People wonder why this is, why is it that those controlling the money, those in charge of the banks and of giant corporation get to get away with so much. But think about it, who wins the elections? Those with the most campaign money usually. What bills pass? The bills that have the most money lobbied toward them. Tax shelters, shelters from liabilities. The media showing a strong bias against anyone who speaks out against big corporations. It's all about who has the money..
"I went to a top business school ..., I want my 250k+ a year."
And you will probably get it, and you will probably deserve it. But when you lie, cheat, steal, engage in fraud and corruption, and bring the world economy to its knees, you should not expect, nor should keep getting paid that money.
If it was up to me, all those ashholes would be rotting in federal prison right now.
The difference between bankers and rocket scientists is bankers produce more money than what they started with. Rocket scientists have much harder work to handle, but they work on government budgets, and their research doesn't produce profits.
Bankers produce profits. If you were directly responsible for making Goldman Sachs $80 million in profits in one year, you don't think you deserve $1-5 million of that?
It's not the difficulty, but the nature of the work.
@lnfiniteKnowledge so by that logic (company makes 80 mil the CEO should get 1-5mil of it) when the company goes under the CEO should have to pay the debt? like if they loose 80 million the CEO should pay 1-5 million of it?
Kick these crooks out! America's founding fathers are rolling in their graves at the people right now. It is time to put the power back in the hands of the people and take it away from the greedy bankers that history has warned us about!
I understand you being upset with greedy fucks, but come on, "goddamn capitalism"? I know there has to be some elements of capitalism you like or at least benefit from. Greedy assholes will demolish any system. (As has happened with so called communist societies.) In fact, the greed that is so prevalent in humanity makes true communism a pipe dream.
In America the rich can steal from the working class and the poor and the middle class but you better not steal from the rich if you do your ass is going to prison these pricks should go to prison not the white collar prison but the ones were they have to watch their asses when that happens shit might change.
Look at it like this. If every country had a national football team and players could go to and from any nation it chose. How good would the American team be if we put a salary cap of $250K per player, and America was the only country to do so?
You think we would attract the best players in the world?
Do you think we would ever even win a game?
How many players would leave the US to go play for other countries that paid $25 million a year?
Dems need to think further ahead than five minutes
Most players play to win and money is the measuring stick. Socialism will never work. If you find someone who wants to win collect their cash and give it to a charity good for them. I have a family to feed.
Socialism Socialism Socialism. That´s all you got? Tired argument. It would blow me away if a neocon could go 5 minutes without saying socialism like some parrot on crack. You need 250k to feed your family?
Did you even listen to this video? The point isn't that anyone got $25 mil for losing, the point is that the dems want to limit salaries to $250K for all execs.
Wrong. Obama is putting a cap on exec pay at $500k for companies that are taking bailout money. The point is that failed managers continue to take millions in compensation when they have received tax payer money.
It started there but quickly became a cap on executive pay across the board. Also, many of the companies were forced to take money. The government has no business being involved in any of this, thats my point. Let the market sort it out, not the government. No bailouts, no caps. What does Obama know about business?
I think he's trying to help them out and the people who work for them. I think he's been sold the story by these guys that if they go under, the entire economy will crash and burn.
I agree, but the Obama administration is not talking about capping their salaries and they shouldn't. If you think that sports figures are making too much money then stop paying $250 for tickets and stop buying their merchandise.
Furthermore, the best possible Government is what our founding fathers intended. A free market, Republic, with minimal governmental interference. A kind of "natural economic selection" which harnessed Man's inherent greed for the betterment of society as whole.
It worked we became the leading economic and militaristic force in the world. Our poorest citizens live a lifestyle that most in the world would kill to attain. We are still #1 a bit of adjustment is all that is needed.
I understand what you are saying I just think it is unrealistic and utopian given human nature. Lets leave lazy execs out for a moment.
I can easily determine a skilled worker from an unskilled worker from the end product of their work. Or a motivated individual from an unmotivated one in just a few minutes of observation.
Also, where do you think the drive and motivation to improve oneself should come from? Government? Family? School? Or does it just occur in some people and not others?
gigantic companies are going to be run by shitheads if companies can only pay 250k. They may have taken some money but that condition wasn't part of the deal when they did.
"public servants and even some workers (for vital jobs such as industry and waste management)"
I certainly disagree with this are you saying an unskilled person who may have made choices in his (or her) life
that render them incapable of something besides throwing bags in the back of a truck (and missing half the time) is like starting, growing, and owning a business? C'mon.
"I certainly disagree with this are you saying an unskilled person"
How do you determine they are "unskilled"? What objective measure do you base that on? I could say the same of some managerial jobs. I'm serious. I've been a manager before in the corporate world. It's not that hard.
"that render them incapable of something besides throwing bags"
Like frictional unemployment or being an immigrant? How about job training instead of just creating a poor underclass? That's a drag on an economy.
My own workplace experience and the workplace experiences of almost everyone I've ever known (including conservatives I know) says that the average employee works harder than average executive. I'm pretty sure I can find some statistics on that subject to prove it. This myth about executives being "smarter" or "harder working" than everyone else is Social Darwinist bullshit. I can think of a single job that honestly deserves more than $400,000/year.
The guy makes it sound as if compagnies need to offer a CEO at least 250K to attract the best and brightest minds with great business connections to stay competitve. If that's the way he meant it, I could understand.
250k R U kidding me. My brother is a CEO of a private cloths manufacturing company and his base salary is $750k and he gets heaps of bonus. 250k is a bargan in a sale
250,000 per household is not much money for a couple who has done something with their life and would like to enjoy the fruits of their labor.
Although, I doubt the whole argument will mean anything when the dollar collapses.
It is funny to see so many people still think this "economic crisis" was caused by some home flippers. This was 30-50 years in the making and prosperity will not be back anytime soon.
A mindset like that isn't realistic. That's just pure greed. $2500,00/year is A LOT for 90-95% of the population.
"for a couple who has done something with their life and would like to enjoy the fruits of their labor"
Well that's the thing: business owners aren't just making money off their own labor. They're also enjoying the fruits of their workers labor and their consumers labor. Most of their income comes from profit derived from their workers.
I guess it is all perspective. I'm a blue collar guy with a niche business the guys who work for me work with expensive equipment that took a long time for me to earn the money for. I also trained everyone who works for me in the application of the trade. They make good $.
I make more but I did the homework, preparation, planning, purchased the equipment took the financial risk and above all provided training . Should I not expect more?
I believe in equality at birth then its up to you.
"I make more but I did the homework, preparation, planning, purchased the equipment took the financial risk and above all provided training . Should I not expect more?"
Sure, but according to that logic teachers, doctors, scientists, public servants and even some workers (for vital jobs such as industry and waste management) should be the highest paid people in society. Not people who just sit in offices looking at porn and running the company into the ground.
Well sure if the teacher, doctor, scientist, and public servants put up the time, cash for books, equipment, garbage trucks etcetera (and many have) that would make sense. I do agree lazy asses who got an MBA on daddy's buck and get social networked into a CEO position is BS.
What do you have against porn? :)
Seriously though countless businesses get handed to an idiot son and get run into the ground. It makes room for the next motivated businessman.
CEOs only have that money after making a profit from employees and sales.
"I do agree lazy asses who got an MBA on daddy's buck and get social networked into a CEO position is BS"
That's most of them. And even when they get to the executive position they don't really do any more work than most employees. They're actually one of the last to arrive to work in the morning and one of the first to leave. The vast majority of the real work in the company is done by those lower down the ladder.
Dude, I agree most are crooks. But when Everyone's 401K plan was doubling yearly America was 100% behind them and insanely naive to believe it could last.
