The rants keep rolling in, but I know what they are really about: Say on Pay. "Washington, D.C., Jan. 25, 2011 — The Securities and Exchange Commission today adopted rules concerning shareholder approval of executive compensation and 'golden parachute' compensation arrangements as required under the Dodd-Frank Wall Street Reform and Consumer Protection Act."
The entitlement of these executives sounds very much like the public employee union leaders with their retroactive pension enhancements. The stock market bubble ended more than a decade ago, but some people still expect their pay — or pensions — to be based on an assumption of soaring stock prices. But don't dare question it. When will we reach the statute of limitations on executive claims that their excess pay packages are based on the creation of "shareholder value," and retroactive pension enhancements are "free" because stocks will go up more than 8.0% per year from the inflated levels of 2000?
Love this quote: "There is a sense among companies that [the U.S.] is a difficult place to do business," he told the FT. "We've got a real choice between manufacturing in Canada or Mexico — which tend to be more pro-business — and America." Too bad Obama didn't secure passage of a real national health system like Canada's, which would have indeed been more pro-business.
Keep pointing the finger in a circle. Perhaps most people won't notice that from their point of view, the two groups of people whose compensation is decided on by the Boards of Directors and state legislatures they control are about the same. That's the plan, isn't it?
Hey 3M, with most Americans earning less and less, who is going to buy your products? Do you expect Americans to borrow money from the Chinese to pay for it? That was the big business idea of the 2000s, and it has crashed and burned. Come up with a better one and perhaps you’ll earn your salary.