Rick Badie / My Opinion

By Michael H. Smith

October 7, 2008 10:53 AM | Link to this

Unless the CEO owns the company the answer would be no.

By Stan

October 7, 2008 11:01 AM | Link to this

Meh…I’d say that someone such as Lee Iacocca was at Chrysler. He took a very failing company and brought it back to be very profitable.

I do think that exec pay should be tied to REAL performance goals. No more company loses 1 billion and the CEO get a 20 mill bonus for meeting the “goal”. That is a joke. The boards need to get real here.

By Michael H. Smith

October 7, 2008 11:15 AM | Link to this

I agree with you on performance based pay, Stan. That is one of the items I hold against unions. You got another point about these boards. A good example is that of Bob Nardelli where two board members (former GE execs) were very suspect of being in the pocket of Nardelli.

By Michael H. Smith

October 7, 2008 11:52 AM | Link to this

Interesting item from ABC:

The SEC gave “preferential treatment” to Wall Street executive John Mack during an insider trading investigation three years ago because Mack was about to become CEO of the Morgan Stanley investment banking firm, the SEC’s inspector general concluded in a report obtained by ABC News.

Another interesting item made known in yesterday’s congressional hearings was the disclosure of all the lobby money given to PACs.

The best government money can buy?

By BW

October 7, 2008 12:15 PM | Link to this

I was a member of a Union don’t remember anyone making $250 million. As far as “performance based pay”, much the same with the Union, the company agrees with the terms and signs a contract. All the Unions I know you have thirty days to prove you can handle a promotion, if not you return to your old position.

Without a Union it is called, Best Butt Kissing based pay, I guess you go with the system you enjoy.

By LT5000

October 7, 2008 12:30 PM | Link to this

Here is some campaign contributions of Mr. and Mrs. Fuld. They sure like their Democrats

FULD, RICHARD NEW YORK,NY 10285 LEHMAN BROTHERS/MANAGING DIRECTOR 4/9/07 $10,000 Democratic Senatorial Campaign Cmte (D) FULD, RICHARD NEW YORK,NY 10019 LEHMAN BROTHERS/CHAIRMAN AND CEO 1/28/08 $2,000 Reed, Jack (D) FULD, RICHARD S GREENWICH,CT 06831 LEHMAN BROTHERS/CHAIRMAN AND CEO 5/29/07 $2,300 Clinton, Hillary (D) LEHMAN BROTHERS/FIANCE 5/30/07 $2,300 Obama, Barack (D) FULD, RICHARD S JR GREENWICH,CT 06831 8/28/08 $-2,300 Clinton, Hillary (D)

FULD, RICHARD S MR JR GREENWICH,CT 06831 LEHMAN BROTHERS/CEO 3/31/07 $2,300 Dodd, Christopher J (D) FULD, RICHARD S MR JR GREENWICH,CT 06831 LEHMAN BROTHERS/CEO 3/31/07 $2,300 Dodd, Christopher J (D) FULD, RICHARD S MR JR GREENWICH,CT 06831 8/21/08 $-2,300 Dodd, Christopher J (D)

FULD, KATHLEEN GREENWICH,CT 06830 N/A/HOMEMAKER 9/27/07 $15,000 Democratic Senatorial Campaign Cmte (D) FULD, KATHLEEN GREENWICH,CT 06831 NONE/HOMEMAKER 10/22/07 $2,300 Clinton, Hillary (D) FULD, KATHLEEN GREENWICH,CT 06831 NONE/HOMEMAKER 10/22/07 $2,300 Clinton, Hillary (D) FULD, KATHLEEN GREENWICH,CT 06831 NOT EMPLOYED/HOMEMAKER 5/30/07 $2,300 Obama, Barack (D) FULD, RICHARD S MR JR GREENWICH,CT 06831 LEHMAN BROTHERS/CEO 3/31/07 $2,300 Dodd, Christopher J (D) FULD, RICHARD S MR JR GREENWICH,CT 06831 LEHMAN BROTHERS/CEO 3/31/07 $2,300 Dodd, Christopher J (D) FULD, RICHARD S MR JR GREENWICH,CT 06831 8/21/08 $-2,300 Dodd, Christopher J (D)

And let’s not forget Such distinguished Obama advisors such as Jim Johnson. CEO at Lehman and Fannie Mae.

