Turn on Your TV: C-SPAN House (also CNN)

1:00 p. m. –The House Oversight Committee is meeting, and the most extraordinary thing just happened. Rep. Henry Waxman just listed the cumulative salary and bonuses of the CEO of Lehman Brothers, Richard Fuld, totaling it all up to nearly half a billion dollars, and then asked him if he thought it was fair that a) he ever earned that much money, and b)  he should keep it.

This guy is getting grilled. Rep. Carolyn Maloney is on the committee and is speaking. It’s still going  on right now.

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5 comments on “Turn on Your TV: C-SPAN House (also CNN)

  1. goesh says:

    – slap a one-time-only corporate tax on them, 96%, plunder it from them, wrench it from their wallets, reversed piracy in the name of the people, a lesson in karma enacted upon them

  2. CognitiveDissonance says:

    Unfortunately, I can’t get too excited about this after finding out how culpable the democrats were, and AFTER they’ve thrown away $700 billion dollars of our money into that rat infested swamp. What the dems are doing now is trying to make hay for Obama by making us believe that this whole mess was caused by the republicans. If only that were true!

  3. CognitiveDissonance says:

    Incidentally, I just read somewhere that Robert Fuld is a longtime Obama contributor. Why am I not surprised?

  4. R2D2 says:

    The CEO salaries, as obscene as they are, are only a symptom of the problem. The CEO gets paid what the board of directors agree to pay. To blame the CEO, who is nothing more than an employee, for his salaries and bonuses is incorrect in my view.

    The problem is that corporations have lost all sense of mission, and board of directors only care about the next quarter profit, not the long term health of the company. Corporations respond to the Wall Street analysts because the analysts will determine how the stock will perform in the next quarter. To that end, they hire people that work short term wonders, sometimes even cooking the books (Enron, Worldcom) to get the desired results.

    It seems to me it all began in the 80s, that corporations changed the direction of selecting stewardship. It used to be that CEOs were selected from within, people who had roots and understood the company. All that changed in the mid 80s with companies using “head hunters” to bring “new blood” in the companies.

    What we see now is the culmination of the 80s not just with the companies, but with politics. No one cares about anybody. The politicians and the companies only care about their own interests.

  5. R2D2 says:

    I just read that Fuld worked for Lehman his all life. That’s unusual, but it shows how the short-term goals has infected everyone in corporations and Washington.

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