There is no reason in the world for the handful of employees, hired by the stockholders to oversee a company, to take 50%, 100%, 150%, or more of the profits as pay. That's theft.
Do you think the manager of a Burger King with net margins of 5% should award himself a bonus of 10% of the gross revenue of the store? And just take it from the till? Because that's effectively what the executive committees of many of the country's largest corporations have done.
It makes sense to award options to the founders and early employees of a startup that pays little, stands a good chance of going bankrupt, and won't make money for years. But executive officers and board members of an established company should get profit sharing, not guaranteed winning lottery tickets.
These guys are stealing from the stockholders that are their employers - period. They should be in prison. They had a fiduciary responsibility to the stockholders, they knew about that responsibility, and they looted the assets they were entrusted with.
If some illiterate homeless guy steals 3 TVs worth $250 each over the course of a couple of years, he goes to prison for life. With that as a baseline, many of the officers of our major corporations are probably in line for 100 million year prison sentences....
Dan, YOU JUST WROTE A MASTERPIECE on GROVE and HIS GANG
I laugh at the petty thieves that I read about in the local paper.
Here is one: Man pleads guilty in theft of $375,000. Armored-truck driver captured in Mexico...This small fry is starring at a long jail sentence.
Our Inner Circle steals millions, possible legally, but that is questionable. Their fiduciary relationship to their stockholder is very tarnished. Can we boot them out and put them in prison where they belong?...humble carl |