Then even after the "tech bubble" they poured every dime they could into it..
I have a philosophy that greed and fear are the only 2 real human emotions. Every other is an offshoot.
every contintents economy is being sucked dry. Stimulus packages will do nothing but delay an economic collapse and move the small amount money from the pockets of workers to the banks. Everyone loses. SAVE YOUR MONEY AND THINK ABOUT THE FOOD FUTURE>
Damn right Cenk! I can get some very capable people for around 100k per year. Now, if we do good and make a very nice profit there will be profit sharing bonus money. If there is no profit, there will be no bonus and get a pink slip. Now roll up your sleeves and get to work!
I watched as my 401K, which I worked my ass off for the last 30-years went up in smoke. I want it back, plus interest you greedy Wall Street whoresluts!
Don't let people like Haines denigrate your point of view as populist. You shouldn't have to take a step back after making your point and say "but hey hey I'm not a populist." Anyway you followed it up well with your point about how they scream at us for following absurd "pupulist" notions but they don't give us the information that would prove their view better.
If you watched CSPAN, during the vote to pull back the AIG bailout money alotted to the bonuses you saw the Dems wanted to pull the money back immediately thorugh taxation while the Repubs wanted to wait to have an inquiry about how the lagunage about the bonus got into the bill in the first place ,then try and get it back .But what was the saddest part was that both sides of the isle admitted openly they had never read the bill before voting on it in the first place.
i dont agree that 250k is enough for these execs. maybe in low-cost living states like texas - 250k is enough for exec type position. but in NYC where it costs you an arm and a leg and then your kidney to live comfortably.
cenk, you're in utah which means that your cost of living in conservative state is somewhat low compared to the east coast.
now, if you talk about giving away millions to exec failures then i agree with you 100% that they dont deserve it. but, some ppl do earn the money.
Yeah i'm with you on that. I'm from Chicago, and I know NYC is much more expensive, but even here a decent appartment in the city is big money. upper/mid level management should be making 250k, not the top executives. A salary of a few million dollars to top executives makes perfect sense.
But a bonus is not a salary. That's where the real issue is. Your not supposed to give bonuses for failure.
I'm pretty sure the majority of the NY population earns less than a 100k. So if they can live comfortably, why can't the execs? unless of course 10mil mansion is part of the "cost of living".
In the real world, if you mange to bankrupt a company, you don't get to keep your job. But when a lender (tax payers) offers you a hand, you should stop bitching about it or quit.
There are thousands of qualified people inline, who will taker your job in a heart beat.
I live in expensive East Coast DC, and $70,000 is more, more, more than enough for me to live comfortably on. Yeah, i don't have servants wiping my ass, but I think the execs can learn to clean their own shit up for once.
All I see are conservatives attacking liberals, liberals attacking conservatives on these comments. Literally, you can scroll down the comments and I bet my life, not one comment is not doing this. Well maybe a few, like this one, but the majority are. My point is, why are we divided into parties? Why can't we just form one, how about, the American party. We accept all race and background (be logical, I don't mean killers, etc.) all determined for the goal of making America a better place.
Your so wrong in this video . Buisness talent is literally the same as sports talent and companies will offer big bucks to star performers . Your saying some moron athlete deserves more money then a guy who consistently earns a company a profit ? Not all companies are run like AIG etc etc ..some ceo's and execs deserve the money they get because they bring there shareholders continued value on there investment .
because if a ceo deserves a salary of 700k and they only pay 250k then they will leave the company and go where they will pay him. he will then be replaced by someone who is less competent
No, the rich aren't racing off to other countries.
As William Buffett has indicated - this is a country where the richest ppl are paying a lower % of their income in tax than their secretaries are - NOT TRUE IN MOST OTHER COUNTRIES!
Also the corporate tax structure in America is super. Yes, I know the tax rate if around 35% -- but how many companies pay it? One half of the majors pay ZERO. And overall they pay a lower tax rate than the working stiff.
He didn't say they cant, he said they wont, and hes right. They'll go work in another country. I can see a lot of corporations moving their headquarters overseas because of the business environment in America. Who could blame them. Then they wont have to put up with any horseshit like being drug in front of Congress for grandstanding or listen to the American people bitch about how unfair everything is. The rich everyone hates are leaving this country in droves.
The POTUS, aruguably one of the toughest, if not THE toughest job on the planet, makes $400,000 per year. Tell you what, you fire all the heads of these bailed out banks, and then you advertise for a replacement at the same salary that the POTUS makes, and I'll bet, No, I KNOW there would be a line of smart, No, brilliant people lined up around the block with their resumes in hand. The claim that these people are entitled to multi-million dollar salaries in order to be competent, is IMO, B.S.
Move the banks to Nebraska pay 250k tops and hire from the midwest. You'd get 100x more honest decent people who would be happy as clams with 250k and could easily do the jobs when trained properly. Wall Street is a joke, Wall Street likes to complain about Unions they're the ultimate nasty, corrupt, overpaid, organization on earth. Fuck'em.
"~we can't expect them to be run well by people making under 250K"?? We sure as hell did not have them run well by people making millions so maybe it is worth a try!
It's all these jobs that somehow we as a society have valued wayyyy above their actual value, through branding, marketing (or if you prefer: lying)
Cenk is absolutely right, a good athlete or money wizard is paid hundreds of times what a scientist of engineer is. How is that good for the economy? It's not, that's why we're in trouble. We went from producing science, cars and TVs to producing mainly marketing gobbledigook. That's not sustainable.
100% right, 0% wrong. I've been worrying since the collapse started about how our economy is sustainable. We don't make anything anymore, we just market, brand and sell. Our advertising economy is built on spend, spend, spend and its any wonder that we're 50 trillion in debt, meanwhile most of what we do buy is cheap disposable crap meant to be replaced in a year. Wouldn't it be great if "quality poroduct" meant something again?
It's hard not to get cynical when you see this stuff on TV too. Obama said it himself around the election, yes the bankers are at fault but the problem is much bigger than that, and it involves pretty much everyone in the "food chain". It requires a massive mentality shift, not just a quick fix.
Even though the stimulus bill adresses a few of those issues, as far as the big picture is concerned honestly I don't see any real "change" so far.
My biggest problem with the stimulus is that people are acting as if it will bring us 'back' to where we were. Thats absolutely not where we want to be. There can be no more credit/debt society, no more shop till you drop mentality, no more consumer spending=healthy economy attitude. Growth is not exponential, and we pretend injecting money into the economy will keep us on the up and up when there is no such place.
I couldn't agree more.. But people I think will not want to wake up from this fantasy. Until at some point there won't be any choice. I think there's a good chance we'll all be reminded what a breadline is really like in the near future.
The Execs of the big corporations are asking employees to take less, especially in the auto industry - but don't want their millions in salary & bonuses touched.
One Exxon Exec got between $400 Million & $500 Million for 1 year -- IS THAT NECESSARY OR EVEN WARRANTED?
Listen my friend, if everyone had a microscope on the taxes like politicians - we would all have tax problems. But we are talking about Bonuses not taxes. Stay in context....FOOL. it takes one to know one :-)
I've agreed with most of what Cenk has said about the GFC so far but I respectfully disagree on this point. Lowering Exec base pay will only make the matter worse not better.
If your boss came in and told you "I'm going to halve your pay" you'd tell him where he can shove his half pay and take your skills elsewhere. The bank execs will do the same thing, move their skills to different areas.
If being an exec was that easy, they wouldn't get paid that much.
But that's assuming that there is a big demand for "Executives" There is only a small fraction of companies that is currently hiring these Executives.