Or Frankin Raines. Who was cooking the books to get his “bonus” checks.

LT5000

By Michael H. Smith

October 7, 2008 12:44 PM | Link to this

What was just described is not performance based pay. Promotional pay differs from job performance based pay. Comparing promotion pay to job performance pay is like comparing apples to oranges.
With a union is the only way some people can keep their job at any pay. Call that whatever you like.

By Shirley Snedeker

October 7, 2008 1:02 PM | Link to this

I have always heard that, in business & politics, it’s not who you know but who you nose !!”They” apparently know the right ones to nose to get that kind of money. Thank you Rick for the piece on greed as it hit the nail on the head !! Shirley Snedeker

By The General Feeling

October 7, 2008 2:30 PM | Link to this

If Rick Badie became interesting enough so that others wanted his services enough that he made the same, would that be bad?

By Michael H. Smith

October 7, 2008 3:00 PM | Link to this

If Rick Badie produced the revenues for the AJC that merited a certain huge amount of money relative in percentage to the profits he produce for Cox, then Rick Badie deserves a “rational share” of those profits. No offense intended to Rick… But c’mon $200 million $350 million… Rick would have to be the greatest writer in literary history and then some. Plus all of his PAPER would have to be GOOD in lieu of WORTHLESS beyond the underlying market value of used ink and newsprint. That being the case, Cox and the AJC would in all likelihood be working for Rick Badie Enterprises.

By Cindy

October 7, 2008 9:07 PM | Link to this

I hear crickets…

By Michael H. Smith

October 7, 2008 10:42 PM | Link to this

From the LA Times:

Just days after the federal government committed $85 billion of taxpayers’ money to a bailout of insurance giant AIG last month, senior execs from the troubled company headed to Southern California’s ultra-swanky St. Regis Resort in Monarch Beach for a week of wining and dining top salespeople.

Did that one wake you up, Cindy?

We pay, they play.

By Cindy

October 8, 2008 8:46 AM | Link to this

Nothing about it surprises me. P** me off? Definitely.

By Backing the winner

October 8, 2008 10:45 AM | Link to this

LT

Maybe they were betting on backing a potential winner with their heavy Democratic contributions. I bet a little more digging would turn up comparable giving to Repubs. Maybe not this election cycle, but I’m sure it is there.

And the McCain team is just as loaded with financial services executives and lobbyist, as advisors.

Face it, whatever you throw at Obama has the potential to stick to McCain-Palin and none of it is going to fix the train wreck we’re in the middle of.

By Not worth it

October 8, 2008 11:32 AM | Link to this

Is A-Rod worth his income? Miley Cyrus? Tiger?

They make what the market says they deserve through supply and demand. Similarly, CEOs are paid what the market will bear because of their unique skills.

When a company crashes and burns you can say with the benefit of hindsight that the executives weren’t worth what they were paid.

How about oil company execs? Their companies are making windfall profits. How much are those guys worth? Should the CEO of Exxon Mobile be making more than Tiger since he’s making his company billions in profits?

By Michael H. Smith

October 8, 2008 11:42 AM | Link to this

A better take on maybe would conclude massive corruption across the board in the best government money can buy.

No one is looking to fix the train wreck on either political side of the two extremes. It really doesn’t matter to them if the imploded train goes nowhere at all. They are too interested in being the sole ones that get to blow the whistle and ring the broken bell in the aftermath of the wreckage, which the twain of them simply considers collateral damage.

By Jais

October 8, 2008 11:49 AM | Link to this

Goodness be, how clever and witty you are to make an analogy concerning trains and bells and whistles! I want to ring that bell, where is it!

You’ve captured my imagination and enamoured me with your clever, shrewd tales of trains imploding and crashed whistles-a-blowing!

Are you friggin kidding me, Jack? That’s all you got to say?

By Michael H. Smith

October 8, 2008 11:54 AM | Link to this

Yeah, whatever bull the market will bear.

