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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 05-24-2013, 06:46 AM   #46
Loneiguana Loneiguana is offline
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Benjamin Franklin, to Robert Morris. Christmas, 1783. Source: The Writings of Benjamin Franklin. Edited by Albert Henry Smyth. 10 vols. New York: Macmillan Co., 1905-7.

---

The Remissness of our People in Paying Taxes is highly blameable; the Unwillingness to pay them is still more so. I see, in some Resolutions of Town Meetings, a Remonstrance against giving Congress a Power to take, as they call it, the People's Money out of their Pockets, tho' only to pay the Interest and Principal of Debts duly contracted. They seem to mistake the Point. Money, justly due from the People, is their Creditors' Money, and no longer the Money of the People, who, if they withold it, should be compell'd to pay by some Law.

All Property, indeed, except the Savage's temporary Cabin, his Bow, his Matchcoat, and other little Acquisitions, absolutely necessary for his Subsistence, seems to me to be the Creature of public Convention. Hence the Public has the Right of Regulating Descents, and all other Conveyances of Property, and even of limiting the Quantity and the Uses of it. All the Property that is necessary to a Man, for the Conservation of the Individual and the Propagation of the Species, is his natural Right, which none can justly deprive him of: But all Property superfluous to such purposes is the Property of the Publick, who, by their Laws, have created it, and who may therefore by other Laws dispose of it, whenever the Welfare of the Publick shall demand such Disposition.

He that does not like civil Society on these Terms, let him retire and live among Savages. He can have no right to the benefits of Society, who will not pay his Club towards the Support of it.
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Old 05-24-2013, 07:02 AM   #47
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Old 05-24-2013, 07:09 AM   #48
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I see republicans are in here lying about taxes again. And defending a inequality in compensation that makes third world hellholes blush.
I see we have another liberal trying to transform SS and medicare into programs that are even greater wealth transfers than they already are or were ever intended to be. Shocker.
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Old 05-24-2013, 07:12 AM   #49
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Originally Posted by Loneiguana View Post
Benjamin Franklin, to Robert Morris. Christmas, 1783. Source: The Writings of Benjamin Franklin. Edited by Albert Henry Smyth. 10 vols. New York: Macmillan Co., 1905-7.

---

The Remissness of our People in Paying Taxes is highly blameable; the Unwillingness to pay them is still more so. I see, in some Resolutions of Town Meetings, a Remonstrance against giving Congress a Power to take, as they call it, the People's Money out of their Pockets, tho' only to pay the Interest and Principal of Debts duly contracted. They seem to mistake the Point. Money, justly due from the People, is their Creditors' Money, and no longer the Money of the People, who, if they withold it, should be compell'd to pay by some Law.

All Property, indeed, except the Savage's temporary Cabin, his Bow, his Matchcoat, and other little Acquisitions, absolutely necessary for his Subsistence, seems to me to be the Creature of public Convention. Hence the Public has the Right of Regulating Descents, and all other Conveyances of Property, and even of limiting the Quantity and the Uses of it. All the Property that is necessary to a Man, for the Conservation of the Individual and the Propagation of the Species, is his natural Right, which none can justly deprive him of: But all Property superfluous to such purposes is the Property of the Publick, who, by their Laws, have created it, and who may therefore by other Laws dispose of it, whenever the Welfare of the Publick shall demand such Disposition.

He that does not like civil Society on these Terms, let him retire and live among Savages. He can have no right to the benefits of Society, who will not pay his Club towards the Support of it.
Yeah, we should definitely return to more modest government, although it would almost certainly be too drastic and disruptive to revert to Franklin-era austerity in one fell swoop.
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Old 05-24-2013, 10:48 AM   #50
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When you look at companies that went from being decent companies to huge monsters (Walgreens for example) the CEO's are almost always home-grown and not the outside hire celebrity type who lavish gifts upon themselves at corporate expense.