Capitalists love to throw out the Supply and Demand theory, but only when its in their favor. In this case, there's not that big of a demand for Executives. So the price drops, right. No not in this case, these are our sharpest and brightest they have to be millionaires. Unbelievable.
Bullshit! Hank Paulson left the chairmanship of Goldman Sachs to be a Treasury Sec. and that position make I believe 170,000. When I worked aa a researcher for a Investment house, a Bonus was based on what your fund manager produced and it triclked down to you. These guy are producing and are getting paid, what gives?
But why is being an exec so much harder than being an engineer at NASA? Why is it so much harder than running maintenance of an oil rig somewhere off the coast? The reason these guys make so much isn't because their job is so impossible, it's because they for years were allowed to decide their own salary and because they cooked the books to make it look like their companies were making a fortune! That's the only reason.
You make great points, megamarsvin. Teachers, police officers, firefighters, social workers, EMTs, and military personnel, make so much less than these CEOs on Wall Street. It is obscene IMO. There is something disturbing when people who save, protect, and educate aren't paid as much as CEOs. I know we are capitalistic country, and I respect that. But when there is an enormous gap between the wealthiest and the poorest in the U.S. And the middle-class is sliding into the lower-class.
At the risk of sounding like a crazy conspiracy guy, that's exactly what the rich want. The poorer and less educated the masses, the easier it is to keep your shady scams going. Then get them riled up about an imaginary war (drugs, terror, what have you) and basically you can ensure 100% loyalty and send anyone who disagrees with you to a labour camp (or Guantanamo).
With republicans now talking about armed revolt against Obama.. I feel 1984 is right around the corner.
Do you think it would really bad if many of these bank execs quit because they aren't making enough? Where else will they go? What industry is clamoring to pay these people top dollar? Your argument might have made sense in a booming economy, but this is not 1996 anymore. Just like megamarsvin said, their salaries are not a reflection of the real market for their needs. Do you think any of these banks could afford to give such salaries without a bailout?
i study informatics and our collegues at business informatics always said how comparably banal the economy curriculum was, its really not rocket science
and corporations send their head hunters for smart people out for physics, math and informatics - not business students
Mark's argument is very similar to the argument AIG's CEO made the other day, he claimed his workers would refuse to work if they don't have their bonuses.
Well, I'm unemployed atm, as well as many others. Perhaps they should hire people that will help their companies, instead of hurting them by being so selfish and greedy.
I think Cenk's indignation came from the sense of entitlement to earn that money instead of it being based on performance. Their are lots of starving athletes, actors, and musicians. They only make the big bucks when they perform. For example, Kevin Youkoulis, the Red Sox 1st baseman, was signed for $12,000 per year for his first pro contract. He only signed a 7 figure contract this month. He earned it but was not entitled to it. It's these CEO's sense of entitlement that's irksome.
But you can't expect a really competent CEO to apply for a job that pays a fraction of the normal salary. Why would they? Cenk says "let em go" but doesn't that just mean no qualified CEO will work there and the company will fail...
If they let that happen then what was the point of bailing them out in the first place?
The president earns 400k, just because Bush ran the country into the ground for the last 8 years didn't change that fact..
I very well understand your point oolong2 however this is a multidimensional problem. We have seen many CEOs get paid bonuses, despite the fact that their companies are collapsing, to the point where it has become a feeling of entitlement.
$250k as a base salary should be more than enough given the fact that CEOs really just have minions performing much of the work.
CEO's have "minions performing much of the work" because thier lives are *extremely* busy and hi-stress. It's not like they're sitting there collecting money for doing nothing.
When capitalism interferes with the government and the government interferes with capitalism it is flawed. Just like the seperation of powers there should be strict constitutional laws on how one influences the other...
They(CEOs) a really are nothing more than glorified project managers. They make it up the rungs by being somebody's minion. They essentially tell others what to do and if it succeeds they take the credit and if it fails they take the blame but all the work is done by other parties.
Furthermore, paying someone to fail is not a good system.
What motivation is there to do well when they will still get bonuses for going bankrupt?
Also, do not blame the government for the failure of capitalism. The blame falls to the people and their greed that forces them to take detrimental shortcuts to acquire wealth.
I want to see everything burn. I want people to realize just what their greed has led them to. I want to see if they will learn...
I assume people like you oolong2 will play the BLAME GAME but that will not change reality.
You should get the definition right of "a really competent CEO". A CEO who couldnt see his company going bankrupt even a month before should not be titled that!
Just for your info, bailout plan is not about the CEOs, rather for the greater interest of organizations; which actually directly proved to be contradicted with CEOs welfare!
Not only capping the salaries; last two years performance & bonus receivables of these greedy guns should came under scrutiny!
Rewatch the clip, this was NOT talking about the bailout it was talking abuot the simple reality of trying to hire someone to run a multi-national company that makes a fraction of what that salary normally pays.
If you hire ANYONE at a fraction of what they are worth then OF COURSE you're not going to someone that is as qualified.
Unfortunately we are sliding into this mob mentality and it's starting to look like class warfare IMO...
.. Guess what buddy .. Its all about the market .. and the market for 100 Million dollar a year C.E.O.'s in the financial services industry had just collapsed.
Please welcome your boys to reality before we bitch slap them into it.
Valid point, with the current financial market CEOs are probably not worth 100 million dollars. But at the same time we can't arbitrarly say 250k is the max that should be paid for anybody without having a clue what the market rate is...
If you run a company you pay the market worth no more, no less. Which is what these companies should do, whether that is 200k, 500k, or 2 million.
However we can't guess what that amount should be and just hire any idiot to do the job.
You are correct, but you missed the fact that these assholes also control the Fed and treasury and are using their influence to steal even more money.
Geithner and Bernanke are no better than Paulson and Greenspan - just a little dumber.
True that. The economy should be run by smart people making a decent salary and not rich people making an absurd one. That way they'll be more vulnerable and likely to be held accountable if they screw everything up for everyone. Greed does not run the economy, despite what greedy people say. Incentive is important, but incentive does not = greed. Fuck all those Wall Street money hogs taking everyone's money and acting like they deserve it.
Ok, maybe the $30 MILLION I took outta the company was a bit much since we didn't have a real good year. But do you really think it's wise for them to hire someone to replace me for $250 Thousand?
SHAREHOLDER
Well, we do know on day one we'll have made about $30 MILLION for the company!
I've got my pitchfork ready! These greedy, white-collared hoodlums who are responsible for hundreds of thousands of us losing our jobs, and our houses just dont get it..
Cenk your stupid hell again living in New York seriously you dont understand that it cost a fucking lot this insnt seifeld you twat ok and if you would understand hey i went to college worked my ass off didnt do drugs or shit and now im only making 250k good luck on finding anybody who is willing to take that ill stick to investing and using loopholes to get rid of capital gains your duchebag!
No disrespect, but you must be very stupid!!! If you make 250K I'm happy for you, but we're talking about bank employees who won't work for less than 25OK. That's simply greedy if u can't work for less. It's seems you're the typical, greedy rich American. It's a good thing Obama will be taxing you...lol Duche
These Wall Street people are an anointed group of privilege that is given huge amounts for literally doing nothing. These are graduates of ivy league schools who are presumed entitled to everything. How hard is it to gather a bunch of mortgages and sell them to someone who has more money than they know what to do with? In acutality these people are worse than the worse used car dealers.
fuck em i say.. these parasites are total scumbags who leach off the rest of us lot out there who do the damm work! they sit on there fat arses doing sod all and ripping us off! no bugger is worth that obscene amount of money..
You'd be surprised by what I can expect. I'm sick of the Welfare Kings and Queens of Wall Street. They need to find an honest day's work and get their damned hands out of our pay checks.
