$23M Golden Parachute for Public Employee!!!

How is it different from the welfare queens at JPMorgan, Goldman, Citi, and the rest of the government handout banks?

Except, of course, that the collateral damage done by the bankers was far greater...

Disney Rat Michael Ovitz: $130 million

Cali Office-Buyer Nominee: $40 million

Shaving Nicker James Kilts: $178 million

Pfizer stock fizzzzzzzer Henry McKinnell: $83 million

Reason lots of people can't afford health insurance William McGuire: $800 million

Prince of Citi red ink Charles Prince: $99 million

Subprime Stanley O'Neal: $161.5 million

You?

FG, AH: Setting aside the fact that most of the specific cases (I'm exempting the banks) listed above affected shareholders, not taxpayers, I'm confused what your point is. Are you saying this isn't that bad because there were worse examples in private industry? Two wrongs don't make a right. I say end this nonsense in both the public and private sectors.

Agreed, thoth.

Let's start with the bankers.

Any takers?

So very sorry, the person attempting to bridge the gap from outrageous pilferage for failure in the private sector to outrageous pilferage for failure in the public sector should have been listed in my previous post as
"Cali Office-Buyer Nominee Carly Fiorina: $40 million".

"Private" sector CEO salaries aren't taken from shareholders. They are taken from customers, employees, and taxpayers in the form of higher prices, lower pay, lower taxes, and lower efficiency.

And they aren't private. In most cases, they are the result of abusive lobbying of government in order to receive monopoly patent/copyright privileges (Disney, Pfizer), discount credit lines (Citi, JPM), freeloading privileges (all energy companies), direct grants, tax subsidies, etc.

In competitive markets, companies that allow CEOs to take excess pay have costs higher than their competitors and therefore fail. These ones haven't failed, despite the CEOs' best efforts, so we can safely assume that they are not in free markets.

Two wrongs don't make a right. But a $23m one time payment is barely enough to cover an average banker's share of the Great Geitner Handout.

Matt: I'm all for it. I still can't believe that they actually received their bonuses after the end of 2009. Unbelievable.

FG: Are you seriously saying there is no real difference between public and private sector compensation? And, unfortunately, excessive CEO pay by itself is rarely enough to tip a company over into failure.

why should there be a different between public and private? we pay for either and both. (have you heard about taxes? have you heard about the cost of a Bently?) if you do not like your city than move out or elect someone else. A free market is a free market. (thouth) you manifest the hypocrisy of the economic system/ philosophy. Either you are in or you are out. Staying in the middle is an illusion. you can not be half pregnant. Public or private it is a matter of free market and choice. Public workers should get as much as they can and if they bankrupt your city it is your lack of actions (or your participation) that led to it. Do not cry wolf if you take a mortgage without income! move out of this country if you discriminate against A public Mayor/CEO

"How is it different from the welfare queens at JPMorgan, Goldman, Citi, and the rest of the government handout banks? "

Because they paid back the handouts, and the compensation came from money they made.

Public employees work for US and we pay their salaries.

>"Disney Rat Michael Ovitz: $130 million

Cali Office-Buyer Nominee: $40 million

Shaving Nicker James Kilts: $178 million

Pfizer stock fizzzzzzzer Henry McKinnell: $83 million

Reason lots of people can't afford health insurance William McGuire: $800 million

Prince of Citi red ink Charles Prince: $99 million

Subprime Stanley O'Neal: $161.5 million

You?"< Priceless?

If they paid back the handouts, why does my bank want to start charging me a monthly checking fee, and bank-to-bank transfer fees? I get the feeling they want ME to pay back the handout, and I feel so used. I thought they liked me for me.

Hm, if someone would let me borrow from the US Fed at .1% and lend to the US Treasury at 1%, AND believe me when I claimed I "made" the money that I was given, I'd pay myself a big bonus too. For creative spin, if not for value creation.

Is there a banker in NY who isn't on the US payroll?

As a matter of fact, I'm a banker -- see my note about the fees to my account -- and I'm in NY, and I'm not on the US payroll.

"How is it different from the welfare queens at JPMorgan, Goldman, Citi, and the rest of the government handout banks? "

"Because they paid back the handouts, and the compensation came from money they made."

WRONG fool. Citi still owes $27 billion:

http://seekingalpha.com/instablog/678687-financialbull/79939-tarp-could-it-stand-for-to-accompany-recoverys-potential

AIG also still owes money yet they continue to pay bonuses.

fool, is aig a bank?

bonuses? Why try for a bonus, which implies you at least have to show up for work, when instead you can get treble monetary damages like aboutready is seeking from her landlord. For that all you have to do is show up at home, something she does well.

(except when her husband's father dies, in which case she doesn't show up at all)

007: If I could actually understand your post, I would reply. You seem to be mixing together concepts and cliches from all over the spectrum.