TYT RANT: Wall St. CEOs Can't Work For Under $250k?

[ihavenobias]

Run time: 04:51 https://www.youtube.com/watch?v=aOm9IvHsjiQ   Posted on YouTube: March 21, 2009 By YouTube Member: Views on YouTube: 0   Posted on DU: March 21, 2009 By DU Member: ihavenobias Views on DU: 2968

 


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[OhioChick]

1. Bookmarked for morning.

K&R

[ihavenobias]

2. Thanks. I had my own mini-rant on this topic earlier today...

When are people going to realize that the outrageous pay of many on Wall Street is itself an unsustainable bubble! Seriously, think about it, these people got used to getting paid INSANE amounts of money (far and above what you need to live VERY comfortably with a beautiful house, car, clothes, food and vacations).

Why? It's complicated, but largely because their pay has been fueled by the house of cards that is fake and inflated (unsustainable) profits. Some is fraud, much was legal (but shouldn't have been), etc.

When are we going to bust THAT Wall Street bubble? Give me a fucking break, we're not talking about people making 50k or 100k or even 200k. And it's not so much about the total pay, it's about the ratio of pay compared to the average worker. Like how CEOs averaged 30 times what the average worker made in 1980, and today it's 400-500 times more.

Are the CEOs of today THAT fucking brilliant? Really? Do they work 370-470 times harder and smarter today than they did 30 years ago? This insane ratio is generally only in the U.S. by the way. In Japan and Germany (for example) the ratio is much closer, if not lower, than it was here in 1980.

[Seldona]

4. Executives will fight tooth and nail to hold on to it.

Though I think pretty much everyone can see the writing on the wall. People are pissed, and anyone seen as obstructing real change is going to have hell to pay come election time.

In a way I am glad Wall Street did this. It exposes their greed in a way the media refused to represent accurately, for the most part. People just didn't know what was going on, nor were they being told.

They know it now. The numbers are overwhelming. Politicians better be paying attention if they plan on keeping their jobs come 2010 imo.

[ihavenobias]

7. I guess we'll see.

I'm especially curious to see how things unfold with Tim G.

[pleah]

3. K&R No they are getting it all right,

every last dime people have in their savings and beyond. Obama better lay down the hammer or he will lose a lot of support. People will not tolerate much more of this theft. I was fed up before the first bail out. I knew it would be just one big give away.

[Iwillnevergiveup]

5. K&R and 2 more things

1. Cenk needs a much wider audience

2. Time to fire up "Wall Street" again over the weekend

[Tx4obama]

12. It is time for

MSNBC to give Cenk the new evening time slot.
What's the hold up? Why hasn't MSNBC announced who is going to get it?
EVERYONE should email MSNBC and tell them what you think!!!

[tridim]

6. How about non-profit banks?

[lonestarnot]

13. Sooner get teeth that don't chew.

[droidamus2]

8. Cenk is right

My theory is that one of the things that causes this problem is what I would call the 'management class'. This is the class of worker that didn't work their way up through the ranks and learn their business from the ground up and by so doing gain an investment in the success of the business. These are the people that went to the 'good' schools, got their MBA (so they could make the big bucks) and went straight into 'managing'. Their 'investment' is in putting money in their own pockets. I have heard the statement made that this 'class' doesn't even really have to know the details of how a business works because all they really have to do is 'manage'. In the case of these big CEO's, though I am sure some of them actually do work hard at what they do, it is their underlings that do most if not all the work. As Cenk points out they really do believe that because they have their high prestege MBA and it says CEO on their door that they couldn't possibly be expected to do their job for any less than what they themselves decide. Wish I could find a job like that. 'Hey boss just thought I would let you know that I couldn't possibly be expected to do this job for less than 10 million a year. Oh and I think you should throw in some stock options, use of the company plane and don't forget the 10 million dollar bonus I was supposed to get this year. What? You actually expect me to do a good job to earn this? Your joking right?'

