"Say on Pay" Draws Heavy GOP Opposition

The Big Money:

Imagine you are a shareholder in a company that, year in and year out, gives its chief executive 10-figure pay packages. You're unhappy about this, and you'd like to make your feelings known. So you want a chance to tell the company. (You know, the one in which, thanks to being a shareholder, you are part owner.) Should you have that right? Now, mind you, this isn't the right to actually overrule the board's decision on how much the chief gets paid. It's just to have a vote in which you get to tell the board--in a nonbinding way--that you're fed up.

Read the whole story: The Big Money

Comments

[BannedNBoston]

Yes let the shareholders determine the pay of the officers.

[butterfliesblossom]

This is ridiculous, email your senators and the president.. We want our voice to be heard, after all we are suppose to be a government by the people and not by the corporations.

An article "A historical tour of populism" written in Newsweek May 2009, Michael Kazin states, "At its core, populism in the United States remains what it has always been: a protest by ordinary people who want the system to live up to its stated ideals—fair and honest treatment in the marketplace and a government tilted in favor of the unwealthy masses. The best way for big men, and big women, to respond to such protests is to try to do what is moral, as well as popular—and treat Americans as partners in the grand enterprise of governance." In an article by Joseph Stiglitz he stated " Today only the deluded would argue that markets are self-correcting or that we can rely on the self-interested behavior of market participants to guarantee that everything works honestly and properly” "Humans are fallible and that is why we need regulation." Socialism and Populism tendencies has led to alot of improvement in the US. Take minimum wage, or Anti-Trust laws, 8-hour days. Deregulation has been bad, look at how Corporate America is entrenched in our systems Legislation. They spend millions on Lobbyist and they seem to contol everything.

History has shown us this will not lead to anything good if it is not controlled.

[madisonhack]

Fascism.

[schatsie]

Wait a doggone minute...The richest 400 people in this country got a 60,000 DOLLAR A DAY TAX CUT... 60,000 DOLLAR A DAY TAX CUT... 60,000 DOLLAR A DAY TAX CUT...

And you do not think that either the shareholders or the working class has a say in anything.... Just wait your turn, this is driving us to MOVE ON ORG to get your sorry axxes back where they belong....

[madisonhack]

These people have been waiting generations to return to the Golden Age; the time when the Vanderbilts had parties that served up jewels before cocktails that guests dipped into crystal bowls with solid gold and silver spoons to choose a ruby or a diamond that they wanted to take home. Ever since income taxes became law these ma*ggots of society have waited to regain their nobility here, in America, where we have no kings or queens. Really?

[smchp]

When their heads explode I just hope someone gets it on video and puts it on youtube.

[loki]

empower shareholders? Already CEOs use the share holders as an excuse to rape customers. Especially banks, insurance companies and credit card companies. What will happen if share holders get more power? Especially in companies were we have no choice like phone, utilities and such. we might as well just hand over what little we get in our meger paychecks because of the low wages they have to pay us to "keep the shareholders happy" and the CEO pay in the mutli millions ( plus bonus). They will soon fee and extra charge us to death.

[DaveyDavey]

As if we needed any more evidence that the Generally Obsolete Party is owned by big business! Even if they cared about shareholders, there's nothing they can do but say, "Yes, sir. Yes, sir. Three bags full, sir."

[JackRusselTerrier]

To be a member on the "board" of a large company is very similar to being a member of an exclusive country club. Also, there are plenty of board members who serve on the board to more than one corporation.

This is a racket where basically it's understood "you scratch my back and I'll scratch yours". The board members get outrageous salaries for basically doing nothing except approving bonuses and salaries for executives who are allowed to drive their company into the ground at the expense of the workers.

These people are nothing more than leaches who suck the blood out of a company. They wheel and deal cutting cost, which nowadays amounts to moving jobs overseas, laying off workers, and cutting wages / benefits. Notice the stock goes up after thousands are laid off. As long as the majority stock holders are happy, there wont be many complaints. ( at least for a while )

It is no surprise that politicians would vote against shareholders having a say in executive compensation. Many politicians have relatives on these boards. Also, some shareholders are actually employees. Some companies give stock to employees as an added benefit. Not a lot of stock ( that is reserved for the higher ups ) but stock never the less.

