Exec Perks: An Ugly Picture Emerges

[Career Prole]

<snip>

Companies are being prodded to disclose more perks -- and in more detail -- than ever before. And the picture isn't pretty.

The reason for the sudden openness on the subject: The SEC's tough new stance on disclosure. In September, the agency issued a cease-and-desist order to General Electric (NYSE:GE - News), saying its disclosure of the perks former CEO John Welch Jr. would receive in retirement violated reporting rules. GE neither admitted nor denied wrongdoing.

A month later, Alan Beller, director of the SEC's division of corporate finance, came down hard on companies that practice "opaque or unhelpful" disclosure. The effect was immediate: Pay researcher Equilar estimates that a third of all companies have made "significant" improvements to their compensation disclosures, especially on perks. And shareholder activists find what's being revealed downright shocking.

"The dam broke this season," says Patrick McGurn, senior vice-president of proxy adviser Institutional Shareholder Services. "The resulting floodwaters show that abuse is rampant...

Read it here!

This article is bound to piss you off unless you're one of these execs.

Freakin' pigs.

Here's a snazzy one...
"...and "gross-up" payments that reimburse execs for the taxes they pay on many of their perks...."

So they want to put my Social Security in the stock market so that as a stockholder I can help pay the taxes on the poor downtrodden exec's perks?

Yeah, right...bite me.

[smirkymonkey]

1. Workers Unite!

When's the next revolution?

[Career Prole]

3. Count me in.

Seriously. I'm ready to walk right now. :grr:

"We need to tighten our belts a little, folks. No raises this year."

[one_true_leroy]

12. "when's the next revolution?"

just as soon as TV stops opiating the masses... I honestly, truly believe that TV is the only thing holding this way of 'living' together.

[smirkymonkey]

21. I suppose once the sheeptards can't AFFORD thier precious

television anymore, THEN we might see some change. I really think they would go berserk without it.

[LiberallyInclined]

2. one of these days, these guys are going to learn the hard way-

why the french people not only rose up, but took that extra step of using the guillotine on the ruling elites.

[Straight Shooter]

4. Selfish beasts.

Bloated bipeds living in the lap of luxury, thanks to the backbreaking labor of the working class.

And bush gives them tax cuts while trying to steal our Social Security. x(

[AnneD]

5. usless sacks

of mostly water:grr:

[carnie_sf]

6. Tell me again

why Capitalism is so great.

[GreenArrow]

7. hogs at the trough.

Vampires.

[Dhalgren]

8. Now I know what the phrase "seeing red" means...

The thing that these selfish bastards seem not to realize is that the only thing holding back the bloody uprising is the "feeling" the working class has that things are "fair". Once it dawns on the labor-dulled masses that they are being fucked and laughed at, it will get ugly fast...Well, I can hope, anyway...

[Just Me]

9. They screw everyone: employees, the government, the consumers,...

,...and the shareholders.

What a bunch of selfish, greedy bastards!!! When do they have to pay, to sacrifice for living in this, our home of "the free"?

[Career Prole]

11. Most likely never...we've been picking up the tab

and paying the tip, and that's become so customary we don't even wait anymore to see if they'll buy the next round.
We just say, "That's okay waiter, that's on me!" every election.

[quiet.american]

10. No wonder they feel invulnerable

Taken care of every step of the way. No worries.

I once worked in the CEO's suite of a multi-billion-dollar company. It was the ivory tower where all the Chiefs were located -- CEO, CFO, COO, etc. I worked for one of the C's.

One of my very good friends worked for the Big C. Every year, same thing. The CEO would fight them tooth and nail over giving them anything over a 4% cost-of-living increase. Even 6% was considered asking for the moon. My friend worked their tuckus off -- not only as an executive assistant, but also as an unofficial and uncompensated personal assistant and primary nose-wiper.

Come bonus time, same thing. Every possible percentage point would be shaved off the bonuses for the hoi polloi, while the C's collected their 110%+. (But at least there were bonuses!).

This is one of the things that makes me "blech" over corporate life.

[lukasahero]

13. One last time: read the book "Perfectly Legal"

by David Cay Johnson. Buy it and give it to EVERYONE you know. This isn't news to anyone who has. I can't recommend it enough. "Even if you think you're being screwed, you have no idea how much" is one of the quips on the cover.

[underpants]

14. Thanks I think I will go get that and "What's the matter with Kansas"

I haven't read a political book in a while.

[lukasahero]

15. Kansas is a good one too but

Perfectly Legal is even better. It's less partisan and insulting to the "other" side. It's one of those books you can pass around (and SHOULD) because lots of people THINK they're rich - until they read this book and realize when we say "rich" we mean "really, really, really rich in a way you will never, ever be". It's an eye-opener.

[napi21]

16. This BS has been going on for a very long time!

I worked as an accountant for 40+ years, and as Director of Accounting for the last 5 years. Believe it or not, our Fed Gov't did try to fix this with tax laws that put restrictions on what a Co. can claim as an expense for business purposes. It helped, but very little. Gross-ups are a very common practice, and not only with the super rich.

I am THRILLED that the SEC is cracking down on disclosure. The one thing these folks don't want people to know is just how damn greedy they really are!

Believe me, I know from personal experience. I was fired from one Accounting Manager job because I refused to alter the numbers and let the BOSS get a performance bonus he didn't earn. Yep, I was fired and he got the bonus.

Capitalism isn't bad, but unbridaled Capitalism is! We have systematically eliminated many, many of the oversight controls that prevented these activities from happening. The rules have been so relaxed, the necessary fear of a gov't agency coming in to review your compliance is GONE!

I hope the SEC continues to take a hard line on this issue and all their other responsibilites. Trust me, fear of jail time does work!

[AndyTiedye]

18. It Isn't Capitalism Anymore When Robber Barrons(TM) Buy the Government

There is another word for that form of "government".

It starts with an "F".

[JNelson6563]

17. Don't forget to vote on it!

:-)

[bvar22]

19. The OWNERSHIP Class

Corporate "upper" Management

[MN ChimpH8R]

22. Some thoughts on Sheep and Pigs

What do you get for pretending the danger’s not real.
Meek and obedient you follow the leader
Down well trodden corridors into the valley of steel.
What a surprise!
A look of terminal shock in your eyes.
Now things are really what they seem.
No, this is no bad dream.

The lord is my shepherd, I shall not want
He makes me down to lie
Through pastures green he leadeth me the silent waters by.
With bright knives he releaseth my soul.
He maketh me to hang on hooks in high places.
He converteth me to lamb cutlets,
For lo, he hath great power, and great hunger.
When cometh the day we lowly ones,
Through quiet reflection, and great dedication
Master the art of karate,
Lo, we shall rise up,
And then we’ll make the bugger’s eyes water...

-Roger Waters "Sheep"

[salib]

20. I am sending this one to EVERYONE I know

Even those far-right, evangelical, charismatic, good-ole-boys who keep sending me the same lame propaganda that Snopes is full of. I cannot believe anyone would NOT be outraged.