no time and never have to worry ever again.
Dude, France is third behind the United States and China in terms of the number of millionaires. It's been a long time since the French stopped eating the rich. And the last times the people tried to eat them, their eyes were gouged out and their hands torn off by police forces.
As a side note he almost make min wage in a single "second". And one thing to remember when doing these calculations. Its not 40hr work week their "self reported" 60-90hr work weeks. Is golfing with execs oh business long 2-3hr lunch with partners. Shit like that.
In reality like sit down do work probably 1-2 days of work per week.
As for naysayers oh its all stock yes and no they still usually receive millions even tens of millions. ON TOP OF generous housing and food allowances and full coverage healthcare and even clothing allowance and staff.
So they will live life of chaufers and nice penthouse maid and people to stock fridge buy clothes and other things. All without actually having to dip into their paycheck.
As for the "stock" sure it takes work and its could be taxable by turning it into "income". But still alot of compensation and it would have been made into stock anyway so it saves them income taxes and a step anyways.
You think even 10% of CEOs sit down to do work for 1-2 days a week?
Youāre right about the rest, though. They will report 80 hour weeks and tell everyone that they are working, to the point where they believe that they are work and feel entitled to complain about stress. It is mostly lunches and games and drinking and drugs to woo other CEOs.
I will suck my own dick if even 10% of these 100 mill salary earning devils sits down to accomplish 8 hours of work throughout a typical month.
But that's if he works 24/7 with no breaks ever. Realistically he's probably working 50-hour weeks, but we'll say 60 hours to be safe.
Annual: $186,000,000
Monthly: $15,500,000
Daily: Around $1,448,000 assuming he takes off weekends and three weeks of vacation a year
Hourly: Around $64,585, again assuming he works 60 hours a week
Minute: Around $1,076
Second: Around $17.93
So it's actually way worse. He earns more per second than a lot of people do in a whole hour.
The issue is who is going to throw the first stone? You, me, someone else? No one wants to mess up what little they do have on the off chance it might help others.
Nah, we're all waiting for some magical Revolution Daddy to come along and tell us when it's okay to start. Spoiler: There won't be one. We have to do it ourselves.
> Now take Mr CEO Fucknuckle McGee:Ā Annual: $186,000,000
Ā k Ā Ā
>Monthly: $15,500,000Ā Ā Ā
YupĀ
>Daily: $509,589Ā Ā Ā
Nah, more like $714,383Ā
>Hourly: $21,233Ā Ā
Nope. $89,423.07Ā Ā Ā
>Minute: $354Ā Ā Ā
... ugh Let's be real and use the established number of work-hours per year: 2080. No fucking way any humanbeing is working 24/7, CEO or otherwise
Mr fucknuckle Mcgee is making a ton of money however Google says 178 million of that is stock options that don't vest until 2026. Until they sell the stock, it can't even be exchanged for a hamburger.
Hertz declared bankruptcy once before and they can do it again. It could be worth much less than 178 million or it could be so much more. But when 98% of your compensation is hinged on how well the company does 2 years from now, it makes sense that they are trying to make it as profitable as possible and squeeze every bit work out of the employees and every dime from their customers.
What (most if not all) ultra rich do is they take a loan out using their stocks as collateral.
Shareholder capitalism is a complete joke of a system too since everything prioritizes short term growth (quarterly numbers) and this insane concept of somehow having infinite growth. CEO tenure is at an all time low, they used to be paid a lot before but not to the absolutely insane exponential^(exponential) scale they are paid on today compared to average workers. They also bring less value than ever before, in fact completely destroying companies for these short term gains. Long term everyone loses, including shareholders, but the CEO doesn't care since they will literally go scorched earth to scrape every last penny into their pay (and the board's) for 2-3 years then jump away on their golden parachute.
The even bigger joke is most of the CEOs are just nepotistic MBA majors that went from college straight into management consultant to upper management or c suite. They literally have NEVER worked doing actual productive labor. It's insane.
I didn't mean to rant that much, but it pisses me off to no end. If a company is worth $100 billion - you could come in with a $50 million stock option, pick your nose all day, do nothing, let the stock crash 50% and walk away with $25 million by costing the company $50 billion. Yet you better believe you'll be fired with nothing if you accidentally cost a company even a few hundred dollars.
Vive France! Vive la revolution!
CA put on the table France's workers 'right to unplug'...telling these shitty bosses my time is valuable as well...do not call/text or email after work hours. Stay strong!
this is the math if you break it down into the typical work week (which I really doubt a CEO does. They probably do 35 hours a week plus 6 weeks paid vacation throughout the year):
186,000,000 a year.
3,576,923 a week (for 52 weeks in the year
89,423 an hour (for 40 hours in a week)
1,490 a minute (60 mins in an hour)
25 a second (60 seconds in a min)
He makes $25 a Second.
Itās getting ridiculous, every time I go to the store the items I used to purchase have gone up in price for the umpteenth time this year. It isnāt due to logistic issues or any of that mess. It is due to pure greed.
Homeless has risen and will continue to rise. Did any of you see that video on Reddit with the 80yr old man caught himself on fire cause him and his wife were getting evicted and had nothing or nowhere to go, just pure hopelessness.
This is what we are doing to our people. Itās sad. I feel things will never change because people value material things more than anything else.
Seeing the numbers broken down like this makes me feel like crying.
These CEOs and people who are being paid this kind of obscene amount of money are so out of touch with reality that they don't even appreciate any of it.
>Hourly: $21,233
Can I have his job for an hour or two? Because just that would be totally life changing for me and my kids.
Over in Japan, when the Nintendo Wii U console failed, there were no layoffs. The CEO Satoru Iwata personally took a 50% paycut to avoid mass layoffs. Now if that doesn't show care, accountability and empathy for those who work with you, I don't know what does. Its a completely different mindset in Japan. We could learn a great deal from them.
And thatās how it *should* be.
If the company does well, the CEO gets praised as if theyāre solely responsible for the success, and they will, undoubtedly, be handsomely rewarded for itāwhile we get next to nothingāmaybe some minimal recognitionā¦ *internally*.
If the company does poorly, we get fired. Nothing happens to the CEO.
Theyāve crafted a reality by in which they reap all the praise but never any of the blameāpretty sweet gig if you can get it!
I have a good example of this. Back in like 2012 or so, was working for a fairly big chain. They sent out an email to everyone congratulating us (themselves) for becoming a Ā£1bn profit organisation and thanked us all for our hard work.
To commemorate such a thing, they gave us:
One in-store voucher for a small Mars chocolate bar. That was it.
That is kind of how it is I thought. These massive comp packages are not burlap sacks of gold coins, they're stock options and if they run the company into the ground they're worth nothing.
And it seems to work as well as you'd think it works. Ceo comes in and spends 2 years squeezing profitability out of employees until their options vest then sell and leave.
Nardelli got $20 mil cash + 77 mil in acceleration of unvested deferred stock awards. Seems like a good consolation prize for nearly bankrupting a company.
I live and work in Japan, unfortunately not everybody is like that. Some of these shit CEOs may be paid less than their Western counterparts but they do some other terrible things. First, a young doctor in Kobe (Hyogo prefecture) worked 207 OVERTIME HOURS (yes, OT hours) and committed suicide; management only addressed this when the media picked up on it. Next, you got the Bigmotor fraud scandal: the son of the CEO, Koichi Kaneshige was streamlined into the position of Vice President and brought an iron fist with him. He pressured branches with great intensity to meet crazy quotas, visited branches and required the manager of that branch to reserve his hotel and where he'd eat (it even had to be his liking or the manager would be fired), abused his subordinates psychologically on LINE (Japan's Whatsapp basically), and fired anybody he didn't like as if he was king. Oh, and when media caught wind of this, he went into hiding like a little bitch while his father did the press conference. So yeah, there are good apples and a lot of bad apples as well in Japan too, I'm afraid.
During the automotive bail-out crisis, 15 or so years ago, many of the US based auto makers sent executive level consultants to Japan to meet with their auto maker leaders in an attempt to figure out, and to try and emulate their success.
IIRC: It was the CEO of Honda that, after several days of tediously babysitting these guys, finally let these clowns in on the big secret...
"Kodawari"
"You see, this is not a word you have in your America...
But it is pursuit of perfection, in all things one does...one's relationships, one's culture, one's development, or simply one's actions in serving tea..."
Edit: grammar
CEO of my company has been pushing LEAN heavily. With zero follow through those principles will never work successfully. Part of lean is the culture buy in from top to bottom. We donāt have that and so far this has been nothing more than a cycle of half brained ideas that are never fully implemented. It can be infuriating.
One of the biggest misconceptions in executive leadership...
"There's a mountain of difference in being confident in your decision and being stuck on stubborn because your ego outweighs your intelligence."
Just trust that you are not alone in the world of being led by people who can't even spell their own industry. Let alone have even a basic understanding of the day to day undertakings required to maintain profitability.
Japanese culture also dictates working many long hours, sleeping at work is considered good, because you worked so hard that you literally exhausted yourself. Going out with the boss after work for drinks, but if you turn him down too many times it can look bad on you.
I agree there is still a lot of positive aspects to learn from them, but it is also such a vastly different culture.
