More and more details are coming out each day how CEO's and executives of Corporate America have been fleecing their own companies and their average worker with lavish bonuses for themselves taking billions of dollars. CNN's Headline News reported that CEO's and executives of wall street, financial firms and other businesses received almost $100 billion in bonuses in 2008. Yea you read right, that's billions.
I reported earlier how Merrill Lynch gave its CEO's and executives approximately $4 billion in bonuses one month early because of the Bank of America buy out. It matters not that Merrill Lynch was losing billions of dollars at the same time.
One can imagine the conversation coming out of Corporate America's board rooms between their CEO's and executives. I think it went some thing like this.
Our company is losing billions of dollars and will be reporting that in our financial statements soon.
We need to reduce our work force, cut salary, cut back working hours, reduce our compensation or
eliminate our contribution to our workers IRA and 401 plans, reduce insurance benefits and warn
our employees there will be more cuts to come. Mean while we will reward our CEO's and
executives with bonuses, stock options and other benefits despite these difficult times.
I believe this type of conversation has taken place in many board rooms in Corporate America and I believe the facts as they are unfolding and being made know every day prove the existence of this type of conversation.
We have a recession that started in December 2007, over 2.6 million jobs have been lost just in the last 12 months and more are announced every day. Workers pay have been cut and benefits reduced or eliminated, home foreclosures at an all time high and the list goes on and on. The transfer of wealth from the average worker to Corporate America has been complete. Greed is the corrupting influence and the people responsible for this transfer of wealth need to be dealt with. They do not deserve any respect and have no place in the board rooms of Corporate America.
1 comment :
We know now beyond a shadow of doubt that corporate america represents greed when handing themselves millions of dollars in bonuses while their company and shareholders are loosing billions of dollars. They don't even have any shame. I think the writer is correct, that conversation had to take place.
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