We don't own all the companies. Shifting the blame from Wall Street to the government is a Republican tactic, has been for years. If President Obama starts taking over companies the corporate media and Republican Party will flood the news with Socialist talk. It's a trap or your blind. So we give up trillions in health care, good jobs, and energy savings to rip up Wall Street which isn't going to happen anyway. The best we could do at this point, is highly regulate them and punish them.
Yes, these companies CAN be ran well by regularly educated guys using good judgment. The notion that corporate shareholders have any influence on their own Board of Directors or that the Board of Directors have any control over the corporate executives is all smoke and mirrors. End the "person" status given corporations for a starter. That alone would make a huge difference.
A four star general in the military makes 188K a year in base pay. With BAH and BAS he prolly pulls off just less than 250K.
If the highest rank in the military can do it, the CEO of any company can too. There is no way that any CEO is any more valuable than a war seasoned 30 year four star general. The responsibility of any and all CEO's pale pathetically in comparison.
They're brilliant because they did what they're supposed to do to help reinforce capitalism and make the rich even richer, poor even poorer, letting the poor bail out the rich, etc. That is a major achievement for the rich and while the rich would like to give them raises, etc, they should all really be put in jail and have their assests redistributed to the poor they sponge off of.
People wonder why this is, why is it that those controlling the money, those in charge of the banks and of giant corporation get to get away with so much. But think about it, who wins the elections? Those with the most campaign money usually. What bills pass? The bills that have the most money lobbied toward them. Tax shelters, shelters from liabilities. The media showing a strong bias against anyone who speaks out against big corporations. It's all about who has the money..
lupiris11 7 months ago
If I went to a top busines school and worked my ass off, I want my 250k+ a year
kylecoolio12 11 months ago
This has been flagged as spam show
@kylecoolio12
"I went to a top business school ..., I want my 250k+ a year."
And you will probably get it, and you will probably deserve it. But when you lie, cheat, steal, engage in fraud and corruption, and bring the world economy to its knees, you should not expect, nor should keep getting paid that money.
If it was up to me, all those ashholes would be rotting in federal prison right now.
blueboyblue 9 months ago
I disagree with this video.
The difference between bankers and rocket scientists is bankers produce more money than what they started with. Rocket scientists have much harder work to handle, but they work on government budgets, and their research doesn't produce profits.
Bankers produce profits. If you were directly responsible for making Goldman Sachs $80 million in profits in one year, you don't think you deserve $1-5 million of that?
It's not the difficulty, but the nature of the work.
lnfiniteKnowledge 1 year ago
@lnfiniteKnowledge so by that logic (company makes 80 mil the CEO should get 1-5mil of it) when the company goes under the CEO should have to pay the debt? like if they loose 80 million the CEO should pay 1-5 million of it?
Revrebrent 11 months ago
Hurr Durr, haha. 4:03
AlonzoRIP 1 year ago
Kick these crooks out! America's founding fathers are rolling in their graves at the people right now. It is time to put the power back in the hands of the people and take it away from the greedy bankers that history has warned us about!
pokermon919 1 year ago 7
GREAT VIDEO! Thanks for sharing!
Happy Trading!
StockMarketVideo 1 year ago
you gotta admire the balls on that prick----goddman capitalism!
handofnergal 2 years ago
I understand you being upset with greedy fucks, but come on, "goddamn capitalism"? I know there has to be some elements of capitalism you like or at least benefit from. Greedy assholes will demolish any system. (As has happened with so called communist societies.) In fact, the greed that is so prevalent in humanity makes true communism a pipe dream.
ThisClownis2in1 2 years ago
nah I was just joking, it's not capitalism, it's the greedy banker assholes
(imagine Lenin rising from garve) "must crush capitalism" ^^
handofnergal 2 years ago
50K per year with benefits, and I'll run any company you want into the ground.
newdarnaccount 2 years ago 18
@newdarnaccount i totally agree
hntr15 11 months ago
@newdarnaccount agreed sir/mamam
hntr15 1 month ago in playlist More videos from TheYoungTurks
execs deserve their bonuses
bearstearn3 2 years ago
In America the rich can steal from the working class and the poor and the middle class but you better not steal from the rich if you do your ass is going to prison these pricks should go to prison not the white collar prison but the ones were they have to watch their asses when that happens shit might change.
disturbed341 2 years ago 15
If you do the math on that it's only 684 dollars a day. How can you expect someone to live off that?
pkmiller100 2 years ago
what the hell do you need 700 dollars A DAY for...greed
deewana16 2 years ago
Look at it like this. If every country had a national football team and players could go to and from any nation it chose. How good would the American team be if we put a salary cap of $250K per player, and America was the only country to do so?
You think we would attract the best players in the world?
Do you think we would ever even win a game?
How many players would leave the US to go play for other countries that paid $25 million a year?
Dems need to think further ahead than five minutes
jjrglobal 2 years ago
I think you put it better than I could. Thanks.
Badactor67 2 years ago
the players don't do it for the money they do it because they love the game and the people who do the money end up being worst people in the game
david124773 2 years ago
Most players play to win and money is the measuring stick. Socialism will never work. If you find someone who wants to win collect their cash and give it to a charity good for them. I have a family to feed.
Badactor67 2 years ago
Socialism Socialism Socialism. That´s all you got? Tired argument. It would blow me away if a neocon could go 5 minutes without saying socialism like some parrot on crack. You need 250k to feed your family?
oalemdemadrid 2 years ago 3
It's working okay for a lot of Europe.
Scardy 2 years ago
@david124773
I guess thats why they go on strike every three or four years huh, because they love the game?
jjrglobal 2 years ago
The point is that these people got the $25 million for LOSING.
jwcurtin 2 years ago 2
Did you even listen to this video? The point isn't that anyone got $25 mil for losing, the point is that the dems want to limit salaries to $250K for all execs.
jjrglobal 2 years ago
Wrong. Obama is putting a cap on exec pay at $500k for companies that are taking bailout money. The point is that failed managers continue to take millions in compensation when they have received tax payer money.
jwcurtin 2 years ago
It started there but quickly became a cap on executive pay across the board. Also, many of the companies were forced to take money. The government has no business being involved in any of this, thats my point. Let the market sort it out, not the government. No bailouts, no caps. What does Obama know about business?
jjrglobal 2 years ago
yeah sort itself out. That´s exactly the problem.
oalemdemadrid 2 years ago
I think he's trying to help them out and the people who work for them. I think he's been sold the story by these guys that if they go under, the entire economy will crash and burn.
Scardy 2 years ago
Some would say that sports players are overpaid as well.
BishopAP 2 years ago
I agree, but the Obama administration is not talking about capping their salaries and they shouldn't. If you think that sports figures are making too much money then stop paying $250 for tickets and stop buying their merchandise.
jjrglobal 2 years ago
Furthermore, the best possible Government is what our founding fathers intended. A free market, Republic, with minimal governmental interference. A kind of "natural economic selection" which harnessed Man's inherent greed for the betterment of society as whole.
It worked we became the leading economic and militaristic force in the world. Our poorest citizens live a lifestyle that most in the world would kill to attain. We are still #1 a bit of adjustment is all that is needed.
Badactor67 2 years ago
lol
just lol
shenglonglin 2 years ago
I will take that as a compliment coming from a chinamen who has lived under absolutism, or as absolute ignorance.
Badactor67 2 years ago
so,u absolutely sure that i lived under absolutism or absolute ignorance.
OR,u r just trying to insult me.
either one makes u look bad,dude
shenglonglin 2 years ago
Hey, I can only go by you sneer and the fact you claim you are from China. Either one makes you look bad.
