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It's not just the bankers

By NickNielsen ·
Sentence was passed today on the former general counsel and secretary of Monster Worldwide. He had pleaded guilty to securities fraud and conspiracy to commit securities fraud, admitting that he illegally backdated millions of dollars in employee stock option grants. He participated in a scheme to backdate stock options from 1996 (when Monster went public) through 2003.

http://www.thestate.com/2010/03/02/1183050/internet-job-site-execs-cooperation.html

The story points out: At least 135 U.S. companies have disclosed internal inquiries or government investigations, and at least 39 executives and board directors at 19 companies have been fired or have resigned.

Given the extent of the problem, can somebody please provide a logical explanation of how reducing regulation that would prevent this type of abuse is a good thing?

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Maybe you could be

by TonytheTiger In reply to Salt

a consultant for GM and make $2650.00 an hour.

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Tony: Don't I wish!

by jck In reply to Salt

As long as I was guaranteed 1 year of work.

2650 x 2080 = retirement after 1 year.

Astonishing. Anyone who makes that much money and works more than 10 years is just focused on wealth.

I could work 2 years on that wage, retire, have catastrophic medical costs, and STILL afford to live comfortably.

Ugh. Now I think about my check and wonder what the heck I did to deserve what I get.

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It was a reference to

by TonytheTiger In reply to Salt

the former GM CEO who was hired back for $53,000 a month (working 20 hours a month).

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Sounds familiar.

by jck In reply to Salt

Get hired on the board of directors of most major corporations, and you get paid $50,000+ to be flown (corp expense) to their HQ, spend 1-3 days there per quarter having meetings from about 10-11:30 and 3-5. Then playing golf on the corp dime, eating on the corp dime, hotelling on the corp dime.

And all you do is approve the annual budget, vote for corp officers, etc.

I'd take 50k a year for working about 30 hours a year.

Must be rough using that Harvard education to sit on your keister and have your buddies elect you to their boards and vice versa.

Now ya know why so many corporations went down the crapper.

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Nice work if you can get it, jck

by NickNielsen In reply to Salt

I could make a living doing that for four or more companies, and I couldn't do much worse than some of the people already doing it.

Of course, I don't know the right people and don't have the proper "screw the little people, I deserve this" attitude.

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Increasing regulation hasn't prevented it.

by TonytheTiger In reply to It's not just the bankers

It's only guaranteed that when it happens, it's going to be more costly.

It's getting to the point that we're spending more to prevent something (most of the time unsuccessfully) than what it would cost to just let it happen and pay for the cleanup. It's unsustainable, and ultimately self-defeating.

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I know

by NickNielsen In reply to Increasing regulation has ...

I dealt with the results with the federal supply system. Every time somebody ripped the government off, Congress would add more rules to the FAR (Federal Acquisition Regulations). Eventually, they got so unwieldy, the military had to pay $900 for hammers, $9,000 for coffemakers, and $20,000 for bolts just to comply.

I like the idea of a graded scale for white-collar crime at the executive level: a month in prison for every thousand dollars you rip off, with no time for good behavior. The greedy sonsabitches start seeing the possibility of 30 years or more behind bars for less than a million bucks, maybe they'll think twice. And those that don't will more than deserve it.

etu

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the only problem with the increased regulations...

by jck In reply to Increasing regulation has ...

...is that the politicians in the pocket of the SIGs write in loopholes or vague language that allows entities to get away with things on a technicality.

If they would write the regulations to say what they mean and mean what they say, there would be a LOT less issues with things like bank failures, companies going bankrupt but paying execs huge bonuses, etc.

So it's not the money being spent that's wrong.

It's the people we pay the money to who are screwing it up.

And, they have for decades. So, it's time for America to take my cue: vote in your local farmer, housewife, barber, road crew person, etc., and let them go to DC or your state capital and write laws that help America and not just business or special interests.

It's time for the regular American to take back our country.

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Stump speech?

by santeewelding In reply to the only problem with the ...
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So does

by jck In reply to Stump speech?

your verbosity.

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