CEO pay for home mortgage companies - Page 2

ScratchMonkey · 03-13-2008, 02:35 PM

Quote:

Originally Posted by Gillespie

Ever edit Wikipedia articles and see how long your ridiculous additions last? Some of them last for days, while others seemingly are corrected within minutes.

Yeah... it can get boring while you're deployed.

Which pages and revisions? (Or just point me at your personal page there, I think one can see all of a person's edits from there.)

http://en.wikipedia.org/wiki/Special...ns/SpareSimian

**Switchcraft** · 03-13-2008, 03:07 PM

Quote:

Originally Posted by AMosely

I'd argue that sports and other forms of entertainment (including gambling and lottery) are in an entirely different class of business, and therefore profit-taking, than banks and financial institutions. People depend on banks to be honest, they depend on their government to keep them honest, and in terms of the sub-prime mortgage market, the banks were not honest. To continue to reward their executives during this period is particularly disturbing, to me anyway.

I'm sure banks depend on people to actually honor the loan contracts they sign and pay back the money they borrow. Is your argument that "the banks" dishonestly chose to lose money?

Every foreclosure that occurs is because a borrower agreed to do something it would later turn out they were unable to do while the banks actually gave them money. If I, as a bank, give you money, and you spend it, don't pay it back, and I take the loss, are you really saying that the CEO of my company shouldn't be paid as much? Maybe that's a choice the shareholders should be making, but this is certainly not about the common man being screwed by a couple of evil CEOs.

**El_Gringo_Grande** · 03-13-2008, 04:33 PM

I think they where loaning money out not caring (or maybe even hoping?) that the people would not be able to make the payments. They thought the value of the house would increase dramatically so they could always resell it at a profit or have assets worth more than what their liability was.

They where speculating and a CEO that allows that much speculation needs to be spanked. Bad CEO, BAD!

xTYBALTx · 03-13-2008, 04:35 PM

Have I not posted the Subprime Primer in here yet?

Steeler · 03-13-2008, 04:41 PM

I love that one. Anything makes more sense with stick figures.

**El_Gringo_Grande** · 03-13-2008, 04:46 PM

Quote:

Originally Posted by xTYBALTx

Have I not posted the Subprime Primer in here yet?

Good stuff!

ScratchMonkey · 03-13-2008, 04:56 PM

The CEO is paid a bunch to know how to slip through government loopholes. Little do the stockholders realize that the same slipperiness can be used to slip through their loopholes, too!

**USN_Squid** · 03-13-2008, 10:53 PM

I don't see the connection between the company making bad investments and losing money while paying their CEO a competitive salary. How does their decision to make bad investments concern the public? Unless they're violating the law of course. The original lending institution's underwriting practices have nothing to do with what an investment bank pays their employees.

It sounds like some of you want a government bureaucracy that reviews whether or not a company is serving the public good and hands down mandates on salaries. I think that's been tried before and didn't work out so well.

If the test for a CEO salary is only based on past company performance (under the current leadership or not) and dictated by a populist notion of "fairness" rather than competition you won't find many people lining up for Harvard MBAs.

Much of the sub-prime problem arose from quasi-governmental institution intervention in the first place (Fanni Mae/Freddi Mac). The pressure for looser lending guidelines can be attributed to this silly notion of fairness, and then businesses taking advantage of those rules as they were designed.

ScratchMonkey · 03-14-2008, 10:14 PM

We apparently can't trust the private sector to mint its own money. (So I've been told in another thread.) Why should we trust it to set salaries? Clearly the people who are setting salaries are the same thieves who would mint money of no value.

Steeler · 03-15-2008, 03:11 PM

Different issues.

ScratchMonkey · 03-16-2008, 11:59 AM

I'm obviously incompetent to vote. (But people tell me I'm unpatriotic if I don't.) I don't know which parts of our economy our government should run and which parts they're incompetent to manage. And since clueless people like me are voting that government into power, clueless people like me will be elected to manage or mismanage whichever part it's supposed to do.

Kerostasis · 03-16-2008, 02:16 PM

Hah! Nice. I think that pretty much sums up our entire electoral system right there.

**El_Gringo_Grande** · 03-16-2008, 02:18 PM

Quote:

Originally Posted by Kerostasis

Hah! Nice. I think that pretty much sums up our entire electoral system right there.

And what is even more amazing is that it, for the most part, works!

Kerostasis · 03-16-2008, 02:33 PM

Well, it kinda works just well enough to get by. On that I'll defer to the quote by (I think) Winston Churchill, "Democracy is the worst form of government, except for all the other ones we've tried."