Badactor67 2 years ago
so, u r a racist
shenglonglin 2 years ago
Not that!!!!! last epitath for a weak mind.
Badactor67 2 years ago
so, u r a racist and u r judgemental
shenglonglin 2 years ago
Sure why not. As are you or you would not bothered commenting in the first place.
Badactor67 2 years ago
lol,
u know too much!
shenglonglin 2 years ago
I understand what you are saying I just think it is unrealistic and utopian given human nature. Lets leave lazy execs out for a moment.
I can easily determine a skilled worker from an unskilled worker from the end product of their work. Or a motivated individual from an unmotivated one in just a few minutes of observation.
Also, where do you think the drive and motivation to improve oneself should come from? Government? Family? School? Or does it just occur in some people and not others?
Badactor67 2 years ago
gigantic companies are going to be run by shitheads if companies can only pay 250k. They may have taken some money but that condition wasn't part of the deal when they did.
aweiss 2 years ago
"public servants and even some workers (for vital jobs such as industry and waste management)"
I certainly disagree with this are you saying an unskilled person who may have made choices in his (or her) life
that render them incapable of something besides throwing bags in the back of a truck (and missing half the time) is like starting, growing, and owning a business? C'mon.
Badactor67 2 years ago
"I certainly disagree with this are you saying an unskilled person"
How do you determine they are "unskilled"? What objective measure do you base that on? I could say the same of some managerial jobs. I'm serious. I've been a manager before in the corporate world. It's not that hard.
"that render them incapable of something besides throwing bags"
Like frictional unemployment or being an immigrant? How about job training instead of just creating a poor underclass? That's a drag on an economy.
A86 2 years ago
My own workplace experience and the workplace experiences of almost everyone I've ever known (including conservatives I know) says that the average employee works harder than average executive. I'm pretty sure I can find some statistics on that subject to prove it. This myth about executives being "smarter" or "harder working" than everyone else is Social Darwinist bullshit. I can think of a single job that honestly deserves more than $400,000/year.
A86 2 years ago
The guy makes it sound as if compagnies need to offer a CEO at least 250K to attract the best and brightest minds with great business connections to stay competitve. If that's the way he meant it, I could understand.
OddEye83 2 years ago
250k R U kidding me. My brother is a CEO of a private cloths manufacturing company and his base salary is $750k and he gets heaps of bonus. 250k is a bargan in a sale
smithbrain 2 years ago
true. only thing is they aren't the best and brightest (they messed up didn't they. 2:00
yoonisaykul 2 years ago
Right....and these companies were all run SO WELL when they were raking in bonuses...sure, LOL!!!
aogilmor 2 years ago 3
250,000 per household is not much money for a couple who has done something with their life and would like to enjoy the fruits of their labor.
Although, I doubt the whole argument will mean anything when the dollar collapses.
It is funny to see so many people still think this "economic crisis" was caused by some home flippers. This was 30-50 years in the making and prosperity will not be back anytime soon.
Badactor67 2 years ago
"250,000 per household is not much money"
A mindset like that isn't realistic. That's just pure greed. $2500,00/year is A LOT for 90-95% of the population.
"for a couple who has done something with their life and would like to enjoy the fruits of their labor"
Well that's the thing: business owners aren't just making money off their own labor. They're also enjoying the fruits of their workers labor and their consumers labor. Most of their income comes from profit derived from their workers.
A86 2 years ago
I guess it is all perspective. I'm a blue collar guy with a niche business the guys who work for me work with expensive equipment that took a long time for me to earn the money for. I also trained everyone who works for me in the application of the trade. They make good $.
I make more but I did the homework, preparation, planning, purchased the equipment took the financial risk and above all provided training . Should I not expect more?
I believe in equality at birth then its up to you.
Badactor67 2 years ago
"I make more but I did the homework, preparation, planning, purchased the equipment took the financial risk and above all provided training . Should I not expect more?"
Sure, but according to that logic teachers, doctors, scientists, public servants and even some workers (for vital jobs such as industry and waste management) should be the highest paid people in society. Not people who just sit in offices looking at porn and running the company into the ground.
A86 2 years ago
Well sure if the teacher, doctor, scientist, and public servants put up the time, cash for books, equipment, garbage trucks etcetera (and many have) that would make sense. I do agree lazy asses who got an MBA on daddy's buck and get social networked into a CEO position is BS.
What do you have against porn? :)
Seriously though countless businesses get handed to an idiot son and get run into the ground. It makes room for the next motivated businessman.
Badactor67 2 years ago
CEOs only have that money after making a profit from employees and sales.
"I do agree lazy asses who got an MBA on daddy's buck and get social networked into a CEO position is BS"
That's most of them. And even when they get to the executive position they don't really do any more work than most employees. They're actually one of the last to arrive to work in the morning and one of the first to leave. The vast majority of the real work in the company is done by those lower down the ladder.
A86 2 years ago
Wall Street is worthless
sgsfdgfsdfsdfsddf 2 years ago
Well pretty much so now. They were gods 10 years ago.
Badactor67 2 years ago
stock market made for the rich and for them to stay rich...
sgsfdgfsdfsdfsddf 2 years ago
Dude, I agree most are crooks. But when Everyone's 401K plan was doubling yearly America was 100% behind them and insanely naive to believe it could last.
Then even after the "tech bubble" they poured every dime they could into it..
I have a philosophy that greed and fear are the only 2 real human emotions. Every other is an offshoot.
Badactor67 2 years ago
Greed and fear is all something made by rich
The rich tell you to buy something so you do. The media tells you stuff about Iraq, Iran or VenezuelA you FEAR it
sgsfdgfsdfsdfsddf 2 years ago
No, greed and fear you are born with. Watch small children play sometime.
Human nature at it's finest.
Badactor67 2 years ago
there are enough unemployed people who are qualified so fuck those guys get some new blood in there the experience argument is absurd and outdated
SharpWanker 2 years ago 2
every contintents economy is being sucked dry. Stimulus packages will do nothing but delay an economic collapse and move the small amount money from the pockets of workers to the banks. Everyone loses. SAVE YOUR MONEY AND THINK ABOUT THE FOOD FUTURE>
Chewy240284 2 years ago
Damn right Cenk! I can get some very capable people for around 100k per year. Now, if we do good and make a very nice profit there will be profit sharing bonus money. If there is no profit, there will be no bonus and get a pink slip. Now roll up your sleeves and get to work!
jengacrock 2 years ago
I watched as my 401K, which I worked my ass off for the last 30-years went up in smoke. I want it back, plus interest you greedy Wall Street whoresluts!
pig5689 2 years ago 2
Execs in Japan get about the same as every other employee working or less.
ItzMeRon 2 years ago
Don't let people like Haines denigrate your point of view as populist. You shouldn't have to take a step back after making your point and say "but hey hey I'm not a populist." Anyway you followed it up well with your point about how they scream at us for following absurd "pupulist" notions but they don't give us the information that would prove their view better.
morgantsangari 2 years ago
If you watched CSPAN, during the vote to pull back the AIG bailout money alotted to the bonuses you saw the Dems wanted to pull the money back immediately thorugh taxation while the Repubs wanted to wait to have an inquiry about how the lagunage about the bonus got into the bill in the first place ,then try and get it back .But what was the saddest part was that both sides of the isle admitted openly they had never read the bill before voting on it in the first place.
Thats criminal neglect.
JudahKhan 2 years ago 2
After a good and tempered look at things myself, I could not agree more, Cenk. Lay down the hammer! Lay it down! Lay it down!
jorgedug 2 years ago
You make a lot of sense .. IF they are soo smart why is AIG fucked.
