If you by error come up short at work you'd been fired long ago for much less. Don't be fooled, lots of this is criminal - on all sides of the ball. Consumers, Bankers, CEO etc.Not all BIG BRASS are oblivious and absent minded leaders. Here is a mish mash of the good, bad and the ugly.
``There are three reasons why companies go out of business and individuals go out of business: No. 1 is arrogance, No. 2 is arrogance and No. 3 is arrogance,'' said Harvey Mackay, chairman and CEO of Minneapolis-based MackayMitchell Envelope Co. Harvey goes on to add, "They all have chapped lips from kissing the mirror too much.'' Warren Bennis from USC adds, "``They need to man up and take responsibility,'' - founder of the Leadership Institute at the University of Southern California and author of books including ``Leaders'' and ``On Becoming a Leader.'' ``They kept winning, believing in their own omniscience and thinking they can get away with anything.''
Boards bring CEOs aboard to maximize company profits not CEO compensation -
I find this quote to be very interesting.
Richard Fauld - CEO Leham Brothers, " ``horrible about what happened'' and that management did everything we could to protect the firm.''
Did everything to protect the firm? Really?
I have no objection to making big compensation, but should it not be performance based?
Fuld, whose compensation for his last eight years totaled $484.8 million, said Lehman had to seek bankruptcy protection Sept. 15 because of a ``financial tsunami'' that was ``bigger than any one firm or industry.'' -
$484+ million in pay should make you accountable to something - should it not?
What ever happen to taking some responsibility? What ever happen to - "We made some bad decisions" or "As The Leader I take Full responsibility"
A Responsible CEO (Jeff Gault) of Los Angeles-based LandCap Partners, which bought $40 million of land and construction loans from Wachovia Corp. in August. ``You're either the boss or you're not the boss. The CEO is the owner of the deal.''
In closing -
Anyone notice how no body is claiming any sort of error in judgement. Its as if this ALL JUST HAPPENED.
*** Here is a rank and file idea - NO CAPITAL GAINS ON THOSE THAT PURCHASE THESE ASSET BACK SECURITIES? This would be so good on so many differant levels for so many people.
