saprosky
10-13-2008, 01:32 PM
Here some facts about how crisis begins in US. It is a translatiom from a spanish newspaper.
Only the five biggest financial companies of Wall Street -Merrill Lynch, JP Morgan, Lehman Brothers, Bear Stearns and Citigroup- paid more than 3 billion dollars in the last five years to his executives, just in the period in which these devoted themselves to inflate the accounts, packing in funds and other opaque assets, irrecoverable loans that have derived in the biggest crisis.
Stanley O'Neall took home 161 million dollars when he left Merrill Lynch; Charles Prince obtained 40 millions on having left Citigroup, number similar to which that Richard S. Fuld obtained, of Lehman.
Lehman Brothers passed bonus for million dollars for the executives who were going out of the company while they were negotiating with the federal authorities the rescue of the failure. His manager, Richard Fuld, whose performance has led to the disappearance of the most veteran investment bank of the United States (founded in 1850), was gaining 17.000 dollars per hour. :spook:
James Cayne, the maximum responsible for Bear Stearns, left to a bridge tournament while they were causing to collapse two investment funds that provoked finally the disappearance of the fifth financial institution of the US. He even was turn off the mobile.
Angelo Mozilo, responsible for the failure of the mortgage bank Countrywide, he was thinking an inexplicable personal insult that the council of administration should ask him for explanations about the trips of his wife in the private jet of the company, who paid 360 million dollars to him in the last five years.
The culture of the jet is innate to the CEO. Martin Sullivan, manager of AIG until the insurer was rescued of the failure with public funds by the Administration of Bush, spent last year 322.000 dollars in private trips or of holidays in the reactor of the company. His companion Stanley O'Neal, president of Merrill Lynch, loaded expenses of plane and car for particular use for 357.000 dollars in 2007. He left the company, today part of Bank of America, after suffering the biggest losses of his history, in October of last year, taking 161 million dollars under the arm.
The constitution of this model of direction of the big companies that grants full powers and remunerations become insolent to a limited group of executives, not subject to no effective control not to responsibility for his management, is not recent.
It began to blow up in the '80s and '90s, but it has been consolidated completely in this century. The information does not leave place to doubts about the labor inequality in which these golden wage earners move: in 1976, the average remuneration of the executives of the American corporations was 36 times superior to the average salary of a worker of the company; in 1989, it was 71 times, and in 2007, every manager received 275 times more than the compensation than his workpeople, according to the numbers of The Institute for Policy Studies and United for to Fair Economy. The same
report reveals that between 1996 and 2006 the fees of the managers grew 45 %, when the average salary of the American worker increased only 7 %.
Only the five biggest financial companies of Wall Street -Merrill Lynch, JP Morgan, Lehman Brothers, Bear Stearns and Citigroup- paid more than 3 billion dollars in the last five years to his executives, just in the period in which these devoted themselves to inflate the accounts, packing in funds and other opaque assets, irrecoverable loans that have derived in the biggest crisis.
Stanley O'Neall took home 161 million dollars when he left Merrill Lynch; Charles Prince obtained 40 millions on having left Citigroup, number similar to which that Richard S. Fuld obtained, of Lehman.
Lehman Brothers passed bonus for million dollars for the executives who were going out of the company while they were negotiating with the federal authorities the rescue of the failure. His manager, Richard Fuld, whose performance has led to the disappearance of the most veteran investment bank of the United States (founded in 1850), was gaining 17.000 dollars per hour. :spook:
James Cayne, the maximum responsible for Bear Stearns, left to a bridge tournament while they were causing to collapse two investment funds that provoked finally the disappearance of the fifth financial institution of the US. He even was turn off the mobile.
Angelo Mozilo, responsible for the failure of the mortgage bank Countrywide, he was thinking an inexplicable personal insult that the council of administration should ask him for explanations about the trips of his wife in the private jet of the company, who paid 360 million dollars to him in the last five years.
The culture of the jet is innate to the CEO. Martin Sullivan, manager of AIG until the insurer was rescued of the failure with public funds by the Administration of Bush, spent last year 322.000 dollars in private trips or of holidays in the reactor of the company. His companion Stanley O'Neal, president of Merrill Lynch, loaded expenses of plane and car for particular use for 357.000 dollars in 2007. He left the company, today part of Bank of America, after suffering the biggest losses of his history, in October of last year, taking 161 million dollars under the arm.
The constitution of this model of direction of the big companies that grants full powers and remunerations become insolent to a limited group of executives, not subject to no effective control not to responsibility for his management, is not recent.
It began to blow up in the '80s and '90s, but it has been consolidated completely in this century. The information does not leave place to doubts about the labor inequality in which these golden wage earners move: in 1976, the average remuneration of the executives of the American corporations was 36 times superior to the average salary of a worker of the company; in 1989, it was 71 times, and in 2007, every manager received 275 times more than the compensation than his workpeople, according to the numbers of The Institute for Policy Studies and United for to Fair Economy. The same
report reveals that between 1996 and 2006 the fees of the managers grew 45 %, when the average salary of the American worker increased only 7 %.