PPRuNe Forums - Nice work if you can get it!

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- - Nice work if you can get it! (https://www.pprune.org/australia-new-zealand-pacific/641709-nice-work-if-you-can-get.html)

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Originally Posted by neville_nobody (Post 11083453)

This is getting more to the heart of our current predicament. There is no accountability between the board and senior management and as you suggest there is all the talk of "global competition" until we reach executive level and above when suddenly it disappears and we have to justify inflated salaries. Honestly there would be plenty of CEOs and management from third world countries who would have the ability to run any Australian Public company for 1/3 of what the current cohort get paid. One of the problems in Australia is the relationship between boards and CEOs is to cosy there needs to be more of a adversarial relationship and the Board needs to keep the management in check rather than some sort of "buddy" relationship which appears to be how it works now.

AND there is very strong data that shows there is NO correlation between executive salaries and the success of corporations- some of the biggest corporate disasters have been helmed by some of the best paid CEOs.

I still wonder how they manage to spend all their obscene annual salary year upon year. Sure, buy the big house, the big boat, the big plane, take a big holiday... but after that?

I think they are just miserable gits who only like counting their money over and over and over again.

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No better example is the bankruptcy of Lehman Brothers in the financial crisis, after the government bailed them out the execs paid themselves big bonuses for having saved the company. Should have been in jail because of the corrupt dealings that caused the crisis in the first place. Privatise the profits and socialise the losses indeed.

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Originally Posted by megan (Post 11084022)

Not one single Bankster went to jail. Not a single one. The Governments are always complicit.

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Originally Posted by Paragraph377 (Post 11084079)

Not one single Bankster went to jail. Not a single one. The Governments are always complicit.

Ah, except in Iceland, they not only had laws for this sort of stuff, they prosecuted the bankers and they went to jail for lengthy sentences. They also passed another law I believe called the 'Spirit of the Law Act' or similar which basically says if you think you're smart and can carefully tread your way around the law to get a free pass, we will come at you with violating the 'spirit of the law'.

Only in the United States is the egregious greed with the virulence of a deadly disease microbe rewarded with a bonus....... if you do get caught, like their politicians, you just need to say "God made me do it" or "God has forgiven me" and the imbeciles will vote you in again or say it's ok because you're a 'person of faith'.