[ihavenobias]

17. I think there's some truth to that. n/t

[Wetzelbill]

9. K and R.

[20score]

10. K & Fn' R

[wroberts189]

11. Cenk at his best KNR

[Lorien]

14. Haines uses the 250k number when Obama set it at 500k. A little

disingenuous perhaps?

[ihavenobias]

15. In their minds 500k is only 25 bucks more than $250k anyway.

But yes, interesting.

:)

[Lerkfish]

18. regardless, anyone who can't like on a quarter milliion a year shouldn't be allowed

to recieve more.

IMHO.

I'm out of work again, second time in three months. I'm trying to figure out if my family can make it on 30k, IF I'm lucky enough to find a job for that much....when I once made over 65K. If WE can adjust, so can wall street slugs.

[digidigido]

21. there is a certain naivete to this. Do you have any idea of the cost of living in NYC?

Rents for an average apartment are $3K per month. For someone who's responsible for a major corp it's more like 10-15 K per month
That's between 120- 180K just for the a place to live. NY is expensive, private schools for the kids are equivalent to tuition at an ivy
league college, and parking spaces run more then people in Omaha pay for rent.
IF we are talking about people who's job is to control 100's of millions of dollars, and if you want people who aren't going to
try to steal from you, then really need to base things on what they handle. If a guy is overseeing 200 mil in assets and makes
30 mil in profit, shouldn't he at least take 10% of that? I know we are dealing with something that has lost money, but we
can't change the past, I'm only talking about going forward. Yes there is outrage and much to be upset about, but there is a balance.

[Lucky Luciano]

23. Indeedy....I am a laid off trader and know this all too well! nt

[ihavenobias]

25. To an extent that makes sense.

At the same time people who push money around shouldn't be making that much money (no wealth is being created, only profits, there IS a difference). A casino manager is responsible for untold sums of money but he doesn't demand a percentage.

As I've said previously, CEO's in 1980 averaged 30 times the pay of the average worker, compared to 400-500 times today. It's not like they work 370-470 times harder or smarter now than they did 30 years ago. It's a bullshit sense of entitlement.

Not to mention the fact that Obama's pay cap was $500k, and it related to corporations being bailed out.

[Lerkfish]

26. I lived in NYC making 60K

it can be done. sure, its not easy, but let's face it, how much fucking skill is there involved in being a broker? obviously NONE SINCE THEY FUCKED UP THE ENTIRE ECONOMY WITH THEIR GREED.

I have no frickin sympathy for the vultures. they sold the whole country down the river. and they want us to feel sorry for them? FUCK THEM.

[Johnny Noshoes]

29. I live in NYC

and make a HELL OF A LOT less than even 60k a year. Now of course I'm single, have lived in the same rent stabilized apartment for nearly 20 years and don't own a car. It ain't pretty but I manage to survive. If I had to move to a new apartment now - no I couldn't afford to live on my own on my income.

[navarth]

16. recommend

[edc]

19. Fair is fair.

Statistically, there are about 22,000,000 people in the US who should fall in or above the 93rd percentile of intelligence. Since Wall Street types like to brag that they are the "brightest and the best", the indispensably talented and other such twattle, they should all be given IQ tests. Those falling below the 93rd percentile should be replaced by people who do not. If it takes mega brains to work on Wall Street, then the social Darwinian gospel the greedy espouse should be used to measure their fitness. If they fail to make the grade they should be selected for extinction.

[Believing Is Art]

30. Best and brightest?

The students that flunked out of engineering at my school went into business.

[ejbr]

20. k & r n/t

[burning rain]

22. Oh, they'll moan about it...

but they will work for less; you can count on it. Capitalists' chicken little routine always amounts to BS.

[matthewf]

24. k&r

[mod mom]

27. Cenk's right-they need to be bitch-slapped back to reality! rec'd

[jimlup]

28. I loved that line!

Cenk was right on with this one!