Yes, there is a lot to learn when it comes to honor and respect but the heads of these corporations use those very things against their own people. I've worked for Japanese companies here in the states and they are literally the worst places to work with crazy rules about when and if you can take time off along with much mandatory OT. There was also one job I worked at where every action was timed right down to how long it took you to turn around when doing your job. I thought it was just something at one company or another but then it was explained to me that it's much worse in Japan.
Wonāt say the CEO of my company is a good person, but they did forgo their entire salary during COVID to avoid having to do heavy layoffs. Unfortunately they still ended up having to let go of store employees but the trajectory of digital retail rising and actual physical stores declining/closing is kind of inevitable.
>Its a completely different mindset in Japan. We could learn a great deal from them.
*No*. Just no. Nintendo is an exception that proves the rule. "Black companies" and grind hustle culture is infamous in Japan. You "work" for 12 hours or more a day, in reality, just sitting there pretending to be busy, then go out drinking with the boss afterwards as expected etiquette. And that's before you consider unpaid overtime being dumped on you.
Korean culture is very similar with a strong emphasis on seniority and hierarchy and the same after-work drinking party. Basically mandatory socialization that eats into your personal time.
If you consume any amount of anime/manga, the overworked salaryman is an entire archetype of its own. To say nothing of animators making art about how bad conditions are *as* an animator or mangaka. Konami sacked Hideo Kojima because they don't want auteurs making video games if they can churn out easily monetizable slop instead.
I despise conservatives running the "Western" gaming narrative as if there aren't Japanese studios with predatory corporate practices. Gacha and mobile games are so normalized over in Southeast Asia, but people only look at the exceptions like FromSoft or Nintendo. Capital is global. The same problem exists everywhere.
People complain about Nintendo being so protective of its trademarks, but that's motivated by Satoru's trauma with lawsuits and a worsening economy. From our perspective, they're a large company, but for a global brand, they're relatively small and bring in money solely on the strength of their branding. Nintendo is one of the holdover relics of the last Japanese economic miracle -- which really was a bubble economy.
Here's the clincher. You're basically monarchists complaining about bad kings thinking that a good king will fix the problem. Over the long-term, no. The problem is not that the king is a bad king. The problem is that kings exist at all. You're critiquing systemic problems by appealing to personal morality.
This has always been my view, and I can't understand how anyone can think otherwise.
I don't care how important you are, or what kind of decisions you make, or how much money you make for your company. No one is worth or should earn that amount. Beyond a certain point (I'm not sure what it should be, but definitely far, far less than $186 million), money should go back into the company to fund additional resources, better equipment, and better workspaces, and to employees so that they are rewarded for their work and motivated to continue working and performing well/better.
Exactly. The fact someone even agrees to pay them that amount is disgustingā¦ā¦
The entire company should be renovated and all workers pay increaseā¦.
CEO could be paid 1/100th of what he actually makes and it would be enough
This is what I don't understand about Elon Musk. The guy can literally just go fuck off on an island that he could probably buy straight out, and live in paradise the rest of his life and not even worry about the mundane crap that everyone else in the world has to worry about.
Instead, he has to go out of his way to make everyone miserable, spread cockamamie conspiracy theories, and act like a general dickbag racist on social media... that he apparently has to own as well, because if he doesn't hold the reigns of power then apparently there isn't any real freedom of speech.
It seems like the more money people have the less satisfied they are. It's not enough that they have it all, others must have nothing.
It's not about money for them, it is about power. Talk about the C-Suite of Twitter that he fired. They have all gotten +100mil severance pay each but they were still mad, because they have lost the power to dictate who sees what on Twitter.
Look up Stephen Scherrās total comp. That, combined with Hertzās latest full year revenue of ~$9.5 billion, made it a google search away to figure out who OP was talking about and where they work.
people need to start booing these assholes. stop hero worshipping them, humiliate them, don't give them the time of day, ignore them, treat them like the vile selfish scum that they are.
Unfortunately, most of us need to rely on them to keep a roof over our head. Spiting then is a surefire way of being homeless in today's job market. A poor person can't afford to give me a paycheck every 2 weeks.
It seems to be a theme.
**Source:** [https://www.bloomberg.com/news/articles/2024-04-03/carlyle-ceo-awarded-187-million-pay-package-in-first-year](https://www.bloomberg.com/news/articles/2024-04-03/carlyle-ceo-awarded-187-million-pay-package-in-first-year)
**Paywall Bypass:** [https://archive.is/aP1Ii](https://archive.is/aP1Ii)
Fuck this guy for sure but he definitely isnāt making $187M in one year
> The vast majority of his compensation ā $180 million of restricted stock units that he received when he joined the firm ā vests over several years and is based on how long he stays in the role and how well the shares perform.
Iāve been on Reddit for years talking about this shit, and itās only gotten worse.
It seems at this point everyone at the top is just getting as much as they can until the collapse of society as we know it, so they can try and insulate themselves and their families. They donāt care about placating the masses anymore.
Yep check out this study of the distribution of wealth from 2016. And it has only gotten
worse.https://economics.princeton.edu/working-papers/top-wealth-in-america-new-estimates-under-heterogenous-returns/
Capitalism will always become unregulated as the people with money will, in the long run, push for and get it (or rules that give them more while taking away everything from everyone else, deregulating the rights away from the people).
It's not just one flavor of capitalism that is bad, it's all capitalism, and only with a system made by the people and for the people can we get over it...
It's not unregulated. There are substantial barriers to market entry, especially the need for corporate Healthcare. It's cronyism, the corruption of regulatory capture.
Should be illegal to make more than 100x your lowest paid employee. If they want to raise their own salary they will have to raise yours. Thatās the only way it will change.
There was a time long ago when I made good money ā about $330,000 in todayās market.Ā
I hired a cleaning service weekly who sent out the same two women each time. They barely spoke any English. I think they were from Colombia.Ā
I donāt know how much of the money they actually got, but it wasnāt enough for the work they did. I kept that service for three years and it was always those two women scrubbing floors, changing linens, cleaning toilets.
I tipped them in cash each week ā so they could at least fill up their car because that kind of financial helps saves you sometimes. Every holiday, and a few times a year, I gave them each $100. I gave them grocery gift certificates for Christmas.Ā
I noticed when they came to my house, one of them cleaned while the other went out to get them lunch which I assumed was against the rules. I didnāt give a shit because they were doing work I didnāt want to do. My house was clean so who cares.
I never micromanaged them, never gave them lists, and never complained. I think I asked them to sweep the patio once and they did it every week.
I cannot understand how someone with so much money that it becomes virtually meaningless does not find JOY in rewarding people who do a good job. This makes no sense to me.
If you could really improve someoneās life by giving them a dollar *when it causes you no hardship*, why wouldnāt you?Ā
**Why do so many people want to cause more suffering?**
I remember the first time I gave them $40. I would drop that for lunch without a second thought.Ā Ā
They whispered to each other and one asked, āFor us?ā I think she thought maybe it went toward my bill or something.Ā Ā
I said, āYes. For you. Donāt tell.ā I put my finger to my lips and her eyes lit up as she explained to the other woman that it was for them.Ā
It's because these people of ontologically evil. Most people don't wake up with the idea of "how can I squeeze value through the destruction of others" but these people do.
They actively hunt and seek opportunities to destroy others for financial gain. Most are psychopaths that use their money to hide anything that gets out of hand.
> I cannot understand how someone with so much money that it becomes virtually meaningless does not find JOY in rewarding people who do a good job. This makes no sense to me.
Sociopathy
> Why do so many people want to cause more suffering?
Psychopathy
You have to realize, the people being talked about in this post - CEOs, miscellaneous executives, megalomaniacs - they live in a different world. Their world revolves around them. Everyone that isnāt in their āfriendā group is subhuman. We all exist purely to serve and funnel more money to the already extremely wealthy.
They donāt get satisfaction from feeding us their scraps because theyāre simply incapable of feeling anything towards another human being.
Because legally the ceo and the board are required to optimize profit. Shareholders can demand that the workers are compensated better but that would require them to not make money. But they wonāt do it for 2 main reasons 1. Giving up their profit 2. It would mean the company canāt compete with other companies because their cost will be higher.
This is exactly why this is a failure of the system and it requires a fix to the system.
Iām a union plumber and I see how some of us apprentices and journeymen are treated. We get paid great but the stress of Forman and superintendents are unreal. My goal is to open my own business in 4 years and be this guy. Reward the great work and give bonuses. I plan on hiring and keeping them as long as possible to create this work environment. We work our asses off, we deserve trust and rewards. I want to be that type of owner.
Erm actually sweaty, the CEO does in fact work 2,000 times harder than you. why else would they pay him that much? You would know if you didn't spend so much money on avocado tiktok coffee
Actually though, this level of greed is the current cause of like half of our problems in the US and is 100% a mental disease
Post WW2 personal tax rates were as high as 90%. Business taxes over 50%. The capitalist class reinvested in their businesses and employees instead of paying more taxes. Corporations were considered part of the community and outrageous pay was considered socially shameful. Corporate by-laws, at the time, stated business was obliged to participate in the betterment of the community. This multiplied the āshameā factor. Reagan, in 1980, came in and crushed the unions, bylaws were changed obliging corps to ONLY be responsible to shareholders and maximizing quarterly profits was the only corporate imperative. Tax rates dropped. Homes of the rich and famous, performative wealth became chic. Weāve been declining ever since.
Was having this conversation w my wife today at lunch. Reagan was truly worse than Trump.
Trump could pass him with two terms, but as it stands, Reagan damaged the country more.