Thank God for Bear-markets!

By Michael H. Smith

October 8, 2008 12:03 PM | Link to this

Got something better to say? Then go for the gusto! Nothing from either political side impresses me and I’m NOT friggin’ kiddin’ you Jack!

By Michael H. Smith

October 8, 2008 12:17 PM | Link to this

I gotta give it to the circus performers on both sides with their clamor of country first, change, failed economic policies and now finally a seeming convergence on jobs, jobs, jobs. (the real solution to correcting to underlying economic fundamentals)

A little hint for the mindless: Enforce the laws and there will be millions of job openings across the country as soon as the millions of unauthorized workers illegally residing in this country are either compelled to leave or deported.

Wages will rise, money will remain in this country and slowly over time debts will be paid.

By Don

October 8, 2008 12:29 PM | Link to this

It is amazing that not one single person was complaining when their stocks were growing at a rate of 20-40% per year.

This only goes to show the apathy that we have in this country. Do not look when things appear to be going good but only when things are going bad should we be concerned.

This is kind of like the Gwinnett Braves Stadium. Many people thought it was great at 40 million but now at 59 million it is a problem. As i recall none of the these people were in the BOC faces then but now it is an issue.

I can only hope that all of the people complaining now all voted against their board of Directors on their proxies, if they voted at all.

We all complain about China causing the price of oil toi increase and their greenhouse gas emissions but we all will by a cheap product made in China rather than an expensive producxt made in the USA.

By Michael H. Smith

October 8, 2008 12:43 PM | Link to this

Not one single person? I did and I buy American products when and where I can find them.

By Don

October 8, 2008 1:01 PM | Link to this

“Not one single person?”- I do not remember seeing that in my post. Are the products truly made here or do they contain parts made in China, we have degraded our “made in America standards to the point that it means nothing.

We need to stop buying the cheap China/Asia seafood that is tainted with toxins. The cheap $$ store toys and crap sold in them.

We are at a time that we must rethink our values. One can not afford a $250K house when you make $35k per year, it is not a right to own a home. We need to take some personal responsibility for our actions, not the view it is everyone elses fault. We need to understand they a new car is not needed every year, we do not need to wear $200 jeans.

We have become a bunch of glutinious pigs and things need to change.

By LT5000

October 8, 2008 1:07 PM | Link to this

Backing,

Except fo the fact that John McCain wanted more federal oversight of Freddie and Fannie in 2005. And the Dems hijacked the hearings.

Wouldn’t want that out there.

LT5000

By Michael H. Smith

October 8, 2008 1:22 PM | Link to this

Refreshing your memory.

By Don

October 8, 2008 12:29 PM | Link to this

It is amazing that “not one single” person was complaining when their stocks were growing at a rate of 20-40% per year.

~

On this statement we agree partly:

We are at a time that we must rethink our values.

Amiss from your thinking is complaining about off shore outsourcing and no compliant against importing labor (especially illegal alien labor) that equally takes away jobs from American workers.

My values surrenders no American job to any foreign source of labor. That goes doubly for any foreign labor that violates our laws.

By BW

October 8, 2008 2:10 PM | Link to this

“the Dems hijacked the hearings.”, Republicans controlled both house’s of Congress and they had Fearless Leader in the White Wash House. You must be saying Republicans are weak-kneed and simple to control when the let the minority dicate policy.

By Please

October 8, 2008 2:21 PM | Link to this

Bush had a bully pulpit for 2 terms and he had Congress in his pocket.

The Democrats are as culpable, but don’t lay it at their feet. There is plenty of blame to go around.

By LT5000

October 8, 2008 2:36 PM | Link to this

Please and BW,

I suggest you take a look at McCain’s comments and Barney Franks comments regarding Freddie and Fannie. You might actually learn something.

New York Times, September 11, 2003:

The Bush administration today recommended the most significant regulatory overhaul in the housing finance industry since the savings and loan crisis a decade ago.

Under the plan, disclosed at a Congressional hearing today, a new agency would be created within the Treasury Department to assume supervision of Fannie Mae and Freddie Mac, the government-sponsored companies that are the two largest players in the mortgage lending industry.

