CEO Mack unselfish?
December 18, 2009
John J. Mack, who is stepping down as the chief executive of Morgan Stanley at year end, told employees on Friday that he is forgoing a bonus for 2009, citing market conditions and the extraordinary assistance the government lent to the banking industry. … Since becoming chief executive in 2005, he has taken all of his bonuses in Morgan Stanley stock, not in cash.
Ok, let’s say over these past five years he had been bonus’d one million shares — a conservative underestimate. That stock today closed at $29.21. Somehow I still am not sensing “sacrifice” in these altruistic public statements.
A statement that begins with, “I will pay back…” might soften my heart.
UAW Rejects Ford Proposal
November 5, 2009
At the end of October the United Auto Workers rejected a Ford proposal that would, among other things, ban the union from striking for higher pay or benefits until 2015. This strategy may be used in upcoming negotiations among other unions and their employers. If so, I would hope the unions request the favor be returned before they consider accepting this option: Management salaries be frozen and NO bonuses – cash or stock – be issued until the agreed upon year when such strikes can resume.
Bankers leading Treasury by the nose ring
April 17, 2009
Who is calling the shots? Treasury or the bankers themselves?
When the bankers called “Help” Treasury threw the rope and pulled them in yet they turn around and jump back into the turbulent water and say to Treasury, “Take your rope, I can’t live the way I want to live with this dang rope attached. As for your silly stress test we are passing with flying colors and we will flaunt that publicly though you don’t want us to. We will accept your increased FDIC guarantee, too, because no rope is attached to that blessing.”
In other words, keep your nose out of our business.
Despite my strong desire to sustain a capitalistic, free market system and keep it alive and well, it would be so tempting — were I in such a position to do so — to kick out the executives and say I will run your stinking bank.
It’s just another demonstration of how these powerful execs care nothing about us on Main Street.
Perqs for the Execs keep on coming
April 17, 2009
From Michelle Leder:
In office towers across Manhattan, there are more than a few former chief executives whose ex-employers continue to pay for their office space and secretarial services.
Among the better-known examples are Charles O. Prince III, who once led Citigroup, and E. Stanley O’Neal, previously head of Merrill Lynch.
Now, Richard D. Parsons, the former chairman and chief executive of Time Warner, joins this esteemed group. Judging by the company’s recent proxy, Mr. Parsons’ new office appears to be a very nice space.
In the filing, Time Warner disclosed that it would spend $776,000 this year to provide Mr. Parsons with office space, secretarial services and furnishings “comparable to that which he was provided during his employment.”
Michelle’s website that keeps us informed of such attrocities is footnoted.org.
Republic Employees get a break
December 11, 2008
As noted in my previous blog Republic Windows and Doors (Chicago) employees were let go without severance pay. Now we learn B of A is no longer playing Scrooge.
Bank of America says it will extend credit to a Chicago window and door manufacturer whose workers have occupied the factory for five days.
The bank says it’s willing to give the Republic Windows and Doors factory “a limited amount of additional loans” so it can resolves claims of employees who have staged a sit-in since Friday (12/5/08).
This is the same Bank of America that, after receiving $25 million in taxpayer bailout cash, cut off the company’s line of credit. The factory closed Friday and told workers they would not receive severance and accrued vacation pay.
Good for those employees sticking together to fight this.
Union workers show they care, Bankers do not
December 9, 2008
Associated Press:
CHICAGO – Workers laid off from their jobs at a factory have occupied the building and are demanding assurances they’ll get severance and vacation pay that they say they are owed.
About 200 employees of Republic Windows and Doors began their sit-in Friday, the last scheduled day of the plant’s operation.
Lawmakers in Illinois have singled out Bank of America for criticism, blasting the Charlotte, N.C.-based company for cutting off the plant’s credit after the bank itself received $25 billion from the government’s financial bailout package. [my emphasis]
Leah Fried, an organizer with the United Electrical Workers, said the Chicago-based vinyl window manufacturer failed to give 60 days’ notice, required by law, before shutting down.
During the peaceful takeover, workers have been shoveling snow and cleaning the building, Fried said.
The gall to get taxpayer money and respond to employees in such a fashion.
You go, union brothers and sisters!!
Found this on Law.com from an article by Dan Levin:
SEC Settles With Former Apple GC Over Backdating
The Securities and Exchange Commission announced a settlement Thursday with Nancy Heinen, former general counsel at the Cupertino, Calif.-based leviathan. Under the terms of the deal, Heinen will pay $2.2 million in disgorgement and fines. She will also be barred from serving as an officer or director at a public company for five years, and will not be allowed to practice before the commission for three years.
“It’s a recognition that life is short. And rather than spend her energy fighting a lawsuit without end,” Ehrlich said, “she decided she’d rather devote her talents and time to making positive change in our society.”
The monetary penalty shouldn’t cripple Heinen, who has cashed in at least $50 million in Apple stock.
For her part, Heinen sounded like she would seek a different type of work. “With this lawsuit behind me, I look forward to addressing the greater challenges of social justice and economic disparity,” she said in a statement.
She will be addressing “economic disparity”? This should be interesting to follow. Let’s see… my nieces and nephews need new cars…