They are not smart, they are crooks.. Fire all of them
Themantesdotcom 2 years ago
i dont agree that 250k is enough for these execs. maybe in low-cost living states like texas - 250k is enough for exec type position. but in NYC where it costs you an arm and a leg and then your kidney to live comfortably.
cenk, you're in utah which means that your cost of living in conservative state is somewhat low compared to the east coast.
now, if you talk about giving away millions to exec failures then i agree with you 100% that they dont deserve it. but, some ppl do earn the money.
im2layze 2 years ago
The Young Turks are in LA
stayfresh06 2 years ago 2
Yeah im2layze, try California.. not Utah.
lostintravise 2 years ago
Yeah i'm with you on that. I'm from Chicago, and I know NYC is much more expensive, but even here a decent appartment in the city is big money. upper/mid level management should be making 250k, not the top executives. A salary of a few million dollars to top executives makes perfect sense.
But a bonus is not a salary. That's where the real issue is. Your not supposed to give bonuses for failure.
volcombillx3 2 years ago
I'm pretty sure the majority of the NY population earns less than a 100k. So if they can live comfortably, why can't the execs? unless of course 10mil mansion is part of the "cost of living".
In the real world, if you mange to bankrupt a company, you don't get to keep your job. But when a lender (tax payers) offers you a hand, you should stop bitching about it or quit.
There are thousands of qualified people inline, who will taker your job in a heart beat.
saucy05 2 years ago
I live in expensive East Coast DC, and $70,000 is more, more, more than enough for me to live comfortably on. Yeah, i don't have servants wiping my ass, but I think the execs can learn to clean their own shit up for once.
eirefrance 2 years ago
isn't that logical and make sense?
JamesChristian724 2 years ago
All I see are conservatives attacking liberals, liberals attacking conservatives on these comments. Literally, you can scroll down the comments and I bet my life, not one comment is not doing this. Well maybe a few, like this one, but the majority are. My point is, why are we divided into parties? Why can't we just form one, how about, the American party. We accept all race and background (be logical, I don't mean killers, etc.) all determined for the goal of making America a better place.
JamesChristian724 2 years ago
aparently..
Populist equals idiot
liberal equals unamerican heathen
Conservative equals genius
unless of course you look at history and the facts
ccm800 2 years ago
Your so wrong in this video . Buisness talent is literally the same as sports talent and companies will offer big bucks to star performers . Your saying some moron athlete deserves more money then a guy who consistently earns a company a profit ? Not all companies are run like AIG etc etc ..some ceo's and execs deserve the money they get because they bring there shareholders continued value on there investment .
Etherian1977 2 years ago
Ether -- do you think the EXXON CEO deserved $450 MILLON?
DillonX 2 years ago
Yeah but Exxon is making money, paying taxes, and not asking the government for buy-outs.
mattepolaco 2 years ago
But you missed my pts. The $400 Million paid to the EXXON exec had little to do with him improving the company or society.
DillonX 2 years ago
Not sure you know what you are talking about.
Yes, he did improve the company by turning records ROI per dollar several years in a row.
I can assure you that society does benefit and will benefit from the billions of dollar spent on research and development of new technologies.
Not only on the exploration of petroleum but also on the alternative fuels.
You are looking too close at the 400 million and missing the big picture. Why criticize the one company America should be proud of?
mattepolaco 2 years ago
Then STOP failing companies then come looking for handouts from the gov.
they failed these companies, they owe us
highlander2107 2 years ago
because if a ceo deserves a salary of 700k and they only pay 250k then they will leave the company and go where they will pay him. he will then be replaced by someone who is less competent
notzimmer 2 years ago
well said cenk!
mikiy84 2 years ago
No, the rich aren't racing off to other countries.
As William Buffett has indicated - this is a country where the richest ppl are paying a lower % of their income in tax than their secretaries are - NOT TRUE IN MOST OTHER COUNTRIES!
Also the corporate tax structure in America is super. Yes, I know the tax rate if around 35% -- but how many companies pay it? One half of the majors pay ZERO. And overall they pay a lower tax rate than the working stiff.
Also security is another reason.
DillonX 2 years ago
He didn't say they cant, he said they wont, and hes right. They'll go work in another country. I can see a lot of corporations moving their headquarters overseas because of the business environment in America. Who could blame them. Then they wont have to put up with any horseshit like being drug in front of Congress for grandstanding or listen to the American people bitch about how unfair everything is. The rich everyone hates are leaving this country in droves.
jjrglobal 2 years ago
they should have given all this money to the poor people and then told the wall street guys to go and fetch
S0undBite 2 years ago
The POTUS, aruguably one of the toughest, if not THE toughest job on the planet, makes $400,000 per year. Tell you what, you fire all the heads of these bailed out banks, and then you advertise for a replacement at the same salary that the POTUS makes, and I'll bet, No, I KNOW there would be a line of smart, No, brilliant people lined up around the block with their resumes in hand. The claim that these people are entitled to multi-million dollar salaries in order to be competent, is IMO, B.S.
TomH7259 2 years ago 2
Move the banks to Nebraska pay 250k tops and hire from the midwest. You'd get 100x more honest decent people who would be happy as clams with 250k and could easily do the jobs when trained properly. Wall Street is a joke, Wall Street likes to complain about Unions they're the ultimate nasty, corrupt, overpaid, organization on earth. Fuck'em.
duncan36 2 years ago 3
i lost jobs fort no reason!
what is with them?
they have employment for no reason....!
buahahahaha
point a finger at a rolls royce and lol.
Realizalize 2 years ago
Some of these CEOs that made millions weren't worth $12,000.
DillonX 2 years ago 2
one word
a m e r i c a n p s y c h o
Realizalize 2 years ago
that's right, most of the (rocket) scientists don't make $250K ...
CaptainKhrenov 2 years ago
"~we can't expect them to be run well by people making under 250K"?? We sure as hell did not have them run well by people making millions so maybe it is worth a try!
prodigyat9 2 years ago 2
It's all these jobs that somehow we as a society have valued wayyyy above their actual value, through branding, marketing (or if you prefer: lying)
Cenk is absolutely right, a good athlete or money wizard is paid hundreds of times what a scientist of engineer is. How is that good for the economy? It's not, that's why we're in trouble. We went from producing science, cars and TVs to producing mainly marketing gobbledigook. That's not sustainable.
megamarsvin 2 years ago 3
100% right, 0% wrong. I've been worrying since the collapse started about how our economy is sustainable. We don't make anything anymore, we just market, brand and sell. Our advertising economy is built on spend, spend, spend and its any wonder that we're 50 trillion in debt, meanwhile most of what we do buy is cheap disposable crap meant to be replaced in a year. Wouldn't it be great if "quality poroduct" meant something again?
eirefrance 2 years ago
It's hard not to get cynical when you see this stuff on TV too. Obama said it himself around the election, yes the bankers are at fault but the problem is much bigger than that, and it involves pretty much everyone in the "food chain". It requires a massive mentality shift, not just a quick fix.
Even though the stimulus bill adresses a few of those issues, as far as the big picture is concerned honestly I don't see any real "change" so far.
megamarsvin 2 years ago
My biggest problem with the stimulus is that people are acting as if it will bring us 'back' to where we were. Thats absolutely not where we want to be. There can be no more credit/debt society, no more shop till you drop mentality, no more consumer spending=healthy economy attitude. Growth is not exponential, and we pretend injecting money into the economy will keep us on the up and up when there is no such place.
eirefrance 2 years ago 2
I couldn't agree more.. But people I think will not want to wake up from this fantasy. Until at some point there won't be any choice. I think there's a good chance we'll all be reminded what a breadline is really like in the near future.
megamarsvin 2 years ago
We pay our Governor of Texas $115.000 per year.
