Thursday, December 11, 2008

I need a bailout

No I haven't run a multimillion dollar industry into the ground fueled by bad management skills and greed.

I'm just trying to get into the Christmas spirit like all our elected officials who just seem to think it's
ok to Bailout a bunch of mis-managed companies with our tax dollars!!

DICK Syron

Take Richard Syron, Chairman and Chief Executive Officer of Freddie Mac. In the picture above he is addressing the Boston College Chief Executives.

In 2005 at the podium he warned of a "bubble" on the horizon of the real estate market with regard to falling home prices. and a dampening of the US economy.

Over cocktails I am sure he counseled his fellow execs to
get out there and get your pay now cause pretty soon the shit is gonna hit the fan !!

According to Executive PayWatch the SEC reported that in 2007, Richard F.
Syron raked in $18,289,575 in total compensation.

Not Bad for a CEO that has led his company to a 13.8 billion dollar
deficit. He was removed from his post and the US government has stepped in to "rescue the institution"

Whenever the Government steps into my life it's never been to "
rescue me". I guess Mr. Syron will have to find a new job, but at least he has that 18 Million dollars he made last year.

How about Charles O. Prince, the former Chief Executive Officer over at
Citigroup. He stepped down in November and released the statement,

It is my judgment that given the size of the recent losses in our mortgage- backed securities business, the only honorable course for me to take as chief executive officer is to step down."

HHHmmm, "the only honorable course" ?? It looks more like Run AWAY!!

According to Executive Pay Watch, In 2007, Charles O. Prince raked in $15,105,376 in total compensation according to the SEC. According to the
AFL-CIO's calculation method*, this CEO raked in $25,520,621 in total 2007 compensation.

Not bad for a CEO who's company just announced a 10 BILLION Dollar loss in quarterly earnings which just happens to be the biggest loss EVER in the company's history.

In 2006 Prince's base salary was a paltry 11.6 million but he was able to earn a 13.2 million dollar bonus and received 10.4 million dollars in stock options !! I sure hope he sold his stock before he left !!

As part of The Prince's compensation after stepping down, he is entitled to an office, an Executive Assistant and a car WITH driver for the next 5 years !!

I think the HONORABLE THING would be to give all that money AND the car back!!

And I thought that being a TV Weatherman was the only place you could be wrong and still get paid !!

In 2007, G. Richard Wagoner,
GM's CEO, raked in $14,415,914 in total compensation according to the SEC. According to the AFL-CIO's calculation method*, this CEO raked in $19,761,874 in total 2007 compensation.

And now they are getting their bailout courtesy of the US Taxpayer !!

And DICK is telling us he's gonna only take a salary of One Dollar....Well I am sure DICK has a couple bucks from last years salary to hold him over.

wonder how many CEO's of failing companies are named DICK??

Well Uncle Sam, I need a bucket full of CASH as I have made some mistakes in the past so I'm gonna need some of those TAX Dollars back???

Bucket of Cash

My bailout won't be too bad in comparison, I only need maybe 50 THOUSAND dollars, TAX FREE, and I should be ok.

More dirt on
Charley Prince: HERE

Executive Pay Watch, courtesy of the
AFL-CIO, where you can compare your salary with the CEO of your company.


Kath Lockett said...

Agree totally and - dare I say - are we a little extra grumpy due to the diet? :)

TOM said...

Hey Kath, No I'm not grumpy, whenever I feel like that I eat a little piece of Chocolate....Less a little over 7 lbs so far !!

Anonymous said...

Me, too! Give me a bailout! Throw in a big megamillion bonus, too!

TOM said...

TrailerPark If I hit Mega Millions tonight I'll bail you out, heck I'll buy you a real house!!

Momzy said...

Evil people only THINK they are getting away with something--when, actually, they will pay the price here or in the hereafter!

Anonymous said...

Momzy - they need to be accountable now so that those who follow will get a strong message about not screwing up the works and costing millions of people financial hardship in the here and now.
Your favorite!

momzy said...

I agree with Annie but, unfortunately, greed spreads a big blanket and many, who are guilty, fail to be uncovered. Hopefully, some will be prosecuted, as they should be.

EastCoastLife said...

I need a bailout too!!

Greed is a terrible sin. I have seen good people fall in a moment of weakness. But I have no sympathy for the greedy.

They have to be held accountable. They should not have bailout.

Brandon said...

I recently heard that, on average, it takes one month per 10,000 of salary to find a new job if you get laid off. At 18 million a year, if my math is right, it will be 150 years before he works again. Sounds about right to me.

TOM said...

Momzy I'm hoping Karma comes back and gives those guys a good bite in the ... well you know!!

ECL, we agree on so many things..we are like Peas in a Pod

Brandon thanks 4 your comment, needless to say..he won't be hurting while looking for work..I think if you figure taxes and all it would actually be 1,500 years before he finds a job!!

choochoo said...

I wish someone would give me a great, big bonus. I'd spend it all on hardcandy.

TOM said...

choochoo, then you be looking for money to pay the dentist !!

Crissy said...

Too many are in need of bailout and I guess those “CEOs” must be held accountable for the big mess. So greed, so selfish and so inefficient that at the end of a messy job they still received great benefits.
Hi Tom! Been here visiting an old friend. Advance MERRY CHRISTMAS!!!

Stacy said...

so freakin infuriating! Instead of throwing trillions of bad dollars after bad, why don't we make those CEOs get the money out of their offshore accounts and save their own asses? Ugghh!!!