Do you think these executives want their employees to have a say in how much blood, sweat, and tears they can extract from them?

[djgonebad]

Every time I see pictures of GOP members, I can't help to notice that they look older and whiter by the day; their bucking the trend of what our Nation really looks like- It looks less and less like them every day and they can't come to terms with it and that will be their eventual downfall.

[enoughalready13]

When I see them, I always think of the movie The Good Shepherd with Matt Damon. There is a line in the movie where Matt Damon states, "I own this country, you're just a guest here." This is the mentality of the GOP. They act as if they were the captain of the Mayflower and we are all just immigrant squirrels trying to get a nut. And it steams them to no end that their self-righteous pedestal is being questioned and challenged by the youth and disenfranchised of this nation. Personally, I just LOVE it!!!

[PhilipTaylor]

This TRULY DISPLAYS the CORRUPT PHILOSOPHY and CORRUPT OWNERSHIP of the Republican Party by the CEO El1TES!

With Boards of Directors so interlinked they make deals to support each others pay packages and EXORBITANT INCOMES making 400+ TIMES the Average WORKER how can they NOT allow Shareholders to have a "Say in PAY!"

These SUC_KERS are dra!ning Company Profits to the B0NE leaving Americans to Bail out the SKE1ET0N!

[gnomic]

Nothing is driving the GOP nuts. The crossed that line a long time ago. They are just selling out to the highest bidder.

[bluecollarblogger]

Sale the stock and pick a new company you trust? Give me a break, people who have 401k's or retirements with their employer, or finacial investment firm have no power to jerk one particular stock out of a portifolio. These people are vesting their nest eggs in companies which are diversifying their investment. What am i saying.......we expect you guys to police yourselves­........ev­eryone is getting a commision on my stock......everyone is making a buck........so keep these companies honest.........like you use to. That how GS was allowed to bring all the technology companies public and cost us millions.......you were not paying attention.... they brought untest companies public....diverted from long standing practices and screwed us all...........now we want some legislation to protect us.......whats wrong with that!

[nopilikia]

Not a damn thing. I don't about you, but I'm sick of the reform soundbites that both parties make for the media. Then behind closed doors water it down so as to render it useless.

[Haus]

Don't like the CEO's pay, sell the stock, and find a company you trust.

[johnnyrocket]

Incredible. Just call the GOP the party of the rich, entrenched corrupt powers that be.

They could care less about anyone making less than 500k annually.

[schatsie]

those CEOs at DISNEY sucked the bones of the company when the stock price stayed stuck for 10 years....they never missed a raise, bonus or option or business expense....

[PhilipTaylor]

FIVE Zombie Banks still with same Skimming CEOs had Sept2008.

Same CEOs that brought America to its KNEES!

Prosecute 5 LARGEST WallSt Banks' CEOs:

1. Misrepresentation of High Risk Products as Low Risk "AAA" -selling them all over World

2. Manufactured Insider Trading - Far more manipulative than Chef Martha!

3. RE St0len G0LDMAN Software: "Bank (GS) has raised possibility there is danger somebody who knew this program could use it to manipulate markets in unfair ways." Isn't this the MOST AM@ZING ADM1SS1ON in a c0urt of l@w?

4. Another Automated Scheme intercepts real time order messages and insert GS Trades ahead of others trades at lower price so they can capture the BOUNCE from a Big TRADE. IT'S Automatic+ILLEGAL!

Laws on books - LACKING IS AN HONEST ADMINISTRATION TO PROSECUTE!

Misrepresentation is a contract law concept. It means a false statement of fact made by one party to another party, which has effect of inducing that party into a contract. For example, under certain circumstances, false statements/promises made by a seller of goods regarding the quality/nature of the product that the seller has may constitute misrepresentation.

Insider trading is trading of securities by individuals with potential access to non-public information about the product/company. Taking advantage of non-public information by an insider obtained during performance of insider's duties at the corporation, or otherwise in breach of a fiduciary duty or other relationship of trust/confidence or where non-public information was misappropriated.

[schatsie]

Racketeering plain and simple, just like Charles Keating.....

[sueinmn]

You mean the McCain advisor?