The Execs of the big corporations are asking employees to take less, especially in the auto industry - but don't want their millions in salary & bonuses touched.
One Exxon Exec got between $400 Million & $500 Million for 1 year -- IS THAT NECESSARY OR EVEN WARRANTED?
DillonX 2 years ago
Charlie Rangel has his own tax problems.
So I'm going to listen to this fool?
bobbytiger 2 years ago
Listen my friend, if everyone had a microscope on the taxes like politicians - we would all have tax problems. But we are talking about Bonuses not taxes. Stay in context....FOOL. it takes one to know one :-)
flrbase1 2 years ago
I've agreed with most of what Cenk has said about the GFC so far but I respectfully disagree on this point. Lowering Exec base pay will only make the matter worse not better.
If your boss came in and told you "I'm going to halve your pay" you'd tell him where he can shove his half pay and take your skills elsewhere. The bank execs will do the same thing, move their skills to different areas.
If being an exec was that easy, they wouldn't get paid that much.
Balthial242 2 years ago
A very good point, Balthial. Maybe we need to shift the paradigm toward performance-based pay.
Fred13B 2 years ago
But that's assuming that there is a big demand for "Executives" There is only a small fraction of companies that is currently hiring these Executives.
Capitalists love to throw out the Supply and Demand theory, but only when its in their favor. In this case, there's not that big of a demand for Executives. So the price drops, right. No not in this case, these are our sharpest and brightest they have to be millionaires. Unbelievable.
chuytuna 2 years ago 2
Bullshit! Hank Paulson left the chairmanship of Goldman Sachs to be a Treasury Sec. and that position make I believe 170,000. When I worked aa a researcher for a Investment house, a Bonus was based on what your fund manager produced and it triclked down to you. These guy are producing and are getting paid, what gives?
flrbase1 2 years ago
Well if u have more than $25million and u are responsible for the country falling apart then yeah I would expect u to take 250,000 for a few years.
thetuffknight 2 years ago 2
But why is being an exec so much harder than being an engineer at NASA? Why is it so much harder than running maintenance of an oil rig somewhere off the coast? The reason these guys make so much isn't because their job is so impossible, it's because they for years were allowed to decide their own salary and because they cooked the books to make it look like their companies were making a fortune! That's the only reason.
megamarsvin 2 years ago 6
You make great points, megamarsvin. Teachers, police officers, firefighters, social workers, EMTs, and military personnel, make so much less than these CEOs on Wall Street. It is obscene IMO. There is something disturbing when people who save, protect, and educate aren't paid as much as CEOs. I know we are capitalistic country, and I respect that. But when there is an enormous gap between the wealthiest and the poorest in the U.S. And the middle-class is sliding into the lower-class.
SiobhanBradigan 2 years ago
It is boy capitalist to subsidize failure.
mimi2957 2 years ago
At the risk of sounding like a crazy conspiracy guy, that's exactly what the rich want. The poorer and less educated the masses, the easier it is to keep your shady scams going. Then get them riled up about an imaginary war (drugs, terror, what have you) and basically you can ensure 100% loyalty and send anyone who disagrees with you to a labour camp (or Guantanamo).
With republicans now talking about armed revolt against Obama.. I feel 1984 is right around the corner.
megamarsvin 2 years ago
Do you think it would really bad if many of these bank execs quit because they aren't making enough? Where else will they go? What industry is clamoring to pay these people top dollar? Your argument might have made sense in a booming economy, but this is not 1996 anymore. Just like megamarsvin said, their salaries are not a reflection of the real market for their needs. Do you think any of these banks could afford to give such salaries without a bailout?
eirefrance 2 years ago
asking cnbc reporters to provide a balanced view on wall street is like asking Dick Chaney to come up with a balanced energy policy
tico8007 2 years ago
I also believe movies would be better made if actors weren't paid so much
FuryoftheFilmFan 2 years ago
Even animals have more morals than these fuckers.
Blackjack555 2 years ago 2
True to the word.
thetuffknight 2 years ago
My credit union had a 30% drop in the market and the CEO still got a $3.6 million bonus. What the fuck?
scaffmasterus 2 years ago 2
i study informatics and our collegues at business informatics always said how comparably banal the economy curriculum was, its really not rocket science
and corporations send their head hunters for smart people out for physics, math and informatics - not business students
random0815 2 years ago
Mark's argument is very similar to the argument AIG's CEO made the other day, he claimed his workers would refuse to work if they don't have their bonuses.
LetoAtreides82 2 years ago
Well, I'm unemployed atm, as well as many others. Perhaps they should hire people that will help their companies, instead of hurting them by being so selfish and greedy.
rehashan 2 years ago
Ok, what about atheletes, actors, musicians, etc. that also make millions of dollars a year? Why don't we cut their salaries too?
The job pays well so what? If the job was easy as you say then EVERYONE would be a CEO.
Some of these people literally work 15-20 hours a day and many are indeed brilliant.
To make a blanket statement that X job should not make X amount without ever doing it yourself is a bit ignorant IMO
oolong2 2 years ago
I think Cenk's indignation came from the sense of entitlement to earn that money instead of it being based on performance. Their are lots of starving athletes, actors, and musicians. They only make the big bucks when they perform. For example, Kevin Youkoulis, the Red Sox 1st baseman, was signed for $12,000 per year for his first pro contract. He only signed a 7 figure contract this month. He earned it but was not entitled to it. It's these CEO's sense of entitlement that's irksome.
quinn2469 2 years ago
But you can't expect a really competent CEO to apply for a job that pays a fraction of the normal salary. Why would they? Cenk says "let em go" but doesn't that just mean no qualified CEO will work there and the company will fail...
If they let that happen then what was the point of bailing them out in the first place?
The president earns 400k, just because Bush ran the country into the ground for the last 8 years didn't change that fact..
oolong2 2 years ago
oolong2,
I very well understand your point oolong2 however this is a multidimensional problem. We have seen many CEOs get paid bonuses, despite the fact that their companies are collapsing, to the point where it has become a feeling of entitlement.
$250k as a base salary should be more than enough given the fact that CEOs really just have minions performing much of the work.
Capitalism, despite popular belief, is flawed.
CorbenikTheHarbinger 2 years ago
CorbenikTheHarbinger,
Like you said it IS a multidimensional problem.
CEO's have "minions performing much of the work" because thier lives are *extremely* busy and hi-stress. It's not like they're sitting there collecting money for doing nothing.
When capitalism interferes with the government and the government interferes with capitalism it is flawed. Just like the seperation of powers there should be strict constitutional laws on how one influences the other...
oolong2 2 years ago
oolong2,
They(CEOs) a really are nothing more than glorified project managers. They make it up the rungs by being somebody's minion. They essentially tell others what to do and if it succeeds they take the credit and if it fails they take the blame but all the work is done by other parties.
Furthermore, paying someone to fail is not a good system.
What motivation is there to do well when they will still get bonuses for going bankrupt?
CorbenikTheHarbinger 2 years ago
Also, do not blame the government for the failure of capitalism. The blame falls to the people and their greed that forces them to take detrimental shortcuts to acquire wealth.
I want to see everything burn. I want people to realize just what their greed has led them to. I want to see if they will learn...
I assume people like you oolong2 will play the BLAME GAME but that will not change reality.
CorbenikTheHarbinger 2 years ago
oolong2
You should get the definition right of "a really competent CEO". A CEO who couldnt see his company going bankrupt even a month before should not be titled that!
