Bailing-Out Financial Dinosaurs: Not!

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By Professor Emeritus Peter Bagnolo (about the author) Page 1 of 2 page(s)

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For OpEdNews: Professor Emeritus Peter Bagnolo - Writer

Bailing-Out Financial Dinosaurs: Not!

The Wealth of Nations needs to be redistributed. Half of America's corporations need to be nationalized, and the others have needed to be allowed to, or be driven into bankruptcy.

You see, when the NASDAQ faltered, falling by more than 80% in value, from a high of 5100 in February 2000, to a low of 1100 in August of 2002, the federal government through its pre-Democratic, old European Royalty, patronage system-the Federal Reserve attempted and failed to create Socialize Stock Trading.

Moreover, in the aftermath of such a failure, with no return to its previous faux high, the NASDAQ allowed its CEO to walk-off with hundreds of millions of my money, your money and everyone's money who ever invested in a stock on the NASDAQ or anywhere else.

We, investors want answers and we need a cap on CEO and Executive compensation of PUBLICLY TRADED CORPORATIONS and corporations private or public, which outsource, which is a Treasonous activity.

More than that, no companies should ever be bailed out. Let them die and retired, whenever one of them dies their executive staff. Bailing them out is an act of knighting them-making an institution of them-an institution of, a perpetuation of, a rewarding of, failure. They need no reward, they need retirement. Instead, let one of the younger or older, Turks blossom forth in the place of the dinosaur.

Add to this the terrible, evil, idea of Planned Obsolescence concocted by "49ers" on the GI Bill at Harvard and you have the ever continuing conspiriitorial realities-most certainly is "Racketeering."
It should have been seen for the conspiracy it was. All it succeeded in accomplishing was to hustle in accelerating the expenditure of, the laying of waste to, natural resources, and thereby hastening a real Apocalyptic end of human days. That end, however, would not be not by God or His angels, but by avaricious men who used religion of the sappiest people to conjure up profits and strip-mine our planet.

Rep. Barney Frank, D-Mass., is working on bills that would require public companies to have these votes on severance pay and "say on pay" votes. That is not enough. I say cap CEO salary packages at $2.5 million and retirement packages at the same ratio to salary as their employees receive.

Are the below just the tip of the iceberg? Are they just a few examples of the many Robber Barons of modern times who are driving up your costs and taxes? Judge for yourself.

No. 1: Former Exxon Mobil boss Lee Raymond. Total retirement take: $351 million. That is $35,000 an hour. What did his employees get for theirs? He is credited with something, which he did not create or control, or did he? I speak of the war with Iraq, which drove up oil prices by leaps and bounds. Our brave troops were dying and being wounded while receiving an average pay of about $13,000 a year, is this just reward for their work?

During Henry McKinnell's tenure, from early in 2001 through 2006, the shares of Pfizer declined 40%. That stock slide cost Pfizer shareholders $140 billion. Should he have been rewarded for such performance? Well, he retired from his position CEO in July 2006 with a $213 million golden goodbye, thanks to an very generous board of his peers. One hand washes the other and what should be washed out is the present make-up of boards of directors.

Home Depot CEO Robert Nardelli's retirement package outraged many people when he retired from the company in early 2007. First, Home Depot stock declined nearly 8% under his six-year watch. Secondly, he was rewarded for failure, even though he had already collected gigantic annual compensation packages. According to The Corporate Library Mr. Nardelli's compensation package included $219.7 million in the two years before leaving the company,

Finally, $84 million of his golden Parachute came from accelerated vesting of deferred stock awards and grants of unvested options. That, according to the AFL-CIO Office of Investment. Merrill O'Neal, unlike most rank-and-file employees Mr. Nardelli got to keep his restricted stock and options and will gain more if his successor, Frank Blake, manages to turn Home Depot around and make its stock go up.

Ex-Gillette chief James Kilts. Total retirement take: $165 million.

$161.5 million retirement package collected by former Merrill Lynch TO chief Stanley O'Neal

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Professor Bagnolo has majored in: Cultural Anthropology, Architectural design, painting, creative writing. As a child prodigy, abed with polio for almost two years, he was offered an opportunity to skip three grades at age 8.
Later He was a (more...)

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