The new agency would have the authority, which now rests with Congress, to set one of the two capital-reserve requirements for the companies. It would exercise authority over any new lines of business. And it would determine whether the two are adequately managing the risks of their ballooning portfolios.

Among the groups denouncing the proposal today were the National Association of Home Builders and Congressional Democrats who fear that tighter regulation of the companies could sharply reduce their commitment to financing low-income and affordable housing.

”These two entities — Fannie Mae and Freddie Mac — are not facing any kind of financial crisis,” said Representative Barney Frank of Massachusetts, the ranking Democrat on the Financial Services Committee. ”The more people exaggerate these problems, the more pressure there is on these companies, the less we will see in terms of affordable housing.”

Representative Melvin L. Watt, Democrat of North Carolina, agreed.

BW and Please. Life is hard, it’s even harder if you are stupid.

LT5000

By Life is hard for LT

October 8, 2008 2:55 PM | Link to this

It is ok LT. We know life is even harder for you.

By LT5000

October 8, 2008 3:44 PM | Link to this

Recipients of Fannie Mae and Freddie Mac Campaign Contributions, 1989-2008

*Dodd, Christopher J S CT D $165,400 * *Obama, Barack S IL D $126,349 * *Kerry, John S MA D $111,000 *

It only took Barry Hussein Obama 143 days to become #2 on the list.

Will BW and Please stop fellating each other long enough to notice?

LT5000

By LIES LIES LIES GET OUT

October 8, 2008 5:44 PM | Link to this

Federal law forbids candidates from receiving money directly from companies. The nonpartisan Center for Responsive Politics tracks donations from employees of various companies. The center’s list of contributions from Fannie and Freddie employees places Obama second. Ahead of him is Sen. Chris Dodd, Democratic chairman of the Senate Banking Committee.

The New York Times has published a separate list looking at contributions from “directors, officers, and lobbyists for Fannie Mae and Freddie Mac” for the 2008 campaign cycle. That list — using figures from the Federal Election Commission — shows McCain receiving $169,000, while Obama received only $16,000.

VERDICT: Misleading. No donations actually came from the companies. One method of measuring employee contributions does put Obama second overall, but another, for the current election cycle, shows McCain receiving significantly more.

By LIES LIES LIES GET OUT

October 8, 2008 5:59 PM | Link to this

Who is to blame for this mess?

MoveOn.org blames McCain advisers. He blames Obama and Democrats in Congress. Both are wrong.

Summary

A MoveOn.org Political Action ad plays the partisan blame game with the economic crisis, charging that John McCain’s friend and former economic adviser Phil Gramm “stripped safeguards that would have protected us.” The claim is bogus. Gramm’s legislation had broad bipartisan support and was signed into law by President Clinton. Moreover, the bill had nothing to do with causing the crisis, and economists - not to mention President Clinton - praise it for having softened the crisis.

A McCain-Palin ad, in turn, blames Democrats for the mess. The ad says that the crisis “didn’t have to happen,” because legislation McCain cosponsored would have tightened regulations on Fannie Mae and Freddie Mac. But, the ad says, Obama “was notably silent” while Democrats killed the bill. That’s oversimplified. Republicans, who controlled the Senate at the time, did not bring the bill forward for a vote. And it’s unclear how much the legislation would have helped, as McCain signed on just two months before the housing bubble popped.

In fact, there’s ample blame to go around. Experts have cited everyone from home buyers to Wall Street, mortgage brokers to Alan Greenspan.

Analysis

As Congress wrestled with a $700 billion rescue for Wall Street’s financial crisis, partisans on both sides got busy - pointing fingers. MoveOn.org Political Action on Sept. 25 released a 60-second TV ad called “My Friends’ Mess,” blaming Sen. John McCain and Republican allies who supported banking deregulation. The McCain-Palin campaign released its own 30-second TV spot Sept. 30, saying “Obama was notably silent” while Democrats blocked reforms leaving taxpayers “on the hook for billions.” Both ads were to run nationally.

And both ads are far wide of the mark.

