patrick.net

For the record, while rank'n'file employees are generally powerless to do anything about the situation (other than quit or speak up and be fired), "shareholder activism" has been a new way of making some progress on the issue of excessive executive pay. Unfortunately, progress has been slow and blunted, mostly thanks to (surprise, surprise) the fact that these guys have rigged the game in their favor.

If you think it's easy for shareholders to get rid of an incompetent greedy a$$hole CEO, take a look at the recent history of Disney, Inc. and shareholders dogged efforts to oust "star" CEO, Michael Eisner.

Off topic: the Google-aires are about to become slightly less wealthy:

http://biz.yahoo.com/ap/070719/earns_google.html?.v=2

And it only took about a decade and CALPERS getting involved to get rid of that "star".

If you look at many of the CEO's of the 90's they were frequently from totally unrelated industries. Why? Not so much for their expertise, but rather their ability to negotiate "primo" packages for board members!

Another thing they talk about CEO pay based on performance.

How do you judge the performance of:

Oil companies executives when prices go from $20/barrel to $70/barrel.
Financial companies when they were slicing CDO tranche.
Home Builders during housing boom.

HARM Says:

> Q: Which decade in the U.S. saw the highest wealthy
> individual and corporate tax rates?
> A: the 1950s (individual brackets for millionaires went
> as high as 91%).

> Q: Which decade saw the least unequal distribution of
> wealth and greatest gains for the middle class?
> A: the 1950s

> Coincidences? I think not. If “redistributive taxation” is the
> only way to get the job done, I say, let’s give ‘er a whirl
> before admitting defeat.

Every country in the last couple thousand years has had an unequal distribution of wealth with the exception of a country founded just over 200 years ago by a bunch of immigrants from Europe who welcomed more waves of immigrants from Europe and let them have free land as long as they moved west killing any native people that got in their way. Just like every other country in the last couple thousand years this new country was moving toward an unequal distribution of wealth after 100 years. The rapid progression toward the huge unequal distribution was slowed in the first part of the second 100 years by two big wars and a lot of government debt and social programs. In recent years the unequal distribution of wealth has increased and there is no way to stop it (since very few working class people vote and most never even bother to vote)…

FAB,

I'm not yet convinced that extremes in wealth disparity is *always* an historical inevitability. It's not happening to the same degree in Western Europe & Oz, which granted, do have much higher voter participation rates and much stronger public support for social programs. In the end, a very unequal distribution of wealth and power, is IMO, very unhealthy and a seriously destabilizing situation for any society.

If tinkering with the tax structure can help reverse that a little, I'm open to at least trying first.

New thread: Fuck the Rich — Let’s Tax the $hit out of them

EBGuy,

things look much better (from our perspective of course) for raw land. They are simply not moving, except a couple of cheap lots ($500K-600K) in good school districts. Gilroy, Morgan Hill, Almaden are just sitting with no movements, not even one transaction. 5 lots that I have been monitoring in LG, Cupertino foothills went into escrow (priced below $500K - 1.1M, all are priced significantly cheaper than comparables)

I continue to argue that the banks have not shut down the tap. For someone with a decent credit score and high paying job (as of now), he can still borrow 90% or even more in BA. Job market is the key. When the job market goes, the foreign cash injection into BA will start to go too, because elites in Asia are essentially making money from middle class spending in America. Once American consumption shuts down, Asia will hurt badly as well.

Man I hate to bring up the UNION word, but I mean really, are employees these days all frightened sheep? So terrified that they might lose their jobs they take any abuse management will heap on them?

Then go home and once in a while pull a level in a secret ballot, that a POLITICIAN *PROMISES* them will redistributed the wealth? Come on, we all know most of this money goes to the IRS flunkies, accountants, and tax lawyers anyhow, it doesn't help you one damn bit.

Quite simply, yeah you worked for Home Depot under Bob Nardelli and put up with that crap, you got what you deserved. Organize a wildcat strike, or a union, do something. Even if it's just speak up at a company meeting about compensation. Sure I'd ask why I'm not getting a raise this year if the CEO just got 300 mill in stock options. Where do you think the manager's salary comes from, from YOUR labor. If they start forgetting that maybe it's time to remind them.

Geez! I'm trying not to use the P word here.

Vicente Says:
Man I hate to bring up the UNION word, but I mean really, are employees these days all frightened sheep? So terrified that they might lose their jobs they take any abuse management will heap on them?

Yes.