You won't get a job as a CEO at a giant corporation, but it's damn possible (and not uncommon) for someone to work their way up from the bottom of a decent sized company and turn it into a giant corporate monster. When they retire they're usually replaced by some outside celebrity CEO and positive movement stops. That is the fault of shareholders. They should be holding them accountable.
I agree except it is more on the BODs than the shareholders. BODs pick the executives and compensation plans. With staggered terms and other impedances to coporate governance, the shareholders really don't have much say theses days unless they're rich enough to buy a controlling stake (10% or more)
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Old 05-24-2013, 10:50 AM   #51
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Nope, my utopia would look more like the Commonwealth of Iceland but with a more encoded law. I believe in some form of government, just one that has little power.
LOL you are a dipshit. Go read up on what Iceland did after banks ****ed them in the financial crisis. Get a clue for ****'s sake.
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Old 05-24-2013, 11:02 AM   #52
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This was a pretty predictable response.
Your chances of becoming a CEO are pretty slim...because you're a lazy dumbass. If the CEO doesn't add value, then as a stockholder, you do have the power to assist in a change. Sit in on shareholders meetings, talk to other shareholders, call or send emails to board members with concerns. This is exactly what just transpired with Chesapeake energy. CEO and a few board members resigned from pressure put on by by the holders.
Stop being so lazy. I'm a 33 year old that in 8 years has moved up in my company from a lowly remote technician making $6.50 an hour to a self taught graphic designer and inventory manager creeping dangerously close to 6 figures. I did that by working extremely hard and creating value of myself, and for my company. Just like a CEO. Moving up does and will happen with hard work and dedication.
As far as going back to lurking, I imagine my presence on this board is enjoyed more than yours, so eat a bag of dicks.

@ your Chesapeake example. That guy was forced out because not only was he getting paid like a mother****er, he was getting loans on oil/gas interests to fund more interests in wells. That massive conflict of interest should have never been permitted in the first place. Carl Icahnand Mason Hawkin's forced his resignation (both institutional investors) due to his personal deals and the huge cash burn McClendon oversaw.

Acting like that was driven by ordinary shareholders is ridiculous.
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Old 05-24-2013, 12:33 PM   #53
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be too drastic and disruptive to revert to Franklin-era austerity in one fell swoop.

What does Franklin level austerity even mean?
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Old 05-24-2013, 12:35 PM   #54
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I see we have another liberal trying to transform SS and medicare into programs that are even greater wealth transfers than they already are or were ever intended to be. Shocker.
More lies

The only wealth transfer over the last thirty years has been towards the top.



Yes, its those living off of social security and medicare that are living the high life.
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Old 05-24-2013, 01:02 PM   #55
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That blew away the $1.6 million spent on a home security system by Amazon for Jeff Bezos
I hope this security system involves a moat guarded by Sharks with frickin' lasers beams attached to their heads
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Old 05-24-2013, 01:17 PM   #56
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What does Franklin level austerity even mean?
Yeah, that probably wasn't the best way to describe what I'm talking about. Government "services" were pretty limited back in the Franklin era. The government was small and the burden on taxpayers was small.

So as soon as we return to that scope of government, I'll accept your Franklin quote as a meaningful call to duty.
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Old 05-24-2013, 01:21 PM   #57
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More lies

The only wealth transfer over the last thirty years has been towards the top.


Yes, its those living off of social security and medicare that are living the high life.
Payroll taxes are capped because those programs are designed to help lower and middle class taxpayers, not the wealthy. Liberals want to eliminate the caps so that the wealthy will be called to bear the lion's share of the burden, just like they already do with the income tax. Be honest for a change.

Whether those living off of SS and Medicare are living the high life or not is irrelevant.
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Old 05-24-2013, 04:48 PM   #58
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LOL you are a dipshit. Go read up on what Iceland did after banks ****ed them in the financial crisis. Get a clue for ****'s sake.
That was the Republic of Iceland, established in 1944. The Commonwealth of Iceland was from 930-1262 AD. Perhaps you shouldn't call someone a dipshit when you have no clue what you are talking about.
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Old 05-24-2013, 05:06 PM   #59
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That was the Republic of Iceland, established in 1944. The Commonwealth of Iceland was from 930-1262 AD. Perhaps you shouldn't call someone a dipshit when you have no clue what you are talking about.
Ask him about prison life. He know all about that /no joke
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Old 05-24-2013, 10:01 PM   #60
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/jealousy? No, we are mad because by monopolizing the countries wealth, it in effect screws over the rest of the country. Wealth IS an finite resource. By hoarding it at the top, everyone else does worse.

That actually defines the problem in a nutshell. It's their money. What your talking about is jealousy. It's just being wrapped in terminology that makes it easier for some people to justify confiscation by the government.
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