By LIES LIES LIES THE TRUTH

October 8, 2008 6:08 PM | Link to this

Politifact.org gives McCain some credit for weighing in on problems surrounding Fannie Mae, even though he got involved after a comprehensive government report issued a loud alarm to anyone watching. However, his attempts to depict those efforts as some sort of early warning that could have lessened the current credit crisis just don’t wash. All McCain was talking about then was the potential fallout of accounting troubles in Fannie Mae and Freddie Mac. He didn’t say anything about a freewheeling climate among creditors that had major financial institutions becoming badly leveraged on bad loans. They rule his claim Barely True.

By LT5000

October 8, 2008 9:14 PM | Link to this

Hey Lie,

Care to post some links to your “facts”? I certainly haven’t heard anything like the “facts” you are posting.

Maybe you have been smoking too much green stuff with Obama’s buddy Ayers? Shipped in from Obama’s Kenyan Muslim buddy Odingo, no doubt.

LT5000

By BW

October 8, 2008 11:22 PM | Link to this

LT you still haven’t explained how the minority Democrats bullied the majority Republicans on doing everything their way?

And speaking of links, you first stated McCain comment was made in 2005, the snippet you posted from from 2003?

Confused or desperate LT?

By Michael H. Smith

October 9, 2008 1:27 AM | Link to this

Where-forth art thou Cindy? Is your blood pressure under control?

AIG which got $85 billion of our tax money is getting ready to receive another $37.8 billion.

Oh yeah, about those senior execs that had a high old time after AIG received the $85 billion… just so happens they have yet another junket planed to have a high old time again already in the works before they receive another $37.8 billion.

Let us see and certainly hope Reps Cumming and Shays live-up to their words spoken today on MSDNC. This latest travesty goes beyond insult to injury, it is injuring the insult to the injury.

Oops, did I misspell MSNBC?

Nah, I got it right, MSDNC. Now lets play Curve Ball!

By Cindy

October 9, 2008 8:22 AM | Link to this

I’m right here Michael. Reading and seething. grrrr.

By Michael H. Smith

October 9, 2008 10:49 AM | Link to this

The latest AIG explanation or excuse on these executive excesses is lame, Cindy. One good thing that hopefully will come out from all of this, is an end to the days of “irrational exorbitance” within corporate America as it is now being revealed and disclosed. Members of Congress from both political parties - Democrat and Republican alike - while examining these corporate irrational extremes now heaped upon we the taxpayers, certainly should take introspect, a self-accounting, of their own actions that have been influenced by the exorbitant lobbying efforts from corporate America in every aspect.

By BW

October 9, 2008 12:35 PM | Link to this

MHS, come on give the guys a break, these executive’s really didn’t know how much they could rip-off the taxpayer and tt must not be easy figuring how many ways you can screw the taxpayers, oh the pressure of it all.

By Cindy

October 9, 2008 1:06 PM | Link to this

Well they seem to have come into their own…finding way after way after way after way…you get the drift.

By LT5000

October 9, 2008 8:20 PM | Link to this

Um douchebag BW. McCain did mention it in 2005.

Those were rules Bush was trying to push through in 2003.

My bad,McCain made his comments in 2006.

http://www.govtrack.us/congress/record.xpd?id=109-s20060525-16&bill=s109-190#sMonofilemx003Ammx002Fmmx002Fmmx002Fmhomemx002Fmgovtrackmx002Fmdatamx002Fmusmx002Fm109mx002Fmcrmx002Fms20060525-16.xmlElementm0m0m0m

Maybe mommy can help you with the big words. Afer her shift at the Claremont Lounge ends.

LT5000

By Good old LT

October 10, 2008 8:18 AM | Link to this

When losing the battle of wits he falls back on the old faithful: ad hominem attacks of a perverse nature.

Sad to say LT, but your buddy Rush O’Hannity has failed you yet again.

Do you remember the fun old days when you insisted there wasn’t a recession?

That was a tough one because conservatives all over were clinging to their textbooks rather than paying attention to what was going on in the financial markets. You don’t hear them fighting that battle any more do you?

Now go ahead and make some snide remark about my mother. Those are SO funny.