Tuesday, October 07, 2008

Richard Fuld

Usually when I have mindless tasks to do at work, I'll turn on CNN live if there is something interesting to listen to. As of late, there has been ALOT of interesting things to listen to.
Yesterday I listened to Congress back Richard Fuld against the wall. Richard Fuld is/WAS CEO of Lehman Brothers Holdings.
What bothered me about this is what has been bothering me about corporate america for a very long time.
Mr. Fuld was trying to justify the millions of dollars that he feels should be paid to executives out of the taxpayers very generous 700 billion dollar bailout while his employees and shareholders walk away holding dick.
People think this only happens occassionally. It happens everyday. It has been happening for years.
Now I really don't care if Executives make billions of dollars a year, but ONLY if their employees are being paid appropriately and the company is strong.
I have been laid off by 2 large corporations over the past 10 years because of corporate buyouts. The executives walked away with millions. The employees got about 2 weeks severence. Check the stats on employment and I think you can do the math at how far 2 weeks severence goes.
Yes I am employed. Yes I am thankful, but every year it gets worse. Executive pay has gone up over 200% in the past 10 years, while employee pay has gone down.
I now make 5000 less than I did at my previous job. Most folks I know are in the same boat.
Companies are on hiring freezes. Bonuses have gone out the window (except for the executives, of course). Pensions are a thing of the past.
Yes, American workers are VERY hard working. Companies spend billions of dollars a year on research groups trying to figure out why moral is so low with the american worker and how they can make it better.

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