12/15/2008
Days of paying millions to employees over?
Other than fraud, con jobs, collusion, mismanagement, the other major cause of the financial breakdown in the US is the paying of crazy millions to the top management teams. This practice came out as a scheme among the top management and the board of directors, a case of 'I pay you and you pay me' at the expense of the minority shareholders. And the amount they were paying one another kept going up from tens of millions to hundreds of millions to a few individuals. And what did they get? A bunch of cheats and conmen doctoring the company accounts to reflect profits and roaring businesses, but actually an apple rotten from within.
Employees are employees, even at top management level. How could these people command millions and millions while the organisations kept going down? But would this insanity stop and the paying of multi million dollar salary come to a halt?
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9 comments:
Ask our ministers. Their salaries are pegged to these people, so they should be keeping a close eye on their own remuneration as well. If this is over, they will probably peg against something else. You never know.
I the government ran a completely command economy, there is no danger on this happening.
The ministers and other expert employed in managing the state need to be paid more — probably double their salaries. Those who have special intellects and abilities need to be rewarded appropriately for their uniqueness. They are the only ones in the territory who should be allowed to handle real, hard-cash money, because they are honest, responsible and capable.
The rest of the population should never be allowed to touch money ever again. They're just not cut out for that kind of moral hazard, as most of them will spend the money on frivolous items like booze, entertainment and gadgets.
this pegging formula is an excellent tool to make sure that our ministers are correctly rewarded. it should be patented and used to teach the rest of the world how to maintain an efficient and absolutely incorruptible govt.
matilah,
when you first mooted the idea of a central govt and a command economy i was kind of a, 'what's that?' are you real?
now, after repeating it and repeating it so many times, the idea becomes less offensive and less stupid.
i am beginning to like the idea. like macdonald, i am getting very comfortable with the idea.
i am sure all the bloggers will also feel the same way. let's go for it man.
"paying of crazy millions to the top management teams...kept going up from tens of millions to hundreds of millions to a few individuals.... A bunch of cheats and conmen doctoring the company accounts..."
Are above your assumptions? Company do go through financial cycles of up and downs. Pay well having nothing to do with bottom line. One cannot pre-judge lemon to be due entirely to cheats. More it is due to lack of supervison and management. It's too simplistic to pre-judge in one track.
Our SIN Ministers are well paid and they kept to their side of bargain in being honourable and not corrupt. It is a good system we should uphold.
"would this insanity stop.."
Answer is NO. Suggest join them instead in million dollars brackets and soon... we all will sing a different song.
i think it is safer to talk about america than about ourselves. we are different from america and our leaders are also different from america. we have the best and most honourable leaders the world can ever find. so we should not compare lemons with oranges.
you want prove of accounting frauds? just look at madoff and all the american financial institutions and how all the shit were spilling out over night? lack of management and supervision? it is exactly the top management that was covering up all the shits. who is to guard the guardians when the guardians were the thieves? these are the best minds of america and they covered their crimes so well that it needed a huge crisis to expose them.
i am talking about america. read some of the reports of the financial crisis written by the americans themselves and you will know what i mean.
'We have the best and most honourable leaders ....'
Hmmm, reminds me of Phey Yew Kok, Wee Toon Boon, Teh Cheang Wan. Real honourable oriental gentlemen they were!
redbean,
I am a beach bum of no fixed address but a lonely Australian beach somewhere. However, I love my Mother Country -- Singapore, and have decided to be pro-active in trying to save her instead of predicting an eponymous outcome.
Singaporeans have declared that the govt doesn't do enough for them. Well, my proposal is that the S'pore govt should do EVERYTHING for the citizens. For that to happen the citizens must trust the govt completely and hand over TOTAL CONTROL to the PAP -- or whoever happens to be in power.
I travel occasionally to my beloved Singapore to basically enjoy and entertain myself. Sometimes I even make a small amount of money. However the way things are going, the "free people" of Singapore are going to ruin my precious Homeland, so it is high time I became creative and put forth suggestions on HOMELAND SECURITY.
I don't ever want to visit S'pore and have to put up with civil unrest and bullshit. I want to have a fantastic and peaceful time where the locals are totally OBEDIENT to all- powerful central authority.
The State is the sole authority in a given geographical area. The S'pore State must flex its legal muscles and wrest all decision making and individual freedom from the citizens and TOTALLY CONTROL the area.
I'm serious. I'm in no mood for S'poreans who think they can run their own show. Freedom is only for certain special people, chosen by god and I am one of those such people. So god has granted me the right to enjoy freedom and capitalism, but I'm afraid the rest of Singapore needs TOTAL GOVERNMENT CONTROL.
ok, ok matilah. i have been fully converted to your version of autocrazy or absolute power authoritarian state. come to think of it it is quite similar to a confucianist state under a all powerful emperor. and with a small country like this with absolute so few talents, i think we have no choice but to go the way you suggested.
i fully supported the idea. it may be like a police state of sort, but security and safety are guaranteed. you will feel very at home.
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