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Old 05-23-2013, 10:14 AM  
gblowfish gblowfish is offline
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NEW YORK (AP) -- Wynn Resorts pays for founder and CEO Steve Wynn's residence at its tony Las Vegas hotel and casino at a cost of nearly $452,000.

Former IBM CEO Samuel Palmisano was guaranteed an administrative assistant and furnished office for life as a retirement gift — plus a $1 million office renovation.

Chipmaker Advanced Micro Devices bought the house CEO Rory Read struggled to sell for $790,000 — and gave him another $180,000 to cover his underwater mortgage.

These are not uncommon extravagances in the exclusive world of CEO perks, replete with bodyguards, chauffeurs and private jets. Last year, the median value of perks received by CEOs of big public companies was nearly $162,000, an increase of more than 9 percent, according to executive pay research firm Equilar. Perks declined in 2009, but have risen for three straight years.

Perks are just a small part of CEO compensation — the median pay for CEOs of S&P 500 companies last year was $9.7 million. And some companies are cutting back on perks, or at least getting rid of the ones that shareholders find most offensive. Still, they're a reminder of how CEOs' lifestyles are far removed from those of their shareholders, customers and employees.

Last year, companies paid for their CEOs' country club memberships, let them use corporate planes for personal travel and gave them health care plans better than their employees, among other perks.

Some corporate governance experts say giving perks to executives already making millions just exacerbates the public perception — fair or not — that they're more interested in lining their pockets than helping the company.
"They might do without a plane," says Brandon Rees, acting director at the investment office of the AFL-CIO union group, referring to CEOs' use of company planes for personal travel. "And instead invest it in (research and development)."

Companies tend to defend perks as legitimate business expenses that ultimately benefit shareholders: Flying on private planes keeps the executives safe. Country club memberships help them network. An attractive package helps a company lure the best talent.

"It is in the company's best interest if that person doesn't have to think about daily things as much as you or I might need to," says Jay Meschke, president of CBIZ Human Capital Services, a compensation and human resources consultant outside Kansas City, Mo. "You want to make sure that 100 percent of this person's efforts are devoted to the company's success."

Wynn Resorts calls CEO Wynn its "creative and organizational force," and says having him "in residence" at the Wynn Las Vegas "is a tremendous benefit to our guests and shareholders." The company says Wynn spends most of his time at the resort, and doesn't own a home in Las Vegas.

IBM says that giving the retiring CEO an office and administrative support is consistent with past practice, but declined to comment further. Advanced Micro Devices says that buying Read's old home helped speed up his transition to AMD from Lenovo, where he was chief operating officer.

Here are some other notable perks from 2012, spotted with help from GMI Ratings, which ranks companies on corporate governance metrics, and Footnoted.com, which scans SEC filings for institutional investors:

— AN EXCLUSIVE CLUB: Diebold, an ATM security company, got rid of country club benefits for all its executives except CEO Thomas Swidarski, who Equilar calculated would earn $6.1 million for 2012. The company said that "he, more so than our other executives, would benefit from the business development and networking opportunities." The company spent $72,280 on memberships for Swidarski, who stepped down in January under pressure from a board unhappy with the company's financial results.

— A PLACE TO CALL HOME: Insurer Axis Capital Holdings gave Albert Benchimol a housing allowance of $25,000 when he became CEO last year. That was included as part of a pay package, mostly in stock awards, that could be worth $22.7 million. Axis says it gives housing allowances to certain executives to help them pay for second homes in Bermuda, where the company is based, so that "talented executives" won't be deterred from joining the company. Shareholders earlier this month voted against the pay packages for Benchimol and other executives. The company didn't comment at the time.

— HOME, SAFE HOME: Las Vegas Sands spent $2.8 million to provide security for CEO Sheldon Adelson and his family. The company said it was acting on the advice of an independent security consultant for Adelson, a major donor to the Republican Party whose total pay for 2012 was about $10.7 million. That blew away the $1.6 million spent on a home security system by Amazon for Jeff Bezos, who is No. 2 in that category so far, according to GMI Ratings.

— A DRINK WITH YOUR BENEFITS?: Constellation Brands, maker of Svedka vodka and Black Velvet whiskey, gave its CEO a $10,000 "product allowance," so he could enhance his "knowledge and appreciation of our products." CEO Robert Sands, who made $7.7 million in fiscal 2012, used up $5,532 last year.
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Old 05-23-2013, 11:48 AM   #16
Munson Munson is offline
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Wynn Resorts pays for founder and CEO Steve Wynn's residence at its tony Las Vegas hotel and casino at a cost of nearly $452,000.
The founder of Wynn Resorts gets to live in his own hotel/casino, paid for by his own company?

I'm outraged!

He didn't build that!

Somebody else made that happen!

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Old 05-23-2013, 11:50 AM   #17
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And the predictable right wing "you're just jealous" posts are predictable.

The incestous relationships between many BODs and CEOs destroy shareholder value. These guys are overly compensated whether the company does well or poorly.
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Old 05-23-2013, 11:50 AM   #18
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Old 05-23-2013, 05:47 PM   #19
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Lol might as well tell them to hope for the NBA.
My son is a six foot two white guy, not going to happen. He has a better long shot as a CEO.

