Fat Cats and the rest of us
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Join Date: Sep 2001
Location: YVR/Pacific Rim
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Fat Cats and the rest of us
Senate Commerce Committee Chairman Fritz Hollings, D-S.C., said issued a
statement Saturday noting that before the attack the airlines were claiming
insolvency but giving their executives $120 million in salaries and bonuses.
Incredibly during the confusion of the World Trade Center attack some of
the airline industry stooges in congress, led by Transportation Committee
Chairman, Don Young, tried to grab BILLIONS of taxpayer dollars! Rep. Lloyd
Doggett, a Texas Democrat, complained "Now before all the bodies are
removed, all the dust is settled, all the fires extinguished, there are
those lining up here at the Capitol door, at the public treasury, asking to
receive some public subsidy"
Surprising?
statement Saturday noting that before the attack the airlines were claiming
insolvency but giving their executives $120 million in salaries and bonuses.
Incredibly during the confusion of the World Trade Center attack some of
the airline industry stooges in congress, led by Transportation Committee
Chairman, Don Young, tried to grab BILLIONS of taxpayer dollars! Rep. Lloyd
Doggett, a Texas Democrat, complained "Now before all the bodies are
removed, all the dust is settled, all the fires extinguished, there are
those lining up here at the Capitol door, at the public treasury, asking to
receive some public subsidy"
Surprising?
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I've always been of the opinion that managements pay and bonuses should be directly related to results - and should be ideally limited to a fixed multiple of the highest paid salaried employee. Top flight senior executives are hard to find and it's a competitive world out there - they need to be well remunerated - but at the same time they can't have it both ways.
These sorts of bonuses - when the US industry was already in downturn mode - are just plain obscene.
Of course, there's nothing stopping the shareholders from doing something about it and removing the culprits.
These sorts of bonuses - when the US industry was already in downturn mode - are just plain obscene.
Of course, there's nothing stopping the shareholders from doing something about it and removing the culprits.