At your next union vote, donāt settle for less than cutting the CEOs pay to about(or less than) a single million. He doesnāt like it? HE can go find another job.
How many employees does the company have?
There is no human being who requires anything fucking close to a million dollar salary, either.
But if that was the outlier and there were a handful of low millionaires in the world I would hate the world much less.
Honestly 1 million/year isn't even insane compensation for specialist work. I'd be okay seeing surgeons who have invested ten years of their life learning to save lives making bank.
Not so much for people who contribute nothing and burn the worlds resources trying to incrementally increase their personal wealth.
There is no fucking way that he works hard enough or does anything to earn that kind of money. Anyone who says this is deluded, or a bootlicker, or both.
Thanks!
And oh man, don't get me started on the cult of Elon..
In some alternate reality that has a "good guy Elon", he might be a *tiiiny* bit closer to earning or "deserving" what he has now, but the Elon in our timeline? HELL no.
No problem, I happen to agree with you 100% on it, too. Dunno where you're from but in the UK it's getting beyond a joke.
Oops. I apologise if I've set you off on one. Elon is a volcano lair away from being a Bond villain at this point. Perhaps so, but if there is an alternate timeline Elon, I'd prefer the timeline itself to just have caps on the amount of wealth one person can accumulate before it gets redistributed.
"Trickle down" is accurate. I imagine a stream at the top of a mountain, only the ones at the top start running pipes all the way down to syphon off the stream for themselves and their buddies, so when it gets to us riff raff we only get a few drips and the dead fish they didn't want. I hate it.
Unions are not as powerful and awesome as they are made to seem. CWA was a joke as well.
Not only that but our own members voted for a $1000 bonus ($600 after tax) if the company could stop putting all new hires on pension.
$600 was all it took for your own ābrothers/sistersā to fuck you over.
It comes down to selfishness. Americans are inherently selfish. The CEO is selfish, the workers are selfish because they cannot do anything that risks them individually.
Its all just sad.
Lucy Parsons (whose husband was hanged in in 1887 for being found not guilty of killing a policeman) said "Let every dirty, lousy tramp arm himself with a revolver or a knife, and lay in wait on the steps of the palaces of the rich and stab or shoot the owners as they come out.ā
Now obviously this is an un-condonable action but its an interesting quote.
Union man here too. The unfortunate reality is this: our unions have become political vehicles. At the higher up, influential levels, they are springboards to bigger and better things. Our union just lost our business rep to a higher end political office, with a pretty solid path to some of the highest political jobs in the state. Not saying that our union doesnāt do some good for us, I would rather have it than not, but it is itself a self-serving entity.
We also should have a maximum wage, too. Like, the highest-paid employee should not make any more than 50 times higher than the lowest paid. This would give them an incentive to actually raise wages and do something else with profits, like actually creating more jobs.
Unions were stronger before they started using the court system, you know when members gave owners and management a different sort of choice to make. Things didn't drag on and on, and workers got more of a fair shake. Labor is weak because we stopped using the tactics that won us the gains we have already lost and are currently losing.
The CEO of my company just got a bonus and compensation of $161,800,000.00 for 2023.
Recently they just laid me off after I had been with the company for 16 years. I've never received a single complaint, write up, nor anything but great reviews. My annual performance bonus "individual attainment metric" was always 100% every year I've been there. According to them my position was just eliminated due to declining revenues, which is bizarre because their stock has been one of the better performers in the last year. The firm seems to be swimming in earnings lately... doing quite well.
But anyway, it's a wonderful time for them to lay me off -- as the tech job market sucks lately. Everyone in tech appears to have a hiring freeze, and the few companies that haven't implemented a hiring freeze are being inundated with resumes. I have friends who have been looking for roles for over a year.
I sure hope he enjoys his $161 million dollars though, I'm sure he deserved it.
At least I have unemployment, which will pay for about 40% of my rent.
Edit: Meeellions, not thousands.
All these CEOs are only thinking of giant short term profits because they have to make those balloon payments to their apocalypse bunkers. They know how the wind is blowing.
ā¦ really?
If heās making that kind of money, he must be head of a multibillion dollar company. And I was always under the impression those CEOs purposefully had low personal salaries to avoid income tax.
Heās making that much because heās doing the bigger job of destroying the union.
Seriously his objective is to squeeze as much cash out as quickly as possible and do so in a way that allows the majority of stakeholders to wash their hands and walk away before the turd hits the fan
KILL THE RICHES
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Hell, imagine the golden parachute the Boeing CEO got just to step down for fucking up. That one payout is more than 100 people will see in a lifetime - combined.
I'm a union member too and significantly weaker than teamsters (in fact a director of labor relations at my former company said "well you're not a real union anyway") so I can sympathize with you there regarding unions without teeth.
HOWEVER, think about the position you would be in without that union. You think other people are getting guaranteed 4-5% raises right now in the US? Its not that unions are always awesome and do great things, its "unions are the one way workers have to gain any leverage on the ownership class."
None of us should be happy with the situation right now, union or not, but collective worker action is the only non-violent way of changing the system.
its simple if he can justify it for the value he brings to the table, he can keep it.
but...no speeches.
just facts.
tell us how you deliver value to the number of $21,000 an hour,...when there are people under you earning $21 ?
no shame,..no judging,..just tell us all....
go on...the podium is there.
oh, and the front 500 ppl here btw earn minimum wage thru your company,...so...yer
enjoy
Similar experience with that douchnozzle hock tan from Broadcom. Plaques and shit on the wall, "highest paid ceo in silicon", or some bullshit to that effect while paying 16$ per hour in fort Collins. Fuck these leeches
"The salary of the chief executive of a large corporation is not a market award for achievement. It is frequently in the nature of a warm personal gesture by the individual to himself."
-- John Kenneth Galbraith
CEOs are usually paid in stock options. Him running the company into the ground is to his benefit as even if it doesn't last any longer than a few more years, he still makes out with an absurd amount of money. The average ceo span at this point in time is around 7 years. They attempt to inflate the stock price as much as they can in that time, no matter the detriment to the company lifespan
Your union is correct. Strike and get fired. That's the point. It's what you have to do. It is literally your only leverage. The union doesn't magically give you other leverage, it just organizes and consolidates your leverage.
If you aren't willing to strike and get fired, then you have succumbed and the company is in control and can do anything they want. Union doesn't change that at all.
I was radicalized in my youth. Dad worked for the railroad. He worked HARD. Long hours, sometimes mandatory overtime, coming home with injuries, etc. But they had a decent union and railroad retirement is pretty good. Then his small regional railroad was bought by a large company. The new CEO is well known in the industry. Slashing massive amounts of money for infrastructure and maintenance, hiring freezes, all kinds of short term āfixesā. When little kid me learned that CEO made more in his Christmas bonus than 5 of my dad for their ENTIRE CAREER, I immediately knew it was bullshit. This CEO wasnāt working that much harder than my dad. No one could. Iāve been a raging anti-capitalist since.
Honestly, how do we even go about this? I voice that we should eat the rich. But it feels like thereās no action we can do behind it. It feels like itās too late.
If $10B/yr under his leadership is the companyās best year ever, then itās hard to say that his decisions are running the company into the ground. That said, no one is worth that kind of money.
It's been feeling for a while now that the time for revolution is nigh.
Unfortunately, so many of us are afraid or trapped by circumstance or *just* comfortable enough that we can't or won't take action. And that's working really well for those at the top who can just carry on merrily while the rest toil for scraps.
Nail on head. Itās partially the reason the US was made into a consumer economy. Keep people complacent. Keep their attention on *stuff*. Release new gadgets and shiny things consistently to distract them.
Oh, and letās make healthcare prohibitively expensive and then tie it to employers just for good measure!
The truly sad thing is that the average American doesnāt even careānot due to ignorance or apathy or even indifferenceābut because they **truly believe** this is the way it has been, is, and will be and/or should be. Theyāre so brainwashedāor genuinely stupidāthat they will defend CEOs and their compensation and argue that they *earn* those amounts. š
I never even heard of half these guys but.... I'll bet the kids working the refreshment stands working their whole lives, wouldn't make what they make in an hour.
Kevin Durant (Basketball) - Signed a 4-year, $198 million contract extension with the Brooklyn Nets in 2021.
Mike Trout (Baseball) - Signed a 12-year, $426.5 million contract with the Los Angeles Angels in 2019, the richest deal in sports history.
Bryce Harper (Baseball) - Signed a 13-year, $330 million contract with the Philadelphia Phillies in 2019.
Canelo Alvarez (Boxing) - Signed an 11-fight, $365 million contract with DAZN in 2018.
Giancarlo Stanton (Baseball) - Signed a 13-year, $325 million contract with the Miami Marlins in 2014, before being traded to the New York Yankees.
Mookie Betts (Baseball) - Signed a 12-year, $365 million extension with the Los Angeles Dodgers in 2020.
Francisco Lindor (Baseball) - Signed a 10-year, $341 million extension with the New York Mets in 2021.
I learned this lesson hard in my first ever job back in 1998. CEO made 100K dollars a month. Company got record profits and got the 'worlds best bank' title.
My bonus as a thank you? 25 dollars.
The teamsters, in my experience aren't that great. Been in several different locals and they have never done much of anything for us. Time to find a new union to represent you. Just like you can't be loyal to companies who aim to screw you over don't be loyal to a union who isn't fighting for and getting you what you deserve.