Just for your info, bailout plan is not about the CEOs, rather for the greater interest of organizations; which actually directly proved to be contradicted with CEOs welfare!
Not only capping the salaries; last two years performance & bonus receivables of these greedy guns should came under scrutiny!
mmo033 2 years ago
mmo033,
Rewatch the clip, this was NOT talking about the bailout it was talking abuot the simple reality of trying to hire someone to run a multi-national company that makes a fraction of what that salary normally pays.
If you hire ANYONE at a fraction of what they are worth then OF COURSE you're not going to someone that is as qualified.
Unfortunately we are sliding into this mob mentality and it's starting to look like class warfare IMO...
oolong2 2 years ago
oolong2,
.. Guess what buddy .. Its all about the market .. and the market for 100 Million dollar a year C.E.O.'s in the financial services industry had just collapsed.
Please welcome your boys to reality before we bitch slap them into it.
milkgodnl 2 years ago
milkgodnl,
Valid point, with the current financial market CEOs are probably not worth 100 million dollars. But at the same time we can't arbitrarly say 250k is the max that should be paid for anybody without having a clue what the market rate is...
If you run a company you pay the market worth no more, no less. Which is what these companies should do, whether that is 200k, 500k, or 2 million.
However we can't guess what that amount should be and just hire any idiot to do the job.
oolong2 2 years ago
"we don't need them, we don't need them"
i definitely agree, but how do we kick them out?
how do we get the money back from all of those incomprehensible hundreds of millions in bonuses? Is it even a possibility?
akbarblanchet 2 years ago
2:46 that's just what we need to do!
wallstreetyoung 2 years ago
the rot on Wall St runs deep.
DeepSouthDispatch 2 years ago
You are correct, but you missed the fact that these assholes also control the Fed and treasury and are using their influence to steal even more money.
Geithner and Bernanke are no better than Paulson and Greenspan - just a little dumber.
666sigma 2 years ago 2
True that. The economy should be run by smart people making a decent salary and not rich people making an absurd one. That way they'll be more vulnerable and likely to be held accountable if they screw everything up for everyone. Greed does not run the economy, despite what greedy people say. Incentive is important, but incentive does not = greed. Fuck all those Wall Street money hogs taking everyone's money and acting like they deserve it.
seanotube85 2 years ago
Comment removed
jiggakilla666 2 years ago
Cenk I love you :)
Krysnic 2 years ago 2
EGOTICAL EXEC WHO THINKS HE IRREPLACABLE
Ok, maybe the $30 MILLION I took outta the company was a bit much since we didn't have a real good year. But do you really think it's wise for them to hire someone to replace me for $250 Thousand?
SHAREHOLDER
Well, we do know on day one we'll have made about $30 MILLION for the company!
DillonX 2 years ago
I've got my pitchfork ready! These greedy, white-collared hoodlums who are responsible for hundreds of thousands of us losing our jobs, and our houses just dont get it..
FAKERMCFAKEY 2 years ago
Cenk your stupid hell again living in New York seriously you dont understand that it cost a fucking lot this insnt seifeld you twat ok and if you would understand hey i went to college worked my ass off didnt do drugs or shit and now im only making 250k good luck on finding anybody who is willing to take that ill stick to investing and using loopholes to get rid of capital gains your duchebag!
dragas222 2 years ago
AHAHAHAHAHHAAHAH. You just butchered the english language.
Curtie555 2 years ago
No disrespect, but you must be very stupid!!! If you make 250K I'm happy for you, but we're talking about bank employees who won't work for less than 25OK. That's simply greedy if u can't work for less. It's seems you're the typical, greedy rich American. It's a good thing Obama will be taxing you...lol Duche
bnyc2000 2 years ago
These Wall Street people are an anointed group of privilege that is given huge amounts for literally doing nothing. These are graduates of ivy league schools who are presumed entitled to everything. How hard is it to gather a bunch of mortgages and sell them to someone who has more money than they know what to do with? In acutality these people are worse than the worse used car dealers.
klard 2 years ago
It is a kind of insanity.
Well said Cenk. TYT keeps it real.
DrakeMagnum 2 years ago
good to hell Wall Street Execs.
CUTWEST 2 years ago
fuck em i say.. these parasites are total scumbags who leach off the rest of us lot out there who do the damm work! they sit on there fat arses doing sod all and ripping us off! no bugger is worth that obscene amount of money..
grahamkeithtodd 2 years ago
CEO,s should get 0 salary and there income should be based on companies performance.
Just like apple CEO he only has salary of 1 dollor
HaT223 2 years ago 2
Ok they fuck up the country while making a shit load of money...and now they can't work for less then $250K.
Ok don't hire any of them.
john135246alias 2 years ago
You'd be surprised by what I can expect. I'm sick of the Welfare Kings and Queens of Wall Street. They need to find an honest day's work and get their damned hands out of our pay checks.
lilyannerose 2 years ago 6
Cenk,
We don't own all the companies. Shifting the blame from Wall Street to the government is a Republican tactic, has been for years. If President Obama starts taking over companies the corporate media and Republican Party will flood the news with Socialist talk. It's a trap or your blind. So we give up trillions in health care, good jobs, and energy savings to rip up Wall Street which isn't going to happen anyway. The best we could do at this point, is highly regulate them and punish them.
stanjz 2 years ago
"It's a trap!" claimed Akbar emphatically.
DrakeMagnum 2 years ago
Of course!!!!!!!!!!!!
djben1977 2 years ago
In Texas we pay our Govenor $115,000 per year.
If he can survive I'm sure the CEO of company can survive (of course it's not just the CEO, but others pulling in millions as well).
When they get these multi-million dollar payment they're stealing money from the shareholders.
DillonX 2 years ago 3
Fuck Rick Perry
Blac13 2 years ago
You're SO RIGHT ON CENK!!!!
osiris33 2 years ago 2
as in have the same sense of entitlement
lublinkid 2 years ago 2
i think any rocket scientist who knew how to make money the way the people on wallstreet do would be exactly the same
lublinkid 2 years ago
Yes, these companies CAN be ran well by regularly educated guys using good judgment. The notion that corporate shareholders have any influence on their own Board of Directors or that the Board of Directors have any control over the corporate executives is all smoke and mirrors. End the "person" status given corporations for a starter. That alone would make a huge difference.
jereuter01 2 years ago 3
A four star general in the military makes 188K a year in base pay. With BAH and BAS he prolly pulls off just less than 250K.
If the highest rank in the military can do it, the CEO of any company can too. There is no way that any CEO is any more valuable than a war seasoned 30 year four star general. The responsibility of any and all CEO's pale pathetically in comparison.
dustmundo 2 years ago 4
Fools is the perfect word for, bankers, wall street,
insurance companies and politicians. Fool means, to have bad judgment. We are fools to trust as much as we have. We will change it.
Question authority.
4u2b1ib12 2 years ago
Give them a $40,000 pay cap and put them on the street.
audadvnc 2 years ago 3
Their base salary is the least they could be paid and still be more honest than corrupt.
johnnytturbo 2 years ago
FUCK WALL STREET and REPUBLICANS TOO!!!!!!!!!!!!! JUST DIE < JUST DIE!
DRDNIBOY 2 years ago
Cmon man, post meaning ful comments, not just hate speech
ArrowofDarkness16 2 years ago
Can't work for less than $250K? Or else what precisely?
cjwright79 2 years ago
They're brilliant because they did what they're supposed to do to help reinforce capitalism and make the rich even richer, poor even poorer, letting the poor bail out the rich, etc. That is a major achievement for the rich and while the rich would like to give them raises, etc, they should all really be put in jail and have their assests redistributed to the poor they sponge off of.
justjeshb 2 years ago 3