**El_Gringo_Grande** · 03-16-2008, 03:12 PM

Quote:

Originally Posted by Kerostasis

Well, it kinda works just well enough to get by. On that I'll defer to the quote by (I think) Winston Churchill, "Democracy is the worst form of government, except for all the other ones we've tried."

We should be happy with that. But nooooooo. We always hope for something better, just like we hope to live for ever.

With that hope comes the unavoidable cursing of the hope unfulfilled.

Humanity, pffft.

03-13-2008, 04:33 PM	#18 (permalink)
El_Gringo_Grande Join Date: Jun 2005 Location: OKIE HOMY Age: 39 Posts: 2,327	Re: CEO pay for home mortgage companies I think they where loaning money out not caring (or maybe even hoping?) that the people would not be able to make the payments. They thought the value of the house would increase dramatically so they could always resell it at a profit or have assets worth more than what their liability was. They where speculating and a CEO that allows that much speculation needs to be spanked. Bad CEO, BAD! __________________ Sen. John McCain (AZ) For President '08 --- I’m not racists, I have republican friends. Radio show host. - "The essence of tyranny is the denial of complexity". -Jacob Burkhardt - "A foolish consistency is the hobgoblin of little minds" - Emerson - "People should not be afraid of it's government, government should be afraid of it's People." - Line from V for Vendetta - If software were as unreliable as economic theory, there wouldn't be a plane made of anything other than paper that could get off the ground. Jim Fawcette

03-13-2008, 04:35 PM	#19 (permalink)
xTYBALTx Join Date: Aug 2005 Posts: 3,762	Re: CEO pay for home mortgage companies Have I not posted the Subprime Primer in here yet? __________________ Current good song: Justice - Stress "$250,000 a year won't get me to Central Park West."

03-13-2008, 04:41 PM	#20 (permalink)
Steeler Join Date: Aug 2005 Location: Taxachusetts Age: 30 Posts: 2,925	Re: CEO pay for home mortgage companies I love that one. Anything makes more sense with stick figures. __________________

03-13-2008, 04:56 PM	#22 (permalink)
ScratchMonkey Join Date: Aug 2005 Location: San Pablo, California Posts: 3,915	Re: CEO pay for home mortgage companies The CEO is paid a bunch to know how to slip through government loopholes. Little do the stockholders realize that the same slipperiness can be used to slip through their loopholes, too! __________________ Sig

03-13-2008, 10:53 PM	#23 (permalink)
USN_Squid Join Date: Oct 2003 Location: Denver Age: 38 Posts: 3,129	Re: CEO pay for home mortgage companies I don't see the connection between the company making bad investments and losing money while paying their CEO a competitive salary. How does their decision to make bad investments concern the public? Unless they're violating the law of course. The original lending institution's underwriting practices have nothing to do with what an investment bank pays their employees. It sounds like some of you want a government bureaucracy that reviews whether or not a company is serving the public good and hands down mandates on salaries. I think that's been tried before and didn't work out so well. If the test for a CEO salary is only based on past company performance (under the current leadership or not) and dictated by a populist notion of "fairness" rather than competition you won't find many people lining up for Harvard MBAs. Much of the sub-prime problem arose from quasi-governmental institution intervention in the first place (Fanni Mae/Freddi Mac). The pressure for looser lending guidelines can be attributed to this silly notion of fairness, and then businesses taking advantage of those rules as they were designed. __________________ New to TG? Start here!

03-14-2008, 10:14 PM	#24 (permalink)
ScratchMonkey Join Date: Aug 2005 Location: San Pablo, California Posts: 3,915	Re: CEO pay for home mortgage companies We apparently can't trust the private sector to mint its own money. (So I've been told in another thread.) Why should we trust it to set salaries? Clearly the people who are setting salaries are the same thieves who would mint money of no value. __________________ Sig

03-15-2008, 03:11 PM	#25 (permalink)
Steeler Join Date: Aug 2005 Location: Taxachusetts Age: 30 Posts: 2,925	Re: CEO pay for home mortgage companies Different issues. __________________

03-16-2008, 11:59 AM	#26 (permalink)
ScratchMonkey Join Date: Aug 2005 Location: San Pablo, California Posts: 3,915	Re: CEO pay for home mortgage companies I'm obviously incompetent to vote. (But people tell me I'm unpatriotic if I don't.) I don't know which parts of our economy our government should run and which parts they're incompetent to manage. And since clueless people like me are voting that government into power, clueless people like me will be elected to manage or mismanage whichever part it's supposed to do. __________________ Sig

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