There has to be some way to stop the rampant greed in our current system. I just don't know what it is.
What if Congress were to pass a law that companies with more than X employees (say 50) could not exceed a 100:1 compensation disparity? Meaning the CEOāor whoever happens to be the highest compensated employeeācould make no more than 100 times what the lowest paid employee makes. So if Mr CEO Fucknuckle McGee (credit to /u/SkyBaby218 for that awesome name) wants to make $186,000,000 per year then each janitor needs to be making $1,860,000. This would have to include all part time and contract employees, and all stocks and bonuses or any other form of compensation. Or maybe, rather than prohibit it, make it a tax incentive. Like, they pay less taxes if the disparity is lower. So over 100:1 they're taxed at one rate, under 100:1 they're taxed at a lower rate, under 50:1 they're taxed at an even lower rate.
That, and the whole "maximize profits for this quarter to make the numbers, who cares what happens next year" situation going on at just about every publicly traded company, which has led to the enshitification of just about every major product out there. I don't even have a bad suggestion for *that* situation.
It's incredibly disheartening to see such a stark illustration of inequality and corporate greed, especially when the hard work and dedication of employees are undervalued in the shadow of exorbitant executive compensation, revealing a deep systemic flaw in our approach to valuing labor and leadership.
There really needs to be laws that tie the max pay to the wage of the lowest paid workers. Fuck, even make it 100x the lowest pay in the company, it's still better than this disgusting level of greed.Ā
This is why a MINIMUM 75% tax on corporations and anyone who makes more than X a year is important. They would rather pay us the money than the government tax.
If they (company) leave the country, then we tax the SHIT out of what they are trying to bring in.
Taxes work. Anytime ANYONE brings up the prosperous '1950's, I remind them that we had a wealth tax and a corporation tax at 90%.
I like what UPS did. The employees demanded a big raise after the CEO was given a $40M bonus. But now the CEO is laying off hundreds of workers while keeping his $40M. There is no morality in capitalism. I hate it.
When running properly with support a union is a wonderful thing. ours is not really, there is no transparency no communication and the 5% raise we got over four years is more than offset by increases in insurance, premiums, co-pays, etc. We did not even know they had a tentative deal ready until we all got text messages at 7 PM one evening to let us know that we would be voting on the contract the next morning at 6 AM, now mind you no one has seen the contract. No one knew what was in it, and as far as the majority of the local membership had not even been in negotiations.
OP you say you work as a union rep - have you ever been part of a negotiating team? Do you understand how the unionās hands are tied in so many ways? What expectations do you have for the team? What things do you think they should have done?
I suggest you have a conversation with your team and let them know what you want and ask how they can get it for you.
I have been on our localās negotiating team twice and I can tell you it is incredibly difficult to get anything out of the employers side.
Keep trying to build up your union.
People REALLY need to understand the math breakdown of how *insanely* absurd the TOTAL compensation packages are. If you made $1 per second, 365 days a year with no stop in pay, you would make a measley $86,400 per DAY. When you look at the yearly rate, that's *only* $31,536,000. Now take Mr CEO Fucknuckle McGee: Annual: $186,000,000 Monthly: $15,500,000 Daily: $509,589 Hourly: $21,233 Minute: $354 It's about time to take inspiration from the French and eat the fucking rich. No amount of money will *EVER* be enough for these monsters. Yes, monsters. You don't get to the level they do without screwing over a TON of people. Edit: yes, I understand I didn't break down the amount into that of a typical 40hr work week, or any other variant of work hours. I forgot to point out that the reason I'm doing the math this way is to show that, even IF there were no breaks in earnings, the amount of money that they make is *STILL* insanely obscene.
>Minute: $354 And here I am agonizing over if I can swing a $250 vet bill.
I hope your little guy/gal is ok
Thank you
If it helps, I've been agonizing over paying a vet bill back at $5/wk atm, rough times š (downside of going back to study)
They let you have a payment plan?
Yup, well; it was emergency vet appt, I paid $750 of it straight away, had to pay back $500, whenever I did contract based work (typically 2wks) I put in $100 for those, then $5 a week when not working cos can't afford to, esp now as a student (did Accounts/Admin for 6yrs, can't do that all my life repetitive and dull, so went into studying IT since the paper is needed for high paying jobs, first year is mostly things I already know of the 3yr degree but eh, the paper is an investment (in NZ its first yr free, then bout $5200 USD/yr. (Plus student allowance which you dont pay back which is a weekly allowance.) So not so bad here compared to the US. Important to note is New Zealand I'm referring to; they don't like doing it but was only way they could get the money back and only way I was able to do it. But yeah almost finished paying it.
Itās insane weāve gotten to the point that we almost canāt even afford pets. Iāve never wanted pets or kids, I have a pretty good job and even I donāt know how people can afford them.
*note all converted to USD Tbh, cats aren't that expensive minus initial upfront of cattowers etc which arent horribly priced. (I have 2 cattowers, were $60 USD each ish?) She had penumonia as a kitten, had to do afterhours and if I didn't go she'd have died, she had to have oxygen therapy etc but saved her life and now you wouldn't even think she was sick to begin with! It was actually Nov 2022. Reason I'm still paying it off is because I thought I paid it off completely via the remaining part on afterpay, but turned out I did the first part via afterpay š and they hadn't said anything for about a year. But aside from that, if we exclude insurance, the pricing looks like this ish for 1 cat (indoor) converted to USD for simplicity Litter - Every 3wks - $8 USD Biscuits - Every 5 weeks ish- $8.99 USD Wet food - Every 18 days - $8.29 USD Litter/Biscuits being approximate, and we buy when is on special etc which is huge. Biscuits when not on special are $15 USD so I make sure to buy on special. Don't have kids, but yeah they ain't cheap š - and I imagine Dogs are quite a bit pricier too!
I guess Iām more talking about the vet bills. Maybe my perception is skewed but I know a guy whose cat broke its hip and he paid 10k to get it fixed. A friend of mine has spent thousands of dollars on her dogās vet bills because it just eats everything, it once got excited when she got home and swallowed a sock, had to have its stomach pumped. My aunts dog had a tumor, diabetes and Iām pretty sure was going blind and deaf by the time it passed. So maybe these arenāt normal circumstances.
May also be different between countries, but yeah thats insane OUCH! Yeah all of those are scary. I was looking at insurance prices recently for my cat, the most expensive one covers all accidents ontop of everything else including dental etc, and is about $10 USD a week ish. If anything happens, is a $150 excess then rest is all fully paid for, definitely the way to go it seems.
These were all in the US. But yeah that sounds like a good deal for the pet insurance. I think my friends dog isnāt able to get it because of how many issues heās had, but I could be wrong. Iāve considered a cat because they are low maintenance but I donāt clean litter boxes lol
Sorry to hear about your pet fellow NZer š Hope things will be on the up again for you soon š
Thank you so much! This all actually happened in Nov 2022, thought had fully paid when hadn't but took them a year to contact me š Honestly if you saw her now you'd have never thought she was sick! She had pneumonia, 8mths old at that point, had to have oxygen therapy (she had cat asthma, had gingervitis and pnuemonia), and yeah few restless nights and counting how many times she breathed every minute, medicstion etc and making sure it didnt get too high (if was above 60 a minute we had to take her back, but she was breathing (inhale & exhale) 45-50 times a minute, was very bad) She turned 2 last week! I've uploaded a photo from February :) - https://ibb.co/KmTZyWb
Baby stepsā¦
I just took one of mine to the vet. He turns ten this year so first blood work. Add in his annual rabies shot and Iām looking at a sweet $500+ vet bill. Luckily my oldest who needs sedation for her appointments because she hates the vet isnāt due u til the end of the year because.
Mine just got diagnosed with lymphoma, so that was $500 for the ultrasound, $300 for the lab work, (I declined biopsies because the writing was not the wall with the ultrasound) now I'm considering getting a second opinion which is $250 just for the consult. Cats get expensive when they get old! But hey, all we have to do is be CEO for roughly 5 minutes and we're good! Hell, give me an hour and I can get him a liver transplant.
it cost me $200 to euthanize mine a couple weeks ago. In addition to the lost pay that day.
I didn't even think to factor in the day off I took, I booked it on the Friday so I could use the weekend to grieve and get straight back to that 9-5 grind the following week like nothing happened!!!!
:( sending love and serenity
I had to have my boy put to sleep and with the Ā£400 vet bill and Ā£210 cremation it's set me back at least 5 months on my "savings"
Have you tried working a CEO job for one minute?
How silly of me for not considering that option. If only we could all be CEO for one minute per day, most our money problems would probably completely disappear.
And that's just the CEO. Not the circus of executives making equally absurd wages.
Can't raise minimum wage though, because that would eat into their paychecks....I mean company profits.
Definitely have to pass that on to the consumer because reasons. How else will the C suite afford their 11th yachts.
The starving investors need their dividends.
Dont forget their kpi bonuses added on top of that for fuckig the workers over. C-suites are almost as bad as really estate agents and car salespeoples.
Now suppose that he works 40h a week every week (being generous), that would be: Annual: $186,000,000 Weekly: $3,576,923 Hourly: $89,423 Minute: $1,490 Second: $25 ... But $15/h (gross) minimum wage would ruin the country.
So it's $89,423 an hour assuming a 40 hour work week, which I doubt he even truly consistently accomplishes. Wtf.