As far as the topic, I really don't give two shits what some CEO is making because I have no control over that. I worry about what I'm making, which at this point I'm very happy with.
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Old 05-23-2013, 06:06 PM   #20
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Originally Posted by Bwana View Post
My son is a six foot two white guy, not going to happen. He has a better long shot as a CEO.

As far as the topic, I really don't give two shits what some CEO is making because I have no control over that. I worry about what I'm making, which at this point I'm very happy with.
That is the thing. Just like the NBA or any sport only a small percentage can fill that slot. The workforce is the same. People who can be replaced by the next person that drives by bitching about what other people make. I have an idea why don't they position themselves to make more money. This pathetic rich people suck bullshit is tiresome. Maybe just maybe they are broke because they put little effort into making money~
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Old 05-23-2013, 06:13 PM   #21
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Originally Posted by KC native View Post
And the predictable right wing "you're just jealous" posts are predictable.

The incestous relationships between many BODs and CEOs destroy shareholder value. These guys are overly compensated whether the company does well or poorly.

And the predictable left wing "you make more than I do and it's just not fair, dammit!" posts are predictable.

It would be a lot simpler to just wear a "I'm a loser!" sign around your neck...
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Old 05-23-2013, 06:16 PM   #22
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I have an idea why don't they position themselves to make more money. This pathetic rich people suck bullshit is tiresome. Maybe just maybe they are broke because they put little effort into making money~
Ding ****ing ding. In a lot of cases if the same people spent their bitching energy on working hard and moving up the work chain, they would have much less to bitch about and a lot more in the bank. "The man is keeping me down!" Boo ****ing hoo, take contol of you own life and and go make it happen, rather then thinking the wealth fairy is going to drop off a sack of hundred dollar bills while you're sleeping some night.
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Old 05-23-2013, 06:17 PM   #23
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Originally Posted by Bwana View Post
My son is a six foot two white guy, not going to happen. He has a better long shot as a CEO.

As far as the topic, I really don't give two shits what some CEO is making because I have no control over that. I worry about what I'm making, which at this point I'm very happy with.
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Old 05-23-2013, 06:23 PM   #24
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Old 05-23-2013, 06:26 PM   #25
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Old 05-23-2013, 06:28 PM   #26
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And the predictable right wing "you're just jealous" posts are predictable.
Well yeah, it's easily predictable. The OP is a whiny rant about how executives are compensated.
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Old 05-23-2013, 06:35 PM   #27
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Old 05-23-2013, 09:00 PM   #28
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These lavish corporate CEO compensation deals wouldn't bother me so much if these ****ers and their companies paid their fair share of taxes.
Actually here's something I'm actually curious to know and I actually ask this honestly because I want to understand why people feel this way. Why do you think that any corporation should be paying ANY income tax...other taxes, sure, VAT style taxes sure...but raw income taxes? That makes absolutely no sense to me.

Why? Because you're creating a double taxation situation. A corporation if it doesn't 'make money' isn't paying taxes. If it does make money those profits will be used to, hire more people to expand, buy other companies, pay out dividends to shareholders etc.

When you hire more people(or pay bonuses to those you already have), those people are already paying US taxes so taxes aren't being avoided. Same with buying other companies(those shareholders are in the vast majority of cases american and paying US taxes), and the same with dividend payouts to shareholders. They then pay individual taxes.

So what possible reason is there to pay income taxes twice, when the employees and shareholders are already paying once? When you take money from a corporation you reduce it's ability to invest in it's own business and do things like hire more people.

If the money was not being taxed at all a corporate income tax might make sense, but it IS already going to be taxed eventually at the individual level. The only case where it might not be is overseas investors, but I'm pretty sure there are taxation rules in place there also with moving money out of the country.

So if the money IS being taxed already why do we need another tax? Honestly I think the reasoning is simple, it's because the corporations make money and so it can be taken. Most importantly corporations can't vote, so you can tax them and they have limited options to stop you. Consider the implications of now muzzling corporations by limiting the amount of money they can spend on political advertising. Unfortunately the only way they have to protect their interests IS that advertising.

So is what people are proposing that we tax money at the corporate level twice because the money is there, the corporations can't vote, and soon they may not even be able to run ads to explain why it's bad to tax them? I guess that sounds like they're paying their fair share.

This is one of those cases that when you actually look at what's happening it makes no sense to me. If I'm missing something by all means please point it out. But the pieces don't fit here. This smells like a tax because we can, rather than a tax because we should.

Note I support taxes like a VAT, because really they make sense, every time you add value you're taxed on the value that's added. It's a very hard tax to avoid and if done right it can be done as a single tax. It's not perfect by any means but it's better than the crap we have now.
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Old 05-23-2013, 09:06 PM   #29
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Old 05-23-2013, 09:27 PM   #30
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Lol might as well tell them to hope for the NBA.
See, this is why you're such an effing loser. You don't hope for things. You work hard, practice your craft and earn what you get. CEOs aren't just random assholes off the street. They worked to get there. They develop skills that make them valuable to their company.
I don't post often, but after years of reading bs from you and others like you, I had to say something. Stop worrying about what joe billionaire has...it will serve you better to
enjoy what you have, or do what's necessary to improve your situation.
Calling you a loser is wrong, I apologize, but you carry that mentality. There isn't a single CEO or NBA player that advanced to that level on hope. You'd be wise to understand and grasp that.

Carry on...
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