[Vision2020] CEO Dough "Threat To Capitalism":Jeb Bush
donovanjarnold2005 at yahoo.com
Mon Sep 25 15:23:53 PDT 2006
Why do you see need for a change? I think it is good that these people that make the world go round get compensated for their work, at least somebody is.
If these people were not worth what they are getting paid they will soon lose their jobs.
Ted Moffett <starbliss at gmail.com> wrote: All:
Many will not read the article from Fortune at the web link I gave, but some of the quotes from that article are so incredible, given who they come from, I thought I'd forward them in a separate post.
No, these are not anti-business leftists or collectivists talking... Can we skip the over simplifying stereotypes and derogatory labels to discuss reality for a change? The statements after the web link are from the Fortune article:
How bad are things? Here's one wise man's assessment: "About half of American industry has grossly unfair compensation systems where the top executives are paid too much," says Charlie Munger, Warren Buffett's partner at Berkshire Hathaway.
Florida governor Jeb Bush - a pro-market conservative - is even more blunt. Out-of-control compensation, he believes, is "a threat to capitalism."
Says Bush: "Large rewards for great results can still be attacked, but they're very defensible. But if the rewards for CEOs and their teams become extraordinarily high with no link to performance - and shareholders are left holding the bag - then it undermines people's confidence in capitalism itself."
"In the time of the French Revolution," wrote conservative Bill O'Reilly of Fox News about the golden goodbye Exxon ( Charts) handed its outgoing leader, "Lee Raymond and his $400 million pension would be running one step ahead of the guillotine." (Actually, Bill, only $98 million of that princely sum was the pension, but we take your point.)
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