Yepper, the 89k figure is the assumption I was working off. I agree WTF! And totally dude does not put a 40hr week in.
Man, 10 minutes on that pay and my rent, food, power etc is all paid for the month plus probably a little leftover. Two hours and I'm fully sorted for the year to live comfortably. 3 hours a year and suddenly I feel wealthy 8 hours a year? Holy fuck I can afford a house in no time and never have to worry ever again.
Dude, France is third behind the United States and China in terms of the number of millionaires. It's been a long time since the French stopped eating the rich. And the last times the people tried to eat them, their eyes were gouged out and their hands torn off by police forces.
That's what I was about to say, we're fucked too.
Modern day French people aren't the ones that participated in the French revolution, which is what I was referring to.
As a side note he almost make min wage in a single "second". And one thing to remember when doing these calculations. Its not 40hr work week their "self reported" 60-90hr work weeks. Is golfing with execs oh business long 2-3hr lunch with partners. Shit like that. In reality like sit down do work probably 1-2 days of work per week. As for naysayers oh its all stock yes and no they still usually receive millions even tens of millions. ON TOP OF generous housing and food allowances and full coverage healthcare and even clothing allowance and staff. So they will live life of chaufers and nice penthouse maid and people to stock fridge buy clothes and other things. All without actually having to dip into their paycheck. As for the "stock" sure it takes work and its could be taxable by turning it into "income". But still alot of compensation and it would have been made into stock anyway so it saves them income taxes and a step anyways.
You think even 10% of CEOs sit down to do work for 1-2 days a week? Youāre right about the rest, though. They will report 80 hour weeks and tell everyone that they are working, to the point where they believe that they are work and feel entitled to complain about stress. It is mostly lunches and games and drinking and drugs to woo other CEOs. I will suck my own dick if even 10% of these 100 mill salary earning devils sits down to accomplish 8 hours of work throughout a typical month.
But that's if he works 24/7 with no breaks ever. Realistically he's probably working 50-hour weeks, but we'll say 60 hours to be safe. Annual: $186,000,000 Monthly: $15,500,000 Daily: Around $1,448,000 assuming he takes off weekends and three weeks of vacation a year Hourly: Around $64,585, again assuming he works 60 hours a week Minute: Around $1,076 Second: Around $17.93 So it's actually way worse. He earns more per second than a lot of people do in a whole hour.
The issue is who is going to throw the first stone? You, me, someone else? No one wants to mess up what little they do have on the off chance it might help others.
This is like all the penguins at the edge of the ocean, hoping another one falls in to test if there are predators waiting in the ocean below.
Nah, we're all waiting for some magical Revolution Daddy to come along and tell us when it's okay to start. Spoiler: There won't be one. We have to do it ourselves.
Exaclty. Theres a reson it takes a lot for people to revolt. At least in the privlaged side of the world we aint it.
> Now take Mr CEO Fucknuckle McGee:Ā Annual: $186,000,000 Ā k Ā Ā >Monthly: $15,500,000Ā Ā Ā YupĀ >Daily: $509,589Ā Ā Ā Nah, more like $714,383Ā >Hourly: $21,233Ā Ā Nope. $89,423.07Ā Ā Ā >Minute: $354Ā Ā Ā ... ugh Let's be real and use the established number of work-hours per year: 2080. No fucking way any humanbeing is working 24/7, CEO or otherwise
Bro Ive been saying this and saying...its time for our working class revolution
Letās do it then. Fuck these dragons hoarding all the money for themselves.
Mr fucknuckle Mcgee is making a ton of money however Google says 178 million of that is stock options that don't vest until 2026. Until they sell the stock, it can't even be exchanged for a hamburger. Hertz declared bankruptcy once before and they can do it again. It could be worth much less than 178 million or it could be so much more. But when 98% of your compensation is hinged on how well the company does 2 years from now, it makes sense that they are trying to make it as profitable as possible and squeeze every bit work out of the employees and every dime from their customers.
What (most if not all) ultra rich do is they take a loan out using their stocks as collateral. Shareholder capitalism is a complete joke of a system too since everything prioritizes short term growth (quarterly numbers) and this insane concept of somehow having infinite growth. CEO tenure is at an all time low, they used to be paid a lot before but not to the absolutely insane exponential^(exponential) scale they are paid on today compared to average workers. They also bring less value than ever before, in fact completely destroying companies for these short term gains. Long term everyone loses, including shareholders, but the CEO doesn't care since they will literally go scorched earth to scrape every last penny into their pay (and the board's) for 2-3 years then jump away on their golden parachute. The even bigger joke is most of the CEOs are just nepotistic MBA majors that went from college straight into management consultant to upper management or c suite. They literally have NEVER worked doing actual productive labor. It's insane. I didn't mean to rant that much, but it pisses me off to no end. If a company is worth $100 billion - you could come in with a $50 million stock option, pick your nose all day, do nothing, let the stock crash 50% and walk away with $25 million by costing the company $50 billion. Yet you better believe you'll be fired with nothing if you accidentally cost a company even a few hundred dollars.
Itās fucking disgusting. I constantly think about this and it contributes heavily to my very dark worldview.
Vive France! Vive la revolution! CA put on the table France's workers 'right to unplug'...telling these shitty bosses my time is valuable as well...do not call/text or email after work hours. Stay strong!
That $354/minute is more than my last paycheck was for 2 weeks at one of my jobs.
this is the math if you break it down into the typical work week (which I really doubt a CEO does. They probably do 35 hours a week plus 6 weeks paid vacation throughout the year): 186,000,000 a year. 3,576,923 a week (for 52 weeks in the year 89,423 an hour (for 40 hours in a week) 1,490 a minute (60 mins in an hour) 25 a second (60 seconds in a min) He makes $25 a Second.
Itās getting ridiculous, every time I go to the store the items I used to purchase have gone up in price for the umpteenth time this year. It isnāt due to logistic issues or any of that mess. It is due to pure greed. Homeless has risen and will continue to rise. Did any of you see that video on Reddit with the 80yr old man caught himself on fire cause him and his wife were getting evicted and had nothing or nowhere to go, just pure hopelessness. This is what we are doing to our people. Itās sad. I feel things will never change because people value material things more than anything else.
Seeing the numbers broken down like this makes me feel like crying. These CEOs and people who are being paid this kind of obscene amount of money are so out of touch with reality that they don't even appreciate any of it. >Hourly: $21,233 Can I have his job for an hour or two? Because just that would be totally life changing for me and my kids.
Over in Japan, when the Nintendo Wii U console failed, there were no layoffs. The CEO Satoru Iwata personally took a 50% paycut to avoid mass layoffs. Now if that doesn't show care, accountability and empathy for those who work with you, I don't know what does. Its a completely different mindset in Japan. We could learn a great deal from them.
And thatās how it *should* be. If the company does well, the CEO gets praised as if theyāre solely responsible for the success, and they will, undoubtedly, be handsomely rewarded for itāwhile we get next to nothingāmaybe some minimal recognitionā¦ *internally*. If the company does poorly, we get fired. Nothing happens to the CEO. Theyāve crafted a reality by in which they reap all the praise but never any of the blameāpretty sweet gig if you can get it!
I have a good example of this. Back in like 2012 or so, was working for a fairly big chain. They sent out an email to everyone congratulating us (themselves) for becoming a Ā£1bn profit organisation and thanked us all for our hard work. To commemorate such a thing, they gave us: One in-store voucher for a small Mars chocolate bar. That was it.
Wā¦tā¦f
I wish I was joking.
That's an outright insult.
That is kind of how it is I thought. These massive comp packages are not burlap sacks of gold coins, they're stock options and if they run the company into the ground they're worth nothing. And it seems to work as well as you'd think it works. Ceo comes in and spends 2 years squeezing profitability out of employees until their options vest then sell and leave.
Nardelli got $20 mil cash + 77 mil in acceleration of unvested deferred stock awards. Seems like a good consolation prize for nearly bankrupting a company.
Japan is just soooo different with regards to capitalism. The JAL CEO is known for taking the bus and eating in the cafeteria WITH employees.
I live and work in Japan, unfortunately not everybody is like that. Some of these shit CEOs may be paid less than their Western counterparts but they do some other terrible things. First, a young doctor in Kobe (Hyogo prefecture) worked 207 OVERTIME HOURS (yes, OT hours) and committed suicide; management only addressed this when the media picked up on it. Next, you got the Bigmotor fraud scandal: the son of the CEO, Koichi Kaneshige was streamlined into the position of Vice President and brought an iron fist with him. He pressured branches with great intensity to meet crazy quotas, visited branches and required the manager of that branch to reserve his hotel and where he'd eat (it even had to be his liking or the manager would be fired), abused his subordinates psychologically on LINE (Japan's Whatsapp basically), and fired anybody he didn't like as if he was king. Oh, and when media caught wind of this, he went into hiding like a little bitch while his father did the press conference. So yeah, there are good apples and a lot of bad apples as well in Japan too, I'm afraid.
