Purpose of any Company is Profits - screw the workers

[xoxoxoBruce]

Originally Posted by tw

snip~ Outside Board member were limited to how long they could study the financials - ie 45 minutes. ~snip

Without honest accounting practices it wouldn't much matter.

[tw]

Originally Posted by xoxoxoBruce

Without honest accounting practices it wouldn't much matter.

Originally Posted by lookout123

Each and every person is free to believe they are worth more. Some people just decide to do something with that belief.

So that corporate president (after too many beers) said to me, "Jason makes the accounting say what it has to say."

Some people did decide to do something with that belief - especially when there is no chairman and independent Board of Directors representing stockholder's interests.

Management that must work for their stockholders (and customers) must have honest accounting and have pay packages restricted to reasonable amounts. With so many companies where the executive is also Chairman of the Board, no wonder highest paid executives are also running some of this nation's worst performing companies. No wonder spread sheet games are now routine and acceptable.

Anyone ready yet for big steel running to the government for protection? Symptoms are there.

Meanwhile, because he was doing good for GM, Rick Wagoner got a 34% increase in 2006 and a 67% increase in 2007. Wagoner was both the CEO and the Chairman of a Board that approved those pay packages. GM's outside Board members were heavily restricted in what they were permitted to know. Again explains why executives are so grossly overpaid (and not held responsible for the resulting disasters).

Raping a company is now acceptable. Then blame union workers for being overpaid. You even saw some in The Cellar agree. But how many noticed nobody to represent stockholder's interests - now the even the SEC was denuded.