Money for Services
 

SilkRider32,
Let me give you a good example from our now so distant past ---
Chrysler was going down the tubes in 1978, and they brought in a new CEO named Lee Iacocca. His first years salary was $1 (plus stock options), the company stock was around $8.00 per share. “ Years of neglecting product lines had resulted in a plummeting market share, dwindling profits, and the inevitability of bankruptcy. Iacocca, ex-president of Ford, was brought in to shore things up. Unable to get private banks to finance a turnaround, he went to President Carter and Congress in search of $1.2 billion in federal loan guarantees to keep the company alive. Congress agreed, and passed the Chrysler Loan Guarantee Act.” (Not something I was in favor of !!!)
At the time Chrysler employed (directly / sub-contractors) about 65,000 good paying (mostly union) jobs. Iacocca’s second year salary was about $30 Million, with additional stock options (a LOT of money in the 80’s). He paid off the government loan 2 years early, and the share prices went to almost $40.

I’m doing most of this from memory (‘cause I bought Chrysler stock at about $9) and did OK when it hit mid 30”s.
My point is – was Iacocca worth the money to “save” 65,000 jobs, and hold the company together, and boost the share price x5 ------- I think he was

SnT

I agree. Just wanted to point out that military recruitment in southern Ohio often exceeds the goals set. So, many are taking advantage of the opportunities afforded them by the military.

As far as the rest, you are 100% correct. I live in Ohio, and there are jobs in Columbus for anyone who is willing to move north an hour and work.

Both of my parents grew up dirt poor in Ashland, Kentucky ( not far from the region mentioned in the article) . My father entered the Air Force as an E1. He retired as an O5 with three masters degrees, and my mother graduated from college as well.

If you keep your nose clean and work hard, anyone can succeed in this nation.

Concerning income disparity:
Good for them (the rich people).

Why would anyone feel sorrow/anger/frustration at another person's success or good fortune?
Such feelings are nothing more than childish narcissism.

Thou shalt not covet.

The limit is what the market will bear. That's always the deal. As for the line that I quoted, I'd guess you find it hard for you to imagine someone being worth that much money because you can't imagine yourself being worth that much money. The thing is, the people that do those jobs? They can... and they either bring that value or they don't hang around long. Companies expect a return on their investment. Ask IBM shareholders if the money they paid Lou Gerstner was worth it. I think you will find the answer is a resounding yes.

Jim Sir, I know it's unfinished, but can I quote this?

the insight I gain from this site has been endless. On the other hand, I'm viewed more and more by my younger peers as uptight, prude, old, and boring :D

SilkRider: May I make a suggestion that you go to your local library and check out a book called "Naked Economics" by a guy named Wheelan? It is the best book I have read on Economics, and he does a great job discussing comparative advantage, outsourcing, and most importantly to you judging by your posts, human capital. He suggests that Tom Cruise is worth every penny he earns because of the money he makes for his comapny. All the CEOs are worth their salaries for the same reason. But what is key to Human Capital is the fact that there are very few people in the world that can do these things, and that is why they are worth so much.

I didn't necessarily think that Tony Romo was worth a $65M contravt (but that is only because I have other QB favorites) but the Cowboys think he is worth that money because he is one of only a few people ON THE PLANET that can do what he does, therefore $65M is a drop in the bucket compared to the revenues he brings the organization.

In my opinion, the only people that are decrying the fact that the rich are getting richer and the poor are getting poorer are the folks that are not investing in their own Human Capital. Don't want to make minimum wage flipping burgers at Mickey d's, go to college and get an education. Don't want to see your kids flipping burgers, instill in them the notion that they only way they are truly get ahead in this world is to invest in themselves and in their futures. Stop playing "poor pitiful me" as my mom would say, and go out and make something of yourself, because no one is going to do it for you!

Or you could form a pizza delivery drivers union!

Bottom line in the land of opportunity you have might just have to work at it!!!!

All points are well taken and I am not disagreeing with any of you. It is just hard to comprehend someone making that much money. They are probably worth that much to their companies. They have rescued failing companies and kept top companies on top.

I have no sympathy for those who sit back on the laurels and complain about how they have it. Don't like it, get an education and better yourself it is not my fault or the country's fault you have it bad. You are in charge of your own destiny. It takes guts to open your own business and make a living soley off it. I have a second business but I would not like to have to make it only on it. I went to school and got two degrees. The first did not work out and I went and got a second in the field that I am working now.

LIke I said it is just hard to comprehend that much money, thats all.

Libs
 

And that's why Libs continue to advance their agenda. If they can convince you that top CEOs are not worth the pay just think what the weak minded are thinking.

I threw that Tom Cruise stuff in for some thought. Ever notice how when libs are talking about "the evil rich" and people being not worth the pay they never mention movie stars and super jocks? Just CEOs.

http://www.h1b.info/

"The H-1B visa program allows American companies and universities to hire foreign scientists, engineers and programmers. Unfortunately, H-1B law lacks adequate safeguards to protect US workers from being displaced and is abused to provide cheap labor. Although requirements say employers must pay the 'prevailing wage,' numerous loopholes mean there is little real-world wage protection for either US citizens or the H-1B guest workers. Moreover, employers almost never have to certify that no qualified U.S. workers are available before hiring an H-1B. Certification is nearly an automatic rubber stamp.

"Congress needs to increase domestic worker safeguards, tell the Department of Labor to stop rubberstamping H-1B applications, and resist pressure from corporate lobbyists to double the annual H-1B visa limit."

It's easy to slam CEOs - they're busy at work and are not inclined to get into it with some political windbag!

I might have agreed with this blanket statement at one point in life...until put in the position of employer.

Case in point: In the health care industry, there is a shortage of quality skilled LPN's, CNA's, etc..., for long term care. Trust me on this. After this specific need arose here in my AO, I was amazed at the work ethic of some foreign applicants for these jobs. Compared with what we had to work with before, the quality and dedication of some of these folks, to fill these positions, was outstanding.

I commend them for legally wanting to better not only their own situations, but others' as well.

Just my .02

Holly

Actors and sports stars don't have an effect on our pay but CEO's do. That means something to the worker. They (liberals) can get to a disgruntled worker easier by talking about the one who is signing the checks. I am not disgruntled or liberal actually far from it. It is just hard to fathom that much money never having made it myself.

I realize there may be exceptions, but the mainstream of H1B visas are monopolized by the following firms:

1. Enterprise Business Solutions, Inc.
2. Satyam Computer Services, Ltd.
3. Microsoft Corporation
4. Patni Computer Systems, Inc.
5. Cisco Systems Inc.
6. Oracle Corporation
7. IBM Corporation
8. Intel Corporation
9. Sun Microsystems Inc.
10. Motorola, Inc.

and it is there that the abuses prevail.

The current crop of college professors should be ashamed of themselves also....

Professor..."If you get a four year degree and make $50K/yr; in twenty years you would have made a million dollars!"

Me..."Sir, IMHO! I think your aspirations for folks suck. If you aspire to earning $50K/yr with a four year degree. You can skip college and come work for me."

Professor..."Guy, what do you think about all the prisons we (CA) are building?"

Me..."If there was no market for the construction of prisons, they wouldn't build them. BTW...you have any leads on the companies that's doing the construction? You keep passing these assinine laws, the demand for prisons will not subside any time soon.":cool:


Stay safe.