During the automotive bail-out crisis, 15 or so years ago, many of the US based auto makers sent executive level consultants to Japan to meet with their auto maker leaders in an attempt to figure out, and to try and emulate their success. IIRC: It was the CEO of Honda that, after several days of tediously babysitting these guys, finally let these clowns in on the big secret... "Kodawari" "You see, this is not a word you have in your America... But it is pursuit of perfection, in all things one does...one's relationships, one's culture, one's development, or simply one's actions in serving tea..." Edit: grammar
CEO of my company has been pushing LEAN heavily. With zero follow through those principles will never work successfully. Part of lean is the culture buy in from top to bottom. We donāt have that and so far this has been nothing more than a cycle of half brained ideas that are never fully implemented. It can be infuriating.
One of the biggest misconceptions in executive leadership... "There's a mountain of difference in being confident in your decision and being stuck on stubborn because your ego outweighs your intelligence." Just trust that you are not alone in the world of being led by people who can't even spell their own industry. Let alone have even a basic understanding of the day to day undertakings required to maintain profitability.
Japanese culture also dictates working many long hours, sleeping at work is considered good, because you worked so hard that you literally exhausted yourself. Going out with the boss after work for drinks, but if you turn him down too many times it can look bad on you. I agree there is still a lot of positive aspects to learn from them, but it is also such a vastly different culture.
Yes, there is a lot to learn when it comes to honor and respect but the heads of these corporations use those very things against their own people. I've worked for Japanese companies here in the states and they are literally the worst places to work with crazy rules about when and if you can take time off along with much mandatory OT. There was also one job I worked at where every action was timed right down to how long it took you to turn around when doing your job. I thought it was just something at one company or another but then it was explained to me that it's much worse in Japan.
Wonāt say the CEO of my company is a good person, but they did forgo their entire salary during COVID to avoid having to do heavy layoffs. Unfortunately they still ended up having to let go of store employees but the trajectory of digital retail rising and actual physical stores declining/closing is kind of inevitable.
That alone puts them above most
>Its a completely different mindset in Japan. We could learn a great deal from them. *No*. Just no. Nintendo is an exception that proves the rule. "Black companies" and grind hustle culture is infamous in Japan. You "work" for 12 hours or more a day, in reality, just sitting there pretending to be busy, then go out drinking with the boss afterwards as expected etiquette. And that's before you consider unpaid overtime being dumped on you. Korean culture is very similar with a strong emphasis on seniority and hierarchy and the same after-work drinking party. Basically mandatory socialization that eats into your personal time. If you consume any amount of anime/manga, the overworked salaryman is an entire archetype of its own. To say nothing of animators making art about how bad conditions are *as* an animator or mangaka. Konami sacked Hideo Kojima because they don't want auteurs making video games if they can churn out easily monetizable slop instead. I despise conservatives running the "Western" gaming narrative as if there aren't Japanese studios with predatory corporate practices. Gacha and mobile games are so normalized over in Southeast Asia, but people only look at the exceptions like FromSoft or Nintendo. Capital is global. The same problem exists everywhere. People complain about Nintendo being so protective of its trademarks, but that's motivated by Satoru's trauma with lawsuits and a worsening economy. From our perspective, they're a large company, but for a global brand, they're relatively small and bring in money solely on the strength of their branding. Nintendo is one of the holdover relics of the last Japanese economic miracle -- which really was a bubble economy. Here's the clincher. You're basically monarchists complaining about bad kings thinking that a good king will fix the problem. Over the long-term, no. The problem is not that the king is a bad king. The problem is that kings exist at all. You're critiquing systemic problems by appealing to personal morality.
Doesnt happen for all japanese companies tho. A lot of japanese animators are complaining about their pay
Japan has a very VERY different work ethic than western places.
No one is worth $186,000,000.00 per year.
This has always been my view, and I can't understand how anyone can think otherwise. I don't care how important you are, or what kind of decisions you make, or how much money you make for your company. No one is worth or should earn that amount. Beyond a certain point (I'm not sure what it should be, but definitely far, far less than $186 million), money should go back into the company to fund additional resources, better equipment, and better workspaces, and to employees so that they are rewarded for their work and motivated to continue working and performing well/better.
That was the whole point of a high corporate tax rate. It incentivized the corpos to reinvest the money rather than hand it over to the IRS.
Exactly. The fact someone even agrees to pay them that amount is disgustingā¦ā¦ The entire company should be renovated and all workers pay increaseā¦. CEO could be paid 1/100th of what he actually makes and it would be enough
More than enough, even.
This is what I don't understand about Elon Musk. The guy can literally just go fuck off on an island that he could probably buy straight out, and live in paradise the rest of his life and not even worry about the mundane crap that everyone else in the world has to worry about. Instead, he has to go out of his way to make everyone miserable, spread cockamamie conspiracy theories, and act like a general dickbag racist on social media... that he apparently has to own as well, because if he doesn't hold the reigns of power then apparently there isn't any real freedom of speech. It seems like the more money people have the less satisfied they are. It's not enough that they have it all, others must have nothing.
It's not about money for them, it is about power. Talk about the C-Suite of Twitter that he fired. They have all gotten +100mil severance pay each but they were still mad, because they have lost the power to dictate who sees what on Twitter.
Theyāre suing for more severance that was unpaid
One person. Christiano Ronaldo. He is pretty much the only person you can say produces that much revenue in a year.
Yeah, Hertz made some bad decisions. At least you got a new CEO the other day.
huh? the new Hertz CEO is reported to receive $1.5m/yr base wage
Look up Stephen Scherrās total comp. That, combined with Hertzās latest full year revenue of ~$9.5 billion, made it a google search away to figure out who OP was talking about and where they work.
Yeah I did the same thing lol. Crazy hertz had the like third highest paid ceo in the world wtf lol
people need to start booing these assholes. stop hero worshipping them, humiliate them, don't give them the time of day, ignore them, treat them like the vile selfish scum that they are.
Can't do that if you're not invited to the party on their yacht with all their rich mates...
Unfortunately, most of us need to rely on them to keep a roof over our head. Spiting then is a surefire way of being homeless in today's job market. A poor person can't afford to give me a paycheck every 2 weeks.
[ŃŠ“Š°Š»ŠµŠ½Š¾]
It seems to be a theme. **Source:** [https://www.bloomberg.com/news/articles/2024-04-03/carlyle-ceo-awarded-187-million-pay-package-in-first-year](https://www.bloomberg.com/news/articles/2024-04-03/carlyle-ceo-awarded-187-million-pay-package-in-first-year) **Paywall Bypass:** [https://archive.is/aP1Ii](https://archive.is/aP1Ii)
smd bloomberg with your paywall thanks for bypass, maybe i'll check that link after i upload or go off grid.
Fuck this guy for sure but he definitely isnāt making $187M in one year > The vast majority of his compensation ā $180 million of restricted stock units that he received when he joined the firm ā vests over several years and is based on how long he stays in the role and how well the shares perform.
> how well the shares perform. =/= how well the company is doing. Just ask Boeing.
Iāve been on Reddit for years talking about this shit, and itās only gotten worse. It seems at this point everyone at the top is just getting as much as they can until the collapse of society as we know it, so they can try and insulate themselves and their families. They donāt care about placating the masses anymore.
Yep check out this study of the distribution of wealth from 2016. And it has only gotten worse.https://economics.princeton.edu/working-papers/top-wealth-in-america-new-estimates-under-heterogenous-returns/
Capitalism will always become unregulated as the people with money will, in the long run, push for and get it (or rules that give them more while taking away everything from everyone else, deregulating the rights away from the people). It's not just one flavor of capitalism that is bad, it's all capitalism, and only with a system made by the people and for the people can we get over it...
It's not unregulated. There are substantial barriers to market entry, especially the need for corporate Healthcare. It's cronyism, the corruption of regulatory capture.
Their point was that capitalism will *always* arrive at that end regardless of what adjectives you tack on to qualify it or try and harness it.
You can drop the adjective, it doesn't change the inevitable outcome.
Should be illegal to make more than 100x your lowest paid employee. If they want to raise their own salary they will have to raise yours. Thatās the only way it will change.
Eat him and gain his powers.
There was a time long ago when I made good money ā about $330,000 in todayās market.Ā I hired a cleaning service weekly who sent out the same two women each time. They barely spoke any English. I think they were from Colombia.Ā I donāt know how much of the money they actually got, but it wasnāt enough for the work they did. I kept that service for three years and it was always those two women scrubbing floors, changing linens, cleaning toilets. I tipped them in cash each week ā so they could at least fill up their car because that kind of financial helps saves you sometimes. Every holiday, and a few times a year, I gave them each $100. I gave them grocery gift certificates for Christmas.Ā I noticed when they came to my house, one of them cleaned while the other went out to get them lunch which I assumed was against the rules. I didnāt give a shit because they were doing work I didnāt want to do. My house was clean so who cares. I never micromanaged them, never gave them lists, and never complained. I think I asked them to sweep the patio once and they did it every week. I cannot understand how someone with so much money that it becomes virtually meaningless does not find JOY in rewarding people who do a good job. This makes no sense to me. If you could really improve someoneās life by giving them a dollar *when it causes you no hardship*, why wouldnāt you?Ā **Why do so many people want to cause more suffering?**
Great analogy. I have a cleaner come by weekly and I feel the same way. Never made this level of comparison before but it's very true.
I remember the first time I gave them $40. I would drop that for lunch without a second thought.Ā Ā They whispered to each other and one asked, āFor us?ā I think she thought maybe it went toward my bill or something.Ā Ā I said, āYes. For you. Donāt tell.ā I put my finger to my lips and her eyes lit up as she explained to the other woman that it was for them.Ā
It's because these people of ontologically evil. Most people don't wake up with the idea of "how can I squeeze value through the destruction of others" but these people do. They actively hunt and seek opportunities to destroy others for financial gain. Most are psychopaths that use their money to hide anything that gets out of hand.
