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发表于 2009-3-20 03:46 PM
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俺来给顶到顶。 安慰一哈。
顺便夹点私货。
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这就是邪恶的资本主义的”合法“腐败!
Some quotes:
The sentiment-du-jour is outrage. AIG has gotten about $160 billion in bailouts from the feds. Much of this money has been paid out to various counter parties. We're not supposed to know who the counter parties are, but the word on the street is that billions have gone to Merrill Lynch, Goldman Sachs and two French banks, including Societe Generale. Why the taxpayer should be protecting Wall Street and foreign banks from their own errors is a subject for another day...
And now word has gotten to the press that AIG will pay out $165 million in bonuses. Top executives, for example, will get $6.5 million each. The company president defended the bonuses on two grounds.
First, he said, the execs were entitled to their bonuses by contracts made before the feds put in any money. The company couldn't unilaterally break its contracts.
Second, the firm needed to maintain the quality of its management. Especially, now that it is owned by the government, it needs good people to make sure the taxpayers get a good return on their investments.
The first argument seems to us watertight. He should have stopped there. The second leaks like a Baltimore water main. The easy retort is that given the quality of the top fellows at AIG bad management would be an improvement. But here at The Daily Reckoning we always forgo the cheap shots. Instead, we'll take a shot from the foul line:
What makes people think that they get better management by paying more money?
In the world at large, the difference in salary levels is shocking. At the top in Japan, the average executive earns only 3 times as much as the average salary man. In Britain, top executives earn more than 10 times as much as their Japanese counterparts - or 39 times the average guy on the shop floor. And in America, the poor working stiff supports an executive who earns more than 300 times more than he does.
Is the American worth 10 times as much as his British confrere? Is he worth 100 times his Japanese competition? Is his business run better than either of theirs?
Don't make us laugh, dear reader. The only reason American executives earn so much is that they've conned the lumpeninvestoriat into believing that if they are paid more they will produce more. In fact, they're rarely the person actually responsible for output or innovation...and there is no evidence that we've ever seen to suggest that they do better at their jobs when they are paid more.
Bonuses Of all the signs of opulence carried over from the bubble years,corporate jets and big executive bonuses seem to bother Washington the most. BofA is selling three of its seven jets, a helicopter that was owned by Merrill Lynch and one of two of its New York corporate apartments. Obama wants firms that accept "extraordinary assistance"from the government to cap annual pay at $500,000, disclose pay to share holders for a non-binding vote, claw back bonuses of corporate officials who provide misleading information, eliminate golden parachutes for those terminated and adopt board policies for luxuries such as entertainment and jets.
This reaction to big bonuses in firms that are taking huge write offs, losing big money and requiring massive government bailouts was predictable. From 2002 to 2008, the five largest Wall Street firms paid $190 billion in bonuses while earning $76 billion in profits. Last year, they had a combined net loss of $25 billion but paid bonuses of$26 billion. |
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