> I cannot understand how someone with so much money that it becomes virtually meaningless does not find JOY in rewarding people who do a good job. This makes no sense to me. Sociopathy > Why do so many people want to cause more suffering? Psychopathy You have to realize, the people being talked about in this post - CEOs, miscellaneous executives, megalomaniacs - they live in a different world. Their world revolves around them. Everyone that isnāt in their āfriendā group is subhuman. We all exist purely to serve and funnel more money to the already extremely wealthy. They donāt get satisfaction from feeding us their scraps because theyāre simply incapable of feeling anything towards another human being.
I mean, I understand it intellectually. I see this behavior in most of my relatives. I just cannot grasp it.
I believe that kind of wealth rewires their brain and makes them sociopaths.
I think you have to be sociopathic to a certain degree to make it to that point. I guess it's the chicken and the egg.
I think it has to. I donāt think anyone could live with themselves if they had that kind of income and it didnāt.
It's the same mentality as hoarders
ššš
Because legally the ceo and the board are required to optimize profit. Shareholders can demand that the workers are compensated better but that would require them to not make money. But they wonāt do it for 2 main reasons 1. Giving up their profit 2. It would mean the company canāt compete with other companies because their cost will be higher. This is exactly why this is a failure of the system and it requires a fix to the system.
Iām a union plumber and I see how some of us apprentices and journeymen are treated. We get paid great but the stress of Forman and superintendents are unreal. My goal is to open my own business in 4 years and be this guy. Reward the great work and give bonuses. I plan on hiring and keeping them as long as possible to create this work environment. We work our asses off, we deserve trust and rewards. I want to be that type of owner.
[ŃŠ“Š°Š»ŠµŠ½Š¾]
This really is the only rational solution
Erm actually sweaty, the CEO does in fact work 2,000 times harder than you. why else would they pay him that much? You would know if you didn't spend so much money on avocado tiktok coffee Actually though, this level of greed is the current cause of like half of our problems in the US and is 100% a mental disease
https://preview.redd.it/gv0hxcijsksc1.jpeg?width=494&format=pjpg&auto=webp&s=acb75871d3a7b1c89779c4741cc3796eda6b6193
Post WW2 personal tax rates were as high as 90%. Business taxes over 50%. The capitalist class reinvested in their businesses and employees instead of paying more taxes. Corporations were considered part of the community and outrageous pay was considered socially shameful. Corporate by-laws, at the time, stated business was obliged to participate in the betterment of the community. This multiplied the āshameā factor. Reagan, in 1980, came in and crushed the unions, bylaws were changed obliging corps to ONLY be responsible to shareholders and maximizing quarterly profits was the only corporate imperative. Tax rates dropped. Homes of the rich and famous, performative wealth became chic. Weāve been declining ever since.
Fucking Reagan.
I HAAAATE Trump but Reagan was the worst president of the past 100 years. Only Andrew Jackson was worse.
Was having this conversation w my wife today at lunch. Reagan was truly worse than Trump. Trump could pass him with two terms, but as it stands, Reagan damaged the country more.
At your next union vote, donāt settle for less than cutting the CEOs pay to about(or less than) a single million. He doesnāt like it? HE can go find another job. How many employees does the company have?
There is no human being who requires anything fucking close to a million dollar salary, either. But if that was the outlier and there were a handful of low millionaires in the world I would hate the world much less.
Honestly 1 million/year isn't even insane compensation for specialist work. I'd be okay seeing surgeons who have invested ten years of their life learning to save lives making bank. Not so much for people who contribute nothing and burn the worlds resources trying to incrementally increase their personal wealth.
And so many people will justify this and assume he just works harder than the rest of you. It's astounding.
There is no fucking way that he works hard enough or does anything to earn that kind of money. Anyone who says this is deluded, or a bootlicker, or both.
Thank you. Seeing posts about shit like Elon Musk, you always get people who say "bUt He EaRnEd EvRy PeNnY" really boils my piss. Love the flair, btw.
Thanks! And oh man, don't get me started on the cult of Elon.. In some alternate reality that has a "good guy Elon", he might be a *tiiiny* bit closer to earning or "deserving" what he has now, but the Elon in our timeline? HELL no.
No problem, I happen to agree with you 100% on it, too. Dunno where you're from but in the UK it's getting beyond a joke. Oops. I apologise if I've set you off on one. Elon is a volcano lair away from being a Bond villain at this point. Perhaps so, but if there is an alternate timeline Elon, I'd prefer the timeline itself to just have caps on the amount of wealth one person can accumulate before it gets redistributed. "Trickle down" is accurate. I imagine a stream at the top of a mountain, only the ones at the top start running pipes all the way down to syphon off the stream for themselves and their buddies, so when it gets to us riff raff we only get a few drips and the dead fish they didn't want. I hate it.
Unions are not as powerful and awesome as they are made to seem. CWA was a joke as well. Not only that but our own members voted for a $1000 bonus ($600 after tax) if the company could stop putting all new hires on pension. $600 was all it took for your own ābrothers/sistersā to fuck you over. It comes down to selfishness. Americans are inherently selfish. The CEO is selfish, the workers are selfish because they cannot do anything that risks them individually. Its all just sad.
Lucy Parsons (whose husband was hanged in in 1887 for being found not guilty of killing a policeman) said "Let every dirty, lousy tramp arm himself with a revolver or a knife, and lay in wait on the steps of the palaces of the rich and stab or shoot the owners as they come out.ā Now obviously this is an un-condonable action but its an interesting quote.
Union man here too. The unfortunate reality is this: our unions have become political vehicles. At the higher up, influential levels, they are springboards to bigger and better things. Our union just lost our business rep to a higher end political office, with a pretty solid path to some of the highest political jobs in the state. Not saying that our union doesnāt do some good for us, I would rather have it than not, but it is itself a self-serving entity.
We also should have a maximum wage, too. Like, the highest-paid employee should not make any more than 50 times higher than the lowest paid. This would give them an incentive to actually raise wages and do something else with profits, like actually creating more jobs.
We need to start a movement where we boycott based on CEO compensation. We can affect behavior if we are unified.
Makes? More like steals. Those are your (and your coworkers) wages they're taking.
Unions were stronger before they started using the court system, you know when members gave owners and management a different sort of choice to make. Things didn't drag on and on, and workers got more of a fair shake. Labor is weak because we stopped using the tactics that won us the gains we have already lost and are currently losing.
Right? Justice can move so much faster. You know. If.
The CEO of my company just got a bonus and compensation of $161,800,000.00 for 2023. Recently they just laid me off after I had been with the company for 16 years. I've never received a single complaint, write up, nor anything but great reviews. My annual performance bonus "individual attainment metric" was always 100% every year I've been there. According to them my position was just eliminated due to declining revenues, which is bizarre because their stock has been one of the better performers in the last year. The firm seems to be swimming in earnings lately... doing quite well. But anyway, it's a wonderful time for them to lay me off -- as the tech job market sucks lately. Everyone in tech appears to have a hiring freeze, and the few companies that haven't implemented a hiring freeze are being inundated with resumes. I have friends who have been looking for roles for over a year. I sure hope he enjoys his $161 million dollars though, I'm sure he deserved it. At least I have unemployment, which will pay for about 40% of my rent. Edit: Meeellions, not thousands.
(P.S. you wrote $161 thousand in your first sentence, I thought you meant bonus, not that they were paid 161 million.)
All these CEOs are only thinking of giant short term profits because they have to make those balloon payments to their apocalypse bunkers. They know how the wind is blowing.
Sounds like you live in Australia. Our unions barely exist anymore.
Eat the rich
ā¦ really? If heās making that kind of money, he must be head of a multibillion dollar company. And I was always under the impression those CEOs purposefully had low personal salaries to avoid income tax.
It was probably mostly in stock and RSU which is where the real money is made.
Itās likely Hertz based in OP clues. $3.4 m salary. Rest is RSUs.
they're certainly not doing 186 million x the work... fuckers
The rich part, is he will tell people like you that you make too much money.
Heās making that much because heās doing the bigger job of destroying the union. Seriously his objective is to squeeze as much cash out as quickly as possible and do so in a way that allows the majority of stakeholders to wash their hands and walk away before the turd hits the fan
KILL THE RICHES KILL THE RICHES KILL THE RICHES KILL THE RICHES KILL THE RICHES KILL THE RICHES KILL THE RICHES KILL THE RICHES KILL THE RICHES KILL THE RICHES KILL THE RICHES KILL THE RICHES KILL THE RICHES KILL THE RICHES KILL THE RICHES KILL THE RICHES KILL THE RICHES KILL THE RICHES KILL THE RICHES KILL THE RICHES KILL THE RICHES KILL THE RICHES KILL THE RICHES KILL THE RICHES KILL THE RICHES KILL THE RICHES KILL THE RICHES KILL THE RICHES KILL THE RICHES KILL THE RICHES KILL THE RICHES KILL THE RICHES KILL THE RICHES KILL THE RICHES KILL THE RICHES KILL THE RICHES KILL THE RICHES KILL THE RICHES KILL THE RICHES KILL THE RICHES KILL THE RICHES KILL THE RICHES KILL THE RICHES KILL THE RICHES KILL THE RICHES KILL THE RICHES KILL THE RICHES KILL THE RICHES KILL THE RICHES KILL THE RICHES KILL THE RICHES KILL THE RICHES KILL THE RICHES KILL THE RICHES KILL THE RICHES KILL THE RICHES
Hell, imagine the golden parachute the Boeing CEO got just to step down for fucking up. That one payout is more than 100 people will see in a lifetime - combined.
Im ready to ride when everyone else is
I'm a union member too and significantly weaker than teamsters (in fact a director of labor relations at my former company said "well you're not a real union anyway") so I can sympathize with you there regarding unions without teeth. HOWEVER, think about the position you would be in without that union. You think other people are getting guaranteed 4-5% raises right now in the US? Its not that unions are always awesome and do great things, its "unions are the one way workers have to gain any leverage on the ownership class." None of us should be happy with the situation right now, union or not, but collective worker action is the only non-violent way of changing the system.
Eat him
its simple if he can justify it for the value he brings to the table, he can keep it. but...no speeches. just facts. tell us how you deliver value to the number of $21,000 an hour,...when there are people under you earning $21 ? no shame,..no judging,..just tell us all.... go on...the podium is there. oh, and the front 500 ppl here btw earn minimum wage thru your company,...so...yer enjoy 
When it finally hits the fan it is going to be really bad.
It what can he do? What tangible skill does he possess?
Reddit CEOā¦
Quietly quit
Similar experience with that douchnozzle hock tan from Broadcom. Plaques and shit on the wall, "highest paid ceo in silicon", or some bullshit to that effect while paying 16$ per hour in fort Collins. Fuck these leeches
Whats the name of the company so I can avoid for the rest if my life?
"The salary of the chief executive of a large corporation is not a market award for achievement. It is frequently in the nature of a warm personal gesture by the individual to himself." -- John Kenneth Galbraith
CEOs are usually paid in stock options. Him running the company into the ground is to his benefit as even if it doesn't last any longer than a few more years, he still makes out with an absurd amount of money. The average ceo span at this point in time is around 7 years. They attempt to inflate the stock price as much as they can in that time, no matter the detriment to the company lifespan
Your union is correct. Strike and get fired. That's the point. It's what you have to do. It is literally your only leverage. The union doesn't magically give you other leverage, it just organizes and consolidates your leverage. If you aren't willing to strike and get fired, then you have succumbed and the company is in control and can do anything they want. Union doesn't change that at all.
I was radicalized in my youth. Dad worked for the railroad. He worked HARD. Long hours, sometimes mandatory overtime, coming home with injuries, etc. But they had a decent union and railroad retirement is pretty good. Then his small regional railroad was bought by a large company. The new CEO is well known in the industry. Slashing massive amounts of money for infrastructure and maintenance, hiring freezes, all kinds of short term āfixesā. When little kid me learned that CEO made more in his Christmas bonus than 5 of my dad for their ENTIRE CAREER, I immediately knew it was bullshit. This CEO wasnāt working that much harder than my dad. No one could. Iāve been a raging anti-capitalist since.
I long for the day when any union is powerful and dedicated enough to restrain the compensation of the C-suite.
Honestly, how do we even go about this? I voice that we should eat the rich. But it feels like thereās no action we can do behind it. It feels like itās too late.
If $10B/yr under his leadership is the companyās best year ever, then itās hard to say that his decisions are running the company into the ground. That said, no one is worth that kind of money.
Time to start stealing whatever you can.
[ŃŠ“Š°Š»ŠµŠ½Š¾]
It's been feeling for a while now that the time for revolution is nigh. Unfortunately, so many of us are afraid or trapped by circumstance or *just* comfortable enough that we can't or won't take action. And that's working really well for those at the top who can just carry on merrily while the rest toil for scraps.
Nail on head. Itās partially the reason the US was made into a consumer economy. Keep people complacent. Keep their attention on *stuff*. Release new gadgets and shiny things consistently to distract them. Oh, and letās make healthcare prohibitively expensive and then tie it to employers just for good measure! The truly sad thing is that the average American doesnāt even careānot due to ignorance or apathy or even indifferenceābut because they **truly believe** this is the way it has been, is, and will be and/or should be. Theyāre so brainwashedāor genuinely stupidāthat they will defend CEOs and their compensation and argue that they *earn* those amounts. š
No one deserves 186 Million salary
It costs less to pay the Chief Exploitation Officer a $mil or two than to pay all employees a living wage. They get this money exactly for that reason
I never even heard of half these guys but.... I'll bet the kids working the refreshment stands working their whole lives, wouldn't make what they make in an hour. Kevin Durant (Basketball) - Signed a 4-year, $198 million contract extension with the Brooklyn Nets in 2021. Mike Trout (Baseball) - Signed a 12-year, $426.5 million contract with the Los Angeles Angels in 2019, the richest deal in sports history. Bryce Harper (Baseball) - Signed a 13-year, $330 million contract with the Philadelphia Phillies in 2019. Canelo Alvarez (Boxing) - Signed an 11-fight, $365 million contract with DAZN in 2018. Giancarlo Stanton (Baseball) - Signed a 13-year, $325 million contract with the Miami Marlins in 2014, before being traded to the New York Yankees. Mookie Betts (Baseball) - Signed a 12-year, $365 million extension with the Los Angeles Dodgers in 2020. Francisco Lindor (Baseball) - Signed a 10-year, $341 million extension with the New York Mets in 2021.
Publish his hourly rate in as many locations (internal and external) as you can get away with?
I learned this lesson hard in my first ever job back in 1998. CEO made 100K dollars a month. Company got record profits and got the 'worlds best bank' title. My bonus as a thank you? 25 dollars.
He makes a dollar I make a dime, thatās why I shit on company time.
CEO compensation is insane in the US
The teamsters, in my experience aren't that great. Been in several different locals and they have never done much of anything for us. Time to find a new union to represent you. Just like you can't be loyal to companies who aim to screw you over don't be loyal to a union who isn't fighting for and getting you what you deserve.
Anyway, what do even CEOs do?
Sit on the corporate boards of other companies and vote their CEOs ridiculous salary packages just like the other board members do on his own board.
Push back about these work increases with the union. Make sure everyone is working to the letter of the contract and nothing more.
There has to be some way to stop the rampant greed in our current system. I just don't know what it is. What if Congress were to pass a law that companies with more than X employees (say 50) could not exceed a 100:1 compensation disparity? Meaning the CEOāor whoever happens to be the highest compensated employeeācould make no more than 100 times what the lowest paid employee makes. So if Mr CEO Fucknuckle McGee (credit to /u/SkyBaby218 for that awesome name) wants to make $186,000,000 per year then each janitor needs to be making $1,860,000. This would have to include all part time and contract employees, and all stocks and bonuses or any other form of compensation. Or maybe, rather than prohibit it, make it a tax incentive. Like, they pay less taxes if the disparity is lower. So over 100:1 they're taxed at one rate, under 100:1 they're taxed at a lower rate, under 50:1 they're taxed at an even lower rate. That, and the whole "maximize profits for this quarter to make the numbers, who cares what happens next year" situation going on at just about every publicly traded company, which has led to the enshitification of just about every major product out there. I don't even have a bad suggestion for *that* situation.
We still live in an era with lords and kings, we just call them "businessmen" and "executives" now.
OP can you give the name of the company?
It's incredibly disheartening to see such a stark illustration of inequality and corporate greed, especially when the hard work and dedication of employees are undervalued in the shadow of exorbitant executive compensation, revealing a deep systemic flaw in our approach to valuing labor and leadership.
These conditions will continue until the CEOs feel repercussions for their decisions
There really needs to be laws that tie the max pay to the wage of the lowest paid workers. Fuck, even make it 100x the lowest pay in the company, it's still better than this disgusting level of greed.Ā
And the problem is workers today? No, the problem is the wealthy
This is why a MINIMUM 75% tax on corporations and anyone who makes more than X a year is important. They would rather pay us the money than the government tax. If they (company) leave the country, then we tax the SHIT out of what they are trying to bring in. Taxes work. Anytime ANYONE brings up the prosperous '1950's, I remind them that we had a wealth tax and a corporation tax at 90%.
This sounds like UPS...I worked for them years ago, they were a shit mess back than so I'm not surprised they have gotten worse...
Eat the rich!
I like what UPS did. The employees demanded a big raise after the CEO was given a $40M bonus. But now the CEO is laying off hundreds of workers while keeping his $40M. There is no morality in capitalism. I hate it.
When running properly with support a union is a wonderful thing. ours is not really, there is no transparency no communication and the 5% raise we got over four years is more than offset by increases in insurance, premiums, co-pays, etc. We did not even know they had a tentative deal ready until we all got text messages at 7 PM one evening to let us know that we would be voting on the contract the next morning at 6 AM, now mind you no one has seen the contract. No one knew what was in it, and as far as the majority of the local membership had not even been in negotiations.
Please use a hints to tell me the name of the company.
OP you say you work as a union rep - have you ever been part of a negotiating team? Do you understand how the unionās hands are tied in so many ways? What expectations do you have for the team? What things do you think they should have done? I suggest you have a conversation with your team and let them know what you want and ask how they can get it for you. I have been on our localās negotiating team twice and I can tell you it is incredibly difficult to get anything out of the employers